Morgan Stanley and UBS Diverge on AI Investment Themes: The Former Is Bullish on Cloud Service Provider Rotation, While the Latter Bets on AI Infrastructure Revaluation

According to market sources, Strategy’s Bitcoin holdings decreased by 3,588 coins last week, valued at approximately $225.6 million, bringing its total holdings to 843,775 BTC. No official explanation has been provided for the reduction in its Bitcoin holdings.

According to HTX market data, Bitcoin has dropped more than 1.3% in the short term, falling below $62,000. On the news front, Strategy sold 3,588 BTC last week.

Strategy’s official account announced that the company has sold 3,588 Bitcoin, generating $216 million in proceeds to pay dividends on its digital credit securities. As of July 5, the firm’s Bitcoin reserves fell to 843,775 BTC, alongside $2.55 billion in USD reserves. This marks Strategy’s second disclosed BTC sell-off this year, following the sale of 32 BTC between May 26 and 31 to cover preferred stock dividends. The latest sale is significantly larger in scale, reflecting that amid downward pressure on Bitcoin prices and growing unrealized losses on its holdings, the company is increasingly relying on selling portions of its Bitcoin reserves to fulfill its dividend obligations.

Russia’s largest bank Sberbank plans to launch cryptocurrency wallets and digital asset custody services as early as December this year, following the September 1 entry into force of the new digital asset law “Law on Digital Currencies and Digital Rights”. The services will be integrated into Sberbank Online and SberInvestments platforms. Under the new rules, Russia will implement a licensing system for crypto trading, custody, fiat conversion, and cross-border settlements, with individual investors facing an annual transaction cap of around 300,000 rubles (approximately $3,800). Additionally, major Russian lenders including VTB and T-Bank are also preparing to roll out digital asset custody services.

Goldman Sachs' latest research report notes that South Korea's stock market rally in the second half of the year is expected to extend from AI storage leaders such as Samsung Electronics and SK Hynix to more sectors including energy, raw materials, and industrial manufacturing. Overseas funds are gradually positioning in the upstream and downstream of the AI industry chain as well as other independent investment opportunities. In response to market concerns about a potential bubble in South Korean stocks, Goldman Sachs points out that the current rise in margin balances is mainly driven by net asset growth of leveraged ETFs, rather than new investor borrowing. South Korean residents' assets remain dominated by real estate, cash, and overseas stocks, leaving room for incremental capital inflows into the domestic stock market. Goldman Sachs forecasts that South Korean companies' overall net profit will grow by around 320% year-on-year in 2026, and maintain a growth rate of approximately 35% in 2027. It maintains its 12-month target for the Korea Composite Stock Price Index (KOSPI) at 12,000 points, implying over 20% upside from current levels, though it expects subsequent market volatility to intensify somewhat.

Goldman Sachs sharply raised AMD’s target price from $450 to $640 and reiterated its “Buy” rating. Market analysts note that AMD is benefiting from surging demand for server chips driven by the expansion of AI data centers, emerging as one of the key beneficiaries in the AI semiconductor sector.