tech

According to Gate's market data, on Friday, the three major U.S. stock indexes opened lower, with technology stocks declining across the board. The Philadelphia Semiconductor Index fell more than 20% from its historical closing high, likely confirming entry into a bear market.SK Hynix's ADR fell below the issuance price of $149 for the first time, and SpaceX's stock price dropped 38% from its peak, with a market value evaporating by about $1 trillion. AMD fell over 7%, Intel dropped over 6%, and TSMC declined over 5%. Analysts pointed out that the continued pullback in chip stocks is influenced by a shift in funding styles and a change in market preferences, while Federal Reserve Chairman Waller's dissatisfaction with inflation has increased market expectations for interest rate hikes.

The privacy network Dash announced on the X platform that the Orchard privacy pool has officially launched on its mainnet, with technology derived from the Zcash Orchard protocol, supporting 1-second confirmations and approximately 20 seconds for wallet synchronization.Dash stated that the privacy features for privacy stablecoins and other assets will be launched subsequently.

Michael Saylor posted on the X platform, stating that fiat currency is the problem, and strengthening companies, institutions, securities, and technologies related to Bitcoin is part of the solution. People can discuss viewpoints, and allies should not be mistaken for enemies.

According to the latest report released by market research firm Counterpoint Research, Chinese memory chip giant Changxin Technology (CXMT) currently holds a 9% share of the global DRAM market (by bit shipments), and this figure is expected to rise to 11% by 2028 (with a revenue share of 9%). The report indicates that Changxin Technology is transitioning from an industry "challenger" to a "strategic player," with a long-term goal of achieving a bit shipment share of 20% and a revenue share of 15% by 2035.However, the report emphasizes that to truly establish a foothold in the global memory market and join the ranks of the "big three DRAM manufacturers," Changxin Technology must cross the global market share threshold of 15% to 17% (about one-sixth). Historical experience shows that in 2008, Taiwanese DRAM manufacturers could not secure the massive funding needed for the research and development of the next generation of fabs after their market share fell below 15%, ultimately causing their market share to plummet to the edge of 3%. Therefore, the 15% share is seen as the core survival line for Changxin Technology to ensure sustainable development and self-sustaining capabilities in the medium to long term.To cross this threshold, Changxin Technology is leveraging newly raised funds to accelerate capacity expansion, planning to double its capacity by 2030 and triple it by 2035. Although facing external challenges such as U.S. equipment export controls and global supply chain access, analysts believe these restrictions may instead act as catalysts, forcing Changxin Technology to accelerate independent innovation in cutting-edge technologies such as Vertical Channel Transistors (VCT) and Wafer-on-Wafer bonding, thereby narrowing the gap with industry leaders.

Changxin Technology announced that, according to data provided by the Shanghai Stock Exchange, the number of valid subscription accounts for this online issuance is 9,428,778, with a total of 816,920,125,000 shares subscribed. The preliminary winning rate for the online issuance is 0.40995452%. The total number of allocation numbers is 1,633,840,250, with a number range from 100,000,000,000 to 101,633,840,249. After the adjustment mechanism is activated, the final winning rate for the online issuance is 0.47141739%.

