chip

According to Gate market data, U.S. semiconductor and chip equipment stocks rose in pre-market trading, as Alphabet (GOOG.O) indicated that its capital expenditures could double by 2026. Broadcom (AVGO.O) rose by 5%, while AMD (AMD.O) and NVIDIA (NVDA.O) both saw increases of over 2%.

According to Glassnode data, approximately 11.1 million BTC are currently in profit (i.e., the purchase cost is lower than the current market price), while about 8.9 million BTC are in loss.As the gap between the two continues to narrow, the comparison of BTC supply in profit versus supply in loss is approaching a key convergence range that has historically occurred multiple times. This indicator measures the number of wallets currently in a paper profit state against the number of wallets in a loss state.When the two gradually tend to balance, it often corresponds to market phase bottom areas in history, regarded as an important signal for market capitulation and long-term positioning opportunities. If the profit and loss supply further converges, it may indicate that the market is entering a phase of constructing a historical cycle bottom, but it still requires a comprehensive judgment considering factors such as macro liquidity, derivatives structure, and market sentiment.

Bybit TradFi today launched three popular US stock CFDs: ASML, LRCX, and RIVN, covering high-end chip manufacturing, semiconductor equipment, and the new energy vehicle sector, helping users easily layout in the global market. At the same time, Bybit TradFi is offering a limited-time benefit, where new users can enjoy up to 5,030 USDT in welcome bonuses, unlocking exclusive rewards by depositing and trading.ASML: A global leader in photolithography machines, a core enterprise in the semiconductor industry chainLRCX (Lam Research): A leader in semiconductor equipment, benefiting from the continuous growth of chip manufacturingRIVN (Rivian): A new force in the US electric vehicle market, focusing on electric pickups and SUVsThe above US stocks can be traded on Bybit TradFi after the market opens. To date, the Bybit TradFi platform now supports over 200 traditional asset trades, covering gold, silver, popular indices, forex, and more US stocks, providing platform users with more comprehensive investment opportunities.

According to Jinshi News, U.S. chip stocks generally rose before the market opened, with Nvidia up 1.7%, AMD up 1.4%, Intel up 4.6%, AMD up 1.9%, Micron Technology up 4.4%, and Broadcom up 1.5%.

The stablecoin protocol USD.AI, which provides credit support for AI, has announced the establishment of the USD.AI Foundation and plans to launch the governance token CHIP.According to official disclosures, CHIP will undergo ICO, airdrop, and TGE after the conclusion of the Allo Game points program in the first quarter of 2026, with specific ICO issuance venues to be announced later.

AGM Group, a blockchain ASIC chip development company listed on NASDAQ, announced that it has signed a securities purchase agreement with an institutional investor to raise $25 million by issuing and selling common stock to the investor. The funds are intended for general corporate purposes, including working capital, project development, production financing, and other strategic initiatives.

GameStop has transferred all of its 4,710 bitcoins to Coinbase Prime, sparking speculation in the market about its potential sale of bitcoin assets. The current value of this bitcoin is approximately $422 million. This transfer "likely indicates preparations for a sale." If sold at an approximate price of $90,800 per bitcoin, GameStop could realize a paper loss of about $76 million. Previously, GameStop purchased the aforementioned bitcoins in batches at an average price of $107,900 in May of this year. As of now, GameStop has not publicly responded to whether it will sell the bitcoins.

Chinese emerging GPU chip company Sunrise announced the completion of nearly 3 billion yuan in strategic financing. Investors include industrial investment entities such as Huxu Fund under SANY Group, Paradigm Intelligence, Hangzhou Data Group, Charoen Pokphand Robotics, and GCL-Poly Energy, as well as VC/PE institutions like IDG Capital, Gao Rong Venture Capital, Wujie Capital, CICC Capital, PwC Capital, Songhe Capital, E Fund Capital, and ICBC Investment. It also received support from state-owned capital such as the Chengtong Mixed Reform Fund, Hangzhou Jin Investment, and Hangzhou High-tech Jin Investment. The funds will be used for the R&D of the next generation of inference GPUs, large-scale production, and ecosystem co-construction.It is reported that Sunrise was established at the end of 2024, spun off from the large chip department of SenseTime. Its slogan is "A Chinese domestic GPU chip company that understands AI better," emphasizing "top-notch products that are affordable and usable."

According to Jinshi reports, sources say that ARM, the artificial intelligence chip company under Baidu, plans to raise up to $2 billion in an IPO in Hong Kong.

NVIDIA (NVDA.O) announced that the highly anticipated new "Rubin" data center product will be launched this year, allowing customers to trial the technology and accelerate the development of artificial intelligence. NVIDIA stated that six Rubin chips have been delivered from manufacturing partners and have passed several key tests, indicating that customer deployments are progressing as planned. The newly launched Rubin accelerator improves training performance by 3.5 times compared to the previous generation Blackwell, and speeds up the running of AI software by 5 times.The company emphasized that the operating costs of Rubin-based systems will be lower than those of Blackwell-based systems, as they achieve the same results with fewer components. It is reported that Microsoft and other large remote computing service providers will be the first to adopt this new hardware in the second half of this year. (Jin Shi)

Analyst Murphy posted an analysis on platform X, stating: "The ETF + DAT companies have absorbed a total of 12.05 million ETH selling pressure in this cycle. Without them, the price performance of ETH would certainly be much worse. The 'activity' of ancient chips held for over 5 years, with a cost below $400, is still very high. Especially when the price approaches or exceeds $4000. Currently, there are still 20 million of these chips, accounting for 17% of the total circulation; similarly, there are 3.79 million BTC chips with a cost below $1000, accounting for 18.9% of the total circulation; however, unlike ETH, among these, 1 million are Satoshi's, and most of the rest have been lost. Coupled with a higher community consensus, the 'chip activity' of these ancient BTC is significantly lower than that of ETH.I personally believe that based on the existing ETF + DAT configuration, if we can add some new narratives and innovations to strive to consume half of the remaining 20 million ancient chips, then the price of ETH is expected to usher in a qualitative leap."

