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Today · 2026-07-29 · Wed

GOLDMAN SACHS: THE PRICE OF AI'S SPENDING IS HARD TO KEEP UP WITH. KILL

According to news from July 27, Goldman Sachs, in his latest weekly Korean market, noted that, despite the recent consecutive purchases of KOSPI by foreign investors, and Alphabet’s upwards in capital expenditure expected to continue to reinforce the semiconductor demand narrative, Korea’s composite stock price index fell by about 2% last week. Building, software and telecommunication performance have fallen in confrontation and securities, automobiles and insurance have fallen before. At the line level, on July 24, KOSPI further magnified the drop, from 5.72 per cent to 6690.62 points, touching 6650.41 points in the disc and short-term suspension of the programmable deal. According to the Korean Federation, the situation in the Middle East was warmer than the risk of repression, with foreign investment and institutions selling about 5.2 trillion won in total and diasporas buying about 5.18 trillion won in total. According to Goldman Sachs, the return of foreign investment is mainly in the direction of technology, but the South Korean market is still under considerable medium-term capital outflow pressure, and the holding of semi-conductor plates is near historical lows. At the same time, KOSPI expects that the EPS will be reduced by 0.4 per cent for the next 12 months, with the most expected adjustment pressure on the car plate. The leverage is also slowing down. The report shows that the balance of South Korea ' s bulk financing has fallen from a peak of $25 billion to $22 billion, and the size of the leverage ETF has fallen from $53 billion to $26 billion. For the Korean stock market, AI capital expenditure remains the backbone of the main line, but the index short-line elasticity is likely to continue to expand with a reduced profit expectation, a light foreign position and risk bias。

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Korean President Lee Jae-ming, "South Korea's New Light Accelerator" officially began today

On July 27, Korean President Lee Jae-ming: The Korea New Light Accelerator, which leads the future development of the Republic of Korea's science and technology and cutting-edge industries, officially began work today. With the new light accelerator of Korea, which will be among the world's top research infrastructure, the city of Chiangzhou, the capital of Korea, will emerge as a new hub leading local-led development. The Government will provide firm support to ensure that the innovation and the discovery of growth that has begun here is a new dynamic for the future development of Korea。

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ANALYST: THE SK HERCULES ADR PREMIUM IS ANOTHER SIGNAL OF OVERHEATED AI TRADING

According to James Mackintosh, a senior market columnist in the Wall Street Journal, since SK Hercules ADR was listed in the United States two weeks ago, the stock has soared between 16 and 51 per cent of the premium between the Korean deal and the US-listed ADR, a signal of overheating of the AI deal and “one of the market's tendencies to pay excessive prices for stocks of chip stocks”. The large ADR premium is a typical anomaly that should not have occurred in the market. Mackintosh explained that the limitation that SK Hercules base stocks could not be converted to ADR constituted an investment risk. In a typical ADR scenario, the 29 per cent premium that appeared last Friday (24 July) would have prompted hedge funds to buy shares in Korea and convert them to ADR while making empty ADRs in the United States. He warned, however, that, as conversion was not feasible, a further increase in the premium could result in significant losses. If basic stocks and ADRs are freely converted, investors buy cheaper (more) base stocks and sell more expensive ADRs, and the premium narrows down. However, the price differentials were sustained owing to difficulties in converting the underlying stocks to ADRs. In addition, if the premium increases further, the hedge fund that borrows into the stock to empty it may face greater losses. Mackintosh also compared the build-up to SK Hercules, indicating that the current SK Hercules ADR premium was too high. Since the launch of ChatGPT in 2022, a premium of 15 per cent has been on average, which means that United States investors are willing to pay much higher prices than Taiwanese investors. The higher premium for KK Hercules suggests that such demand in the United States market is overzealous. If Korean stock prices rise and premiums fall, ADR buyers may be well, and if the company uses United States deposit stocks as a financing instrument, they will suffer. The losses would have been even greater had the semiconductor stock prices of Korea and the United States collapsed and the premium narrowed. In short, unless the SK Hercules stock price rises, the current market premium is likely to result in losses for investors buying ADRs in the United States. Kim Xian

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Chairman Zhu Yiming's shareholding is worth 86.9 billion yuan

