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Flash

hot_img DeepSeek V4 Flash's weekly call volume exceeds 70 trillion tokens, ranking first in the world, with four out of the top five domestic models

According to data from the multi-model aggregation platform OpenRouter, from July 27 to August 2, DeepSeek V4 Flash topped the global AI large model usage ranking with a call volume of 7.22 trillion tokens. Data from the open-source platform OpenCode shows that this model alone processed 8 trillion tokens on August 1. Four out of the top five positions are occupied by Chinese large models: Xiaomi's MiMo-V2.5 (5.1 trillion), Tencent's Hunyuan Hy3 (5.01 trillion), and another DeepSeek V4 Flash model (3.45 trillion) ranked second to fourth, while OpenAI GPT-5.6 Luna (2.99 trillion, a month-on-month increase of 738%) ranked fifth.The total call volume of Chinese large models last week reached 28.13 trillion tokens, surpassing the United States for 14 consecutive weeks, firmly holding the top position globally. The previously highly anticipated Kimi K3 fell out of the top ten this week, ranking 12th. It is noteworthy that free models are capturing an increasing share of traffic, with some models experiencing month-on-month growth exceeding 50%. Analysis indicates that domestic models have shifted from price competition to relying on inference performance and stable service capabilities, but companies like OpenAI and Anthropic continue to iterate, accelerating the internal competition and the pace of product iteration will determine user retention capabilities.

Bloomberg: South Korean retail investors accuse the government of turning the stock market into a "casino," and some investors have decided to stop investing in the South Korean stock market

According to Bloomberg, the KOSPI index in South Korea plummeted in July, causing significant losses for many retail investors. Despite the index rebounding a record 18% on Friday, retail investors still recorded a record net sell-off of KOSPI stocks that day; the index fell a cumulative 22% in July, marking the largest monthly decline since the global financial crisis, with the total market capitalization of the South Korean stock market around $3.9 trillion.Influenced by President Lee Jae-myung's push for stock market reforms and the listing of single-stock leveraged ETFs, South Korean retail investors bought approximately 78 trillion won ($54.2 billion) worth of KOSPI stocks from May to June. After the sharp market decline in July, many investors on social media pointed fingers at the government.A 30-something investor in Seoul stated that he entered the Korean stock market for the first time in May and has now decided "not to invest in the Korean stock market anymore"; another 40-year-old investor borrowed 50 million won against his home to trade stocks and criticized the government for introducing leveraged ETFs, turning the market into a "casino."During July, the KOSPI triggered trading halts due to circuit breakers four times, setting a monthly record. Samsung Electronics and SK Hynix together accounted for over 50% of the KOSPI's weight, with their stock prices falling 21% and 35% respectively in July; however, since early 2025, Samsung Electronics has still risen over four times, and SK Hynix has increased nearly tenfold.Analysts say this is a typical result of crowded trading combined with leverage, and deleveraging is difficult to complete in a matter of days. In the coming months, technology and semiconductor stocks may still experience significant volatility, but this should not be seen as a complete collapse of the AI investment logic.The South Korean government suspended the listing of new single-stock leveraged ETFs in mid-July and promised to introduce more measures to stabilize the stock market and limit retail participation in high-risk products.However, the head of the Korean Shareholders Alliance stated that retail investors' anger and criticism towards the government have reached a peak, with many investors believing that the relevant measures have come too late.
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