The domestic DRAM storage chip leader Changxin Technology (688825) has officially opened for new stock subscription. Due to the large issuance scale, this new stock offering has rarely seen a "sunshine market" trend. Institutions predict that the online winning rate will soar to 0.3% to 0.7% (with a neutral expectation of about 0.45%), reaching 10 to 20 times that of ordinary Sci-Tech Innovation Board new stocks. Calculations show that the probability of winning for a single account with an average market value of 200,000 in the Shanghai market is as high as about 18%, and theoretically, an average market value of 1 million can reliably secure 1 winning ticket.The issuance price of the stock is 8.66 yuan per share, and to secure one winning ticket (500 shares), a payment of 4,330 yuan is required. The official winning rate and results will be disclosed on July 17 and July 20 (Monday) respectively, and winners must ensure sufficient funds in their accounts by 16:00 on the 20th. Various institutions have given a neutral expectation, as Changxin Technology's market value is expected to reach 2 trillion to 3 trillion yuan after listing, with the profit margin for a single winning ticket expected to be around 20,000 yuan.If Changxin Technology fully exercises the green shoe mechanism, the total fundraising amount will reach 66.607 billion yuan, setting a new record for the largest IPO on the Sci-Tech Innovation Board, and it will also become the third largest IPO in A-share history. Financial data shows that the company has fully turned a profit, with expected operating revenue in the first half of 2026 reaching 110 billion to 120 billion yuan, and net profit attributable to the parent company reaching 50 billion to 57 billion yuan. The total amount of this strategic placement exceeds 14.4 billion yuan, successfully attracting social security funds, pension funds, as well as 30 major industry terminal giants such as Alibaba Cloud, Tencent, Meituan, and Xiaomi.

On July 16, according to WEEX TradFi market data, the overall Chinese concept technology sector has warmed up, with market funds refocusing on the valuation repair of leading e-commerce, content, and search companies. Among them, BABAON rose over 6.62% in 24 hours; BILION rose over 4.01%; JDON rose over 3.71%, with multiple Chinese concept tech stocks jointly driving the sector's enthusiasm.WEEX Labs believes that Alibaba's latest release of a real-time voice model further enhances market expectations for AI business development. Coupled with improved profit expectations before the earnings report and capital rotation, this has jointly driven the sector's rebound, with this round of market activity leaning towards the repricing of undervalued tech stocks. In the short term, attention still needs to be paid to performance realization, policy signals, and changes in the risk appetite of the US stock market.

According to PR Newswire, Canaan Creative announced unaudited Bitcoin mining operation update data, producing 64 Bitcoins in June.After deducting operating costs and accounting for the Bitcoins received from the sale of mining machines in June, the cryptocurrency reserves increased by 49 Bitcoins, bringing the total cryptocurrency holdings to a record 1,915 Bitcoins and 3,952 Ethers.

Changxin Technology (688825.SH) announced that the company will conduct its initial public offering and list on the Sci-Tech Innovation Board, with an issue price of 8.66 yuan per share. Investors are requested to subscribe online and offline at this price on July 16, 2026 (T day), with no need to pay subscription funds at the time of application.Among them, the offline subscription time is from 9:30 to 15:00, and the online subscription time is from 9:30 to 11:30 and 13:00 to 15:00. The total number of initial shares issued is 66,880,886.08 shares, accounting for approximately 10.00% of the total share capital after issuance, and granting CICC an over-allotment option not exceeding 15.00% of the initial shares issued.The price corresponds to a diluted price-to-earnings ratio of 308.92 times for 2025, based on the lower of pre- and post-deduction earnings (without exercising the over-allotment option), which is higher than the industry average price-to-earnings ratio of 76.32 times and the average price-to-earnings ratio of comparable companies of 134.62 times. The total amount of funds raised is expected to be approximately 57.919 billion yuan (before the exercise of the over-allotment option), with a net amount of approximately 57.638 billion yuan after deducting issuance expenses.

The Ethereum institutional privacy technology company EthSystems has officially launched and received strategic funding support from ecosystem backers such as Bitmine, Sharplink Gaming, Joe Lubin, and SNZ Holding.EthSystems focuses on developing privacy technologies for banks, asset management companies, and other regulated entities, enabling institutions to execute financial transactions on the Ethereum network at scale while protecting sensitive information such as transaction details and client identities.The company was founded by the core team of the Institutional Privacy Task Force (IPTF) of the Ethereum Foundation. The team has previously conducted a year-long open-source research and development publicly on the EthSystems website and has established partnerships with several central banks, regulatory agencies, large banks, and asset management institutions. EthSystems stated that while institutions have begun exploring stablecoins, tokenized assets, and Ethereum-based settlement solutions, large-scale adoption still faces privacy and compliance challenges.Financial institutions need more than just access to blockchain networks; they require a complete infrastructure that meets business confidentiality protection, regulatory requirements, and compatibility with existing financial systems. The goal is to create a "selective disclosure" privacy architecture that allows transaction participants to view only the information they are authorized to access, while retaining the core advantages of Ethereum's decentralization, security, and openness, and complementing two other organizations: Ethlabs, which focuses on the research and development of Ethereum's core protocol and infrastructure; Ethereum Institutional, responsible for institutional collaboration, education, market research, and ecosystem coordination; and EthSystems, which focuses on application layer technology, transforming institutional needs into practical privacy protocols and financial systems.