Framework Ventures co-founder Vance Spencer stated, "2025 is not the year the crypto industry is looking forward to, but it is likely to be a necessary year for the industry's continued progress. As an industry, we have essentially bid farewell to meme coins, NFTs, low liquidity high FDV projects, and the entire narrative that is generally consumer-oriented.My prediction for 2026 is that the number of token issuances will significantly decrease, and the market focus will shift more towards mainstream assets (ETH, BTC). Meanwhile, institutional funds will continue to flow into DeFi blue-chip projects that have reasonable value capture mechanisms.This buying pressure could be strong enough to exceed many people's expectations, especially against the backdrop of ongoing buybacks and a high level of financial discipline at the protocol level. The future of this industry is already very clear; stablecoins, real-world assets (RWA), lending and capital markets, as well as asset management, will become the dominant directions.We will address many issues in the cryptocurrency space by reducing blind expansion, focusing on refinement, and pursuing a path of compliance. This is a bullish pattern, but the opportunities for rebounds, rallies, and exits will present a highly concentrated situation."

Cryptanalysis expert Murphy stated that the current key contradiction for ETH lies in the dispersion of the chip structure below. Currently, the area with the most concentrated ETH chips is between $2700 and $3100, with a total accumulation of 17.9 million ETH, accounting for 22.6% of the total circulation. Among them, the $2700 position has formed the highest dense area in the current chip structure, with a turnover of 4.43 million ETH, which is considered a key support level.On-chain data shows that a large amount of capital was accumulated around $4500 in mid-September, but it failed to reduce positions afterward, and the price has since fallen to the current range. Notably, in late November, significant capital entered the market at the $2700-$2800 range, with no obvious signs of reduction.In addition, on-chain behavioral analysis indicates that the chips around $3100 mainly come from long-term funds, which are insensitive to price fluctuations in the short term, but a significant price drop could trigger selling risks. Currently, the ETH price is fluctuating in the $2700-$3100 range, with institutions forming a certain consensus in this range, and selling pressure is being absorbed. However, there is still a large accumulation of chips in the $50-$396 range, which may pose risks for future price movements.

Data analyst Murphy stated that the Bitcoin cost distribution chart shows a significant chip distribution (large volume bars) at $87,000 and $84,500, which is notably higher than other price levels. After excluding the factor of the large-scale wallet consolidation on Coinbase on November 22, there are currently 1.12 million BTC in the $83,300-$84,500 range, of which the actual turnover should be reduced by at least half. Therefore, $87,000 represents the highest large volume bar and is currently the strongest support level in terms of chip structure.Based on past experience, when a large amount of chips concentrates in a narrow range to form a large volume bar, it indicates that the market is about to choose a direction. The essence of chip accumulation is the divergence between bulls and bears, and when the game reaches a critical point, a winner must be determined. Murphy believes that from the perspective of chip structure, the outlook is bullish. As long as the effective support of the large volume bar can be maintained, the direction will become clearer.

The U.S. government announced on the 23rd that it will impose tariffs on Chinese chips in 2027, ending the trade investigation against Chinese chips initiated by the previous Biden administration.U.S. media analysis states that although the U.S. government claims that China's practices in the chip industry "harm U.S. interests," the final decision is to refrain from imposing additional tariffs on Chinese chips for at least 18 months. Bloomberg reported that the delay in imposing new tariffs is the latest signal from the U.S. government seeking to solidify the U.S.-China "ceasefire" agreement and stabilize U.S.-China relations.

According to Jinshi Data, there are market reports that Nvidia has informed its Chinese customers that it plans to deliver H200 chips in mid-February 2026. The expected total shipment is 5,000 to 10,000 sets of modules, approximately 40,000 to 80,000 H200 chips. In response, Nvidia stated, "We are continuously managing our supply chain, and selling H200 to authorized customers in China will not affect our ability to supply global customers."According to Nvidia's statements, the plan to sell H200 in the Chinese market is basically confirmed. Meanwhile, sources say that Nvidia CEO Jensen Huang will visit China in January 2026. The sources also indicated, "The unit price for the H200 8-card module given to the channel by Nvidia is 1.4 million yuan, which is slightly more expensive than the H20."

According to CoinTelegraph, CoinEx Research's chief analyst Jeff Ko stated that the typical altcoin rally may weaken next year, with only "blue-chip" cryptocurrencies able to capture the majority of liquidity, leaving retail investors hoping for all altcoins to benefit disappointed.Ko expects a moderate positive outlook for global liquidity in 2026, but the divergence in central bank policies will suppress this optimism. Since the launch of ETFs in 2024, Bitcoin's historical sensitivity to the growth of the M2 money supply "has weakened, and the correlation is decreasing."