On 27 July, as of the early start of the market, the Changsung Science and Technology newspaper was 54.65 yuan/unit. Zhu Yiming, Chairman of the Board of Directors, indirectly held 8,588.79 million shares through the Qinghui collection, 1,536 million shares indirectly through the Qinghui-1 management partnership (the limited partnership) and 53,603.087 million shares indirectly through the bourgeois innovation, with a total of approximately 1,590 million shares owned by the Qinghui technology. The market value of Chu ' s share in long-term technology was 86.9 billion yuan, calculated on the basis of the market value of the early start-up。

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AMAZON WARNING: THE MEMORY CRISIS WILL LEAD THE GAME HOST AND THE PC TO THE DEAD CLOUD GAME

ON 27 JULY, JEFF GARDIS, THE DIRECTOR OF THE AMAZON GAMES, RECENTLY WARNED THAT THE MEMORY CRISIS WOULD LEAD TO THE DEMISE OF THE GAME HOST AND THE PC. HE BELIEVED THAT, AS HARDWARE BECAME MORE EXPENSIVE AND CLOUD GAMES TECHNOLOGY CONTINUED TO IMPROVE, THERE WOULD BE LESS DEMAND FOR SPECIALIZED GAMES, AND THE MARKET FOR TRADITIONAL GAMES HARDWARE FACED A TURNING POINT, AND CLOUD GAMES WOULD BE THE ONLY WAY OUT OF TRADITIONAL GAMES. ACCORDING TO GARTIS, ONLY A SMALL NUMBER OF PLAYERS CURRENTLY HAVE A TRADITIONAL GAME HOST OR PC. BY CONTRAST, WITH OVER 1 BILLION SMARTPHONES SOLD ANNUALLY, CLOUD GAMES CAN BRING GAME EXPERIENCES DIRECTLY TO THESE DEVICES WITHOUT THE NEED TO PURCHASE EXPENSIVE ADDITIONAL HARDWARE. FROM A BUSINESS POINT OF VIEW, A CLOUD GAME CAN GENERATE A STABLE SUBSCRIPTION REVENUE FOR THE AMAZON, WHILE PREVENTING GAME MODIFICATION AND PIRACY. FOR THE AMAZON, A CLOUD GAME IS A MORE PROFITABLE BUSINESS MODEL THAN HARDWARE。

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PHYSICS AI, INC., COMPLETES THE HUNDREDS OF MILLIONS OF DOLLARS OF ANGELS' FINANCING FOR GLOBAL COMMERCIALIZATION DURING THE YEAR. LAND

Physical AI announced the completion of hundreds of millions of dollars of angel-series financing in eight months, with investments in VGC, linear capital, superspicuous capital, smart capital, positive investment and Zhou Dafu. The company locates “technology+products” on a double-drive, focusing on Door-to-Door mobile missions, under which QUORRA creates short-distance robots to target unstructured environments for autonomous travel. The first product has been produced in volume and ordered by more than a dozen countries around the world, and it is planned to launch DTC operations overseas during the year, with the simultaneous opening of Skycats, Kyoto Flag Shops and multiple underground sites in the country. All-weather technology

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MoneyFrontier 2026 New Capital Chile Summit, Hong Kong Gather

On July 27, the Money Front 2026 New Zhongjiang Jiaxuan Summit was officially opened today at the Hong Kong Bay Cai Cai and Hotel, with many guests from politics, academia, investment agencies and Web3 industrial ecology. Opening statements were made by representatives of Money Frontier and KuPool. This was followed by a keynote address by Hong Kong Legislative Councillor Choo Dagan on " What is Hong Kong ' s Way Forward in Digital Asset Development ", which shared views on regulatory synergies, market connectivity, financial trust and access to traditional institutions. The agenda for the first day also covered issues such as digital asset evolution, the stabilization currency and DeFi, and security in AI, and guests such as Assistant Professor Zhou Yakin of the Chinese University of Hong Kong discussed the construction of a security and safety system in the chain of attack in the era of AI. The follow-up to the Summit will also lead to more keynote addresses and round-table dialogues, and an outstanding agenda is ongoing。

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National Statistical Office: accelerated integration of artificial intelligence and areas in the first half of the year