a16z published a blog post stating that as traditional financial institutions accelerate their exploration of blockchain technology, the market generally believes that the future will see a comprehensive integration of DeFi (Decentralized Finance) and TradFi (Traditional Finance), forming a new financial model through the combination of decentralized finance and institutional distribution systems.However, the reality may not be so. The core motivation for traditional financial institutions to adopt blockchain is not to embrace decentralization, but to value its commercial benefits in reducing costs, improving settlement efficiency, expanding distribution channels, and optimizing customer relationship management.What is more likely to emerge in the future is a new type of "programmable financial infrastructure" based on underlying blockchain technology, optimized for institutional needs, rather than a simple integration of traditional finance and DeFi. Institutions are selectively absorbing certain technological capabilities from DeFi and modifying them according to their own regulatory, risk management, and operational requirements.For example, atomic settlement can reduce counterparty risk, shared ledgers can lower back-office reconciliation costs, programmable funds can automatically execute processes such as interest payments, margin management, and corporate actions, and automated market-making models are also being applied to on-chain foreign exchange and tokenized asset pricing.At the same time, the native DeFi features of open access, anonymity, and trustless execution often conflict with institutional requirements for compliance, control, and accountability. Therefore, cases such as JPMorgan's institutional blockchain project, BlackRock's and Franklin Templeton's tokenized funds, are essentially not traditional finance entering DeFi, but rather using blockchain technology to improve existing financial business processes.In the future, the blockchain industry will have two development paths: on one hand, enterprises and financial institutions will continue to promote the implementation of blockchain infrastructure that meets regulatory requirements, expanding the industry scale through applications such as stablecoins, tokenized assets, and on-chain settlements; on the other hand, open networks will continue to play the role of a source of innovation, continuously generating new financial primitives and market mechanisms, providing technical reserves for future institutional infrastructure.TradFi and DeFi are not in competition but are developing together in different directions. Traditional finance may not fully adopt the DeFi model but will gradually adopt parts that suit its own needs. The true integration may ultimately occur at the underlying blockchain network level, rather than one side replacing the other.For developers, the key is not to chase all markets simultaneously but to clarify the target audience: for institutions, products need to be built around compliance, risk control, and long-term business processes; for open networks, there is a need to continue exploring innovation, liquidity, and network effects. The future financial system may operate on blockchain infrastructure, but the most important innovations may still come first from open networks.

According to the official announcement, to meet the diverse investment needs of users, Bitget has launched the KUAISHOU (Kuaishou Technology) stock perpetual contract. This contract is settled in USDT, supports up to 20 times leverage, and allows for 24/7 trading. For more details, please refer to the official Bitget platform.

The semiconductor storage sector of the US stock market is showing a differentiated trend. According to data from the Gate platform, SanDisk (SNDK) is currently priced at $1716.57, down 5.80% in the last 24 hours due to previous excessive gains and valuation adjustment pressure; while Micron Technology (MU), with a relatively reasonable valuation, is demonstrating stronger resilience, rising against the trend to a current price of $948.77, with a 24-hour increase of 2.21%. As the prices of these two assets fluctuate, the trading activity of derivatives on the Gate platform continues to rise. According to Coinglass data, the 24-hour trading volume of Gate SNDK contracts reached $12.4 million, with an open interest of $26.84 million; the 24-hour trading volume of Gate MU contracts reached $18.44 million, with an open interest of $19.23 million, both ranking among the top in the network.

According to reports from Jiemian News, the prospectus shows that Changxin Technology has implemented a rare employee stock incentive plan in the semiconductor industry before its listing. The company launched two phases of employee stock ownership plans over four years, granting shares to a total of 6,760 individuals, accounting for 35% of the total number of employees, with a higher proportion of R&D and highly educated personnel. Chairman Zhu Yiming publicly promised to distribute the granted 768 million shares to current employees free of charge within ten years after the company has been listed for 36 months, and he personally committed not to reduce his holdings within ten years after the listing. This initiative aims to retain core talent and stimulate team motivation through a long-term interest-binding mechanism during the lengthy technology catch-up cycle.In terms of performance, benefiting from the AI-driven super cycle in the storage industry, Changxin Technology has achieved a strong turnaround and significant growth. The company expects to achieve revenue of 110 billion to 120 billion yuan in the first half of 2026, a year-on-year increase of more than six times; the net profit attributable to the parent company is expected to reach 50 billion to 57 billion yuan.Previous news: According to the official website of the Shanghai Stock Exchange, Chinese storage giant Changxin Technology disclosed its intention to list on the Sci-Tech Innovation Board and the "Issuance Arrangement and Preliminary Inquiry Announcement" on July 9, officially starting the IPO issuance process on the Sci-Tech Innovation Board. The announcement disclosed that the offline subscription date and online subscription date for the company's new shares are both set for July 16, 2026. The stock code for Changxin Technology/offline subscription code is "688825," and the online subscription code is "787825." This public offering plans to issue approximately 6.688 billion shares (before the exercise of the over-allotment option), while the issuer grants CICC an over-allotment option not exceeding 15.00% of the initial number of shares issued; if fully exercised, the total number of shares issued will increase to approximately 7.691 billion shares.

According to a report by Jinshi Data on July 13, the Ministry of Industry and Information Technology and three other departments issued guidance on promoting the high-quality development of internet infrastructure resources. It mentioned strengthening the planning of internet technology innovation, promoting the implementation of relevant national key research and development programs and major national science and technology projects, enhancing original technology innovation, and carrying out technical research on the integration of artificial intelligence, blockchain, distributed identifiers and internet infrastructure resources, breaking through key technologies such as network dynamic optimization, intelligent resource scheduling, and data security interaction. Strengthening the innovation of the IPv6 technology system to solve key issues such as protocol compatibility and high-performance transmission. Breaking through key technologies for satellite internet mega-constellation networking, rapid routing switching, and reliable anti-jamming transmission. Breaking through key technologies for the large-scale deployment and application of resource public key infrastructure.

According to Gate market data, at the opening of the US stock market, the Dow Jones Industrial Average rose by 0.26%, the S&P 500 index rose by 0.08%, and the Nasdaq Composite index fell by 0.15%.Micron Technology (MU.O) fell by 3%, Qualcomm (QCOM.O) fell by 2%, SanDisk (SNDK.O) fell by 4%, Western Digital (WDC.O) fell by 1.9%, and Meta Platforms (META.O) rose by 4.9%.

According to Gate market data, the Hong Kong stock market closed with the Hang Seng Index rising 0.6% and the Hang Seng Tech Index falling 0.21%. The total turnover of the Hang Seng Index reached HKD 339.592 billion.On the market, chip stocks, optical communication, PCB concepts, and mobile game stocks had the largest declines, while pharmaceutical outsourcing concepts, military industry stocks, pork concepts, and automotive sectors had the largest gains. In terms of individual stocks, Zhiyu fell over 19%, MINIMAX-W fell over 9%, Hua Hong Semiconductor fell over 8%, CATL fell nearly 8%, and SMIC fell over 4%; Goldwind Technology rose over 8%, CK Hutchison rose over 7%, Leap Motor rose over 6%, WuXi AppTec rose over 4%, and Xiaomi Group rose over 3%.