According to the National Statistical Office, profits from the electronic-related industry are growing rapidly. In the first half of the year, the accelerated integration of artificial intelligence with various sectors and a significant increase in computing demand contributed to a 96.9 per cent increase in profits in the electronics sector and to an 8.5 per cent increase in profits in industrial enterprises of all sizes and above, which is an important support for the faster growth of profits in industrial enterprises of all sizes and above. Among them, in the areas related to servers, high-performance workstations, the profits in computer consolidation and in the manufacturing of peripheral equipment increased by 689.3 per cent and 305.8 per cent, respectively; in the manufacturing of electronics, the profits in the manufacturing of integrated circuits and semiconductor parts increased by 257.9 per cent and 31.2 per cent; and in the manufacturing of electronics and electronics, the profits in the manufacturing of electronics-specific materials increased by 209.7 per cent and 26.9 per cent. (Wall Street smelling)

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NOMURA: INCREASE BY MORE THAN 1.2 PER CENT OVER OR OVER THE IPO DISTRIBUTION PRICE

Nomura has set a target price of RMB 116 for Changsung technology, which is expected to accelerate its market share. “In view of the fact that global memory supply constraints are not likely to ease in the coming years, we expect that the market share of long-term technologies will increase at an accelerated rate,” the analyst Donnie Teng wrote in her report. Nomura offered a target market gain of 20 times that of Changsung technology and indicated that the Unit valued or reached about twice the level of American light technology as its main American competitor. (Wall Street smelling)

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Coinbase CEO contradicts the argument that "encrypters should turn to AI" that encrypted money is essential to the general infrastructure

On July 27, Coinbase CEO Brian Armstrong responded “If you are in the field of encrypted money, turn to AI” as a wrong way of thinking, a zero-sum game. Brian Armstrong stressed that encryption money was a common technology, an infrastructure, like electricity or the Internet. It will not compete with the next popular technology because it supports the latter. It is “a combination of the two”, not “an alternative”. As a general trend, artificial intelligence does not diminish the importance of encrypted currency. On the contrary, it makes encrypted money even more important. Artificial intelligence agents require their own financial infrastructure, and ultimately their daily turnover will far exceed the sum of all human transactions. They cannot open bank accounts and wait three days to receive remittances, and they can only live in one country. They need real-time programmable money (as is the case with encrypted money). The agent is required to hold funds and pay on his own. Coinbase pioneered the x402 agreements, Base and USDC, which now support the vast majority of agency payments. The agent will also be involved in the transaction and act as a financial adviser. They will raise or borrow funds for new projects under way. They will also save users from cumbersome work in tax planning, portfolio rebalancing and billing。

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The biggest sale since the sale of the Changsung stock amounted to $24,982,000, and 1,425 at an address

After the long-stamp storage was placed on the market, 98 long-stamp storage orders were currently posted at an address, with prices ranging from $7.32 to $23, for a total of 142.55 million, or approximately $249.82 million in nominal terms. The address is now in possession of 2462.5 long-stamp storage blanks, which, if the above-mentioned sales orders continue to be made, will further increase the open space。

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Cash and silver: The New High Fund Manager ' s cash holdings have fallen to an all-time low of 3.6 per cent since 2021

On 27 July, a team of US bank strategists pointed out that Bull & Bear Indicator, a measure of investor sentiment, had risen slightly from 9.5 to 9.6 last week, a record since the outbreak peaked in 2021. In a report released last Friday, a team led by Michael Hartnett, the chief strategist of the United States and China, noted that the indicator had triggered 17 “sale” signals since 2002. In the three months following the launch of the signal, the global stock market fell by an average of about 2 per cent or 3 per cent, with the maximum range ranging from 15 to 20 per cent. The strategist added that once the indicator triggers a “buy-in” or “sale-out” signal, it usually lasts about one to three months. The bank noted that interest rate trends could be a potential risk to depressed markets, particularly as markets were betting on the possibility of re-launching the interest-rate cycle in the coming months. On the other hand, the market has recently begun to question the sustainability of the investment boom in AI, but investors continue to repossess risk assets at a time when the global stock market is approaching a new high. The Bank ' s latest fund manager survey shows that an increasing number of global investors view the AI stock bubble as the biggest end-end risk in the market, but the holding of shares is still close to full, with the share of cash held at an all-time low of 3.6 per cent in July。

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