Author: Shenchao TechFlow
Yesterday's market dynamics
Bloomberg: FTX co-founder SBF has formally applied for a presidential pardon from Trump.
According to Bloomberg, FTX co-founder SBF has formally applied for a presidential pardon from Trump.
The House Ways and Means Committee is reviewing seven cryptocurrency tax reform proposals this week, with ongoing negotiations on the CLEAR Act.
According to Crypto in America, the U.S. House Committee on Ways and Means will hold a hearing this Tuesday on cryptocurrency tax reform, reviewing seven draft proposals covering stablecoin transactions, mining and staking, crypto lending, wash sale rules, charitable donations, and taxpayer disclosures—effectively splitting the previously proposed Digital Asset Equality Act into multiple standalone bills.
Meanwhile, negotiations on the Senate’s Clear Act continue, with Senator Lummis indicating that the bill is more likely to advance after Congress reconvenes on July 13. Key disagreements center on ethics provisions, DeFi regulatory language, and stablecoin yield issues. The banking industry continues to lobby against the stablecoin yield provisions, while over 200 crypto organizations have jointly signed a letter urging swift passage of the bill. Additionally, Illinois is proposing a 0.2% tax on digital asset transactions, prompting strong opposition from industry groups warning that such a measure could drive crypto businesses out of the state.
OpenAI plans to transform ChatGPT into a "super app" in preparation for an IPO
According to the Financial Times, OpenAI is preparing a major overhaul of its platform, planning to transform ChatGPT from a standard Q&A chatbot into a “super app” over the coming weeks to enhance its competitiveness ahead of its highly anticipated IPO later this year. The report, citing unnamed current and former employees, says the move aims to help OpenAI better compete with rivals such as Anthropic.
SpaceX's Nasdaq IPO has been significantly oversubscribed, with plans to conclude IPO subscriptions after Wednesday's market close.
It is reported that SpaceX's Nasdaq IPO has received significant oversubscription. SpaceX plans to conclude IPO subscriptions after Wednesday's market close.
Step星辰 plans to submit its Hong Kong IPO application as early as today, with a potential valuation of up to $12 billion.
According to the Wall Street Journal, citing informed sources, Chinese AI large model company StepFun could submit its IPO application to the Hong Kong Stock Exchange as early as June 8, with a valuation of approximately $12 billion from major investors. The IPO is expected to raise around $500 million, and the company has already begun discussions with multiple financial advisors regarding the listing. Previously, StepFun has been working to dismantle its offshore VIE structure to pave the way for its Hong Kong listing.
Bitmine increased its ETH holdings by 126,971 last week, bringing its total holdings to approximately 5.543 million ETH.
According to PRNewswire, Ethereum treasury company Bitmine Immersion Technologies disclosed that it increased its holdings by 126,971 ETH last week. The company’s current crypto asset portfolio includes 5,543,872 ETH, 204 BTC, equity in Eightco Holdings worth $88 million, and shares in Beast Industries worth $180 million. Additionally, the company has staked a total of 4,718,677 ETH (equivalent to $7.7 billion at $1,630 per ETH).
Strategy purchased 1,550 BTC last week, increasing the total to 845,256 BTC.
Strategy purchased 1,550 BTC for approximately $101 million, increasing its total Bitcoin reserves to 845,256 BTC. Meanwhile, the company increased its USD reserves by $100 million to $1 billion.
Revolut plans to launch a secondary stock offering, with a potential valuation of up to $115 billion.
According to Bloomberg, digital bank Revolut is planning to launch a secondary share sale, with an estimated valuation of approximately $115 billion. Sources familiar with the matter said the move aims to provide an exit route for early investors and employees, with the formal process potentially beginning as early as this month; however, details have not yet been finalized, and the company is currently in preliminary discussions with potential investors.
Moonshot is reportedly seeking a new round of funding of up to $2 billion, with a valuation target of $30 billion.
According to Bloomberg, Moonshot AI is in preliminary discussions with potential investors for a new funding round aiming to raise over $1 billion, up to $2 billion, with a valuation target of $30 billion. The report states that this is the company’s third funding round in six months, aimed at addressing the intensifying AI competition in China.
According to insiders, Moonshot AI will reach a $20 billion valuation after completing its new funding round led by Meituan; if this round is successfully closed, its valuation will increase approximately sevenfold from over $4 billion in December 2025.
The South Korean KOSPI index fell by 8.4% at the open, with Samsung and SK Hynix both down 10%.
The Korean KOSPI index fell by 8.4% at the open, with Samsung and SK Hynix both down 10%. The Korean exchange triggered a circuit breaker due to an 8% drop in the KOSPI index, halting trading for 20 minutes.
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South Korea's KOSPI opens with an 8.37% plunge, triggering a circuit breaker: the "two stocks" that fueled the bull market reverse course in a single day.
https://www.techflowpost.com/article/31948
On June 8, the Korean KOSPI index plummeted 8.37% within just 3 minutes and 42 seconds of opening, triggering a Level 1 circuit breaker, as Samsung Electronics and SK Hynix both dropped over 10%. This sharp decline exposed the underlying risk of South Korea’s stock market being overly reliant on its two semiconductor giants.
Over the past year, Samsung Electronics and SK Hynix accounted for approximately 70% of the KOSPI's gains and represented more than half of the index's market capitalization. After Broadcom's AI business guidance fell short of the market's most optimistic expectations, triggering a global reassessment of the semiconductor sector, selling pressure quickly spread from U.S. markets to Korea.
Meanwhile, a record margin balance of 38 trillion KRW, 2x leveraged ETFs, and program trading triggered a cascading sell-off, further amplifying the decline. The ongoing weakness of the Korean won also accelerated foreign capital outflows.
This circuit breaker was not only an outlet for market sentiment but also exposed the structural risk of South Korea’s bull market being overly concentrated on a few AI chip leaders. When the “two pillars” supporting the index’s rise began to wobble, the entire market struggled to remain unaffected.
Overseas analysts recommend: Look to the international market—these 5 stocks will outperform the S&P.
https://www.techflowpost.com/article/31947
In the latest podcast, Main Street Research CIO James Demmert said that international stock markets are expected to continue outperforming U.S. markets over the coming years, and he recommended five international stocks that benefit from the AI wave but are significantly undervalued compared to their U.S. counterparts.
His top pick is Dutch chip equipment giant ASML, and he believes that if he could hold only one stock over the next five years, it would be ASML. In addition, he also favors HSBC, trading at just around a 9x P/E ratio; BHP, which benefits from rising copper demand in data centers; Siemens Energy, a leader in grid infrastructure; and AstraZeneca, a pharmaceutical giant currently undervalued by the market.
Demmert believes that Europe and Japan are taking over global growth through fiscal stimulus, while the United States enters a period of fiscal contraction. Driven by advancements in AI, energy, and healthcare innovation, international markets may experience several years of relative advantage.
His allocation recommendations are also quite aggressive: approximately 45% of the portfolio allocated to overseas assets, with the remaining 55% allocated to the U.S. market. For long-term investors, this could mean that the next opportunity may not be limited to U.S. stocks alone.
Reddit's Weekly Hot Take on U.S. Stocks: RKLB/LUNR/ASTS All Drop—Is the Space Sector Still Worth Considering?
https://www.techflowpost.com/article/31946
As SpaceX's IPO approaches, the Reddit U.S. stock community is sparking renewed discussion around space investments. However, unlike the market's expected collective rally, space-related stocks have recently shown clear divergence: SPCE has surged sharply, while RKLB, LUNR, and ASTS have all declined together.
The article identifies three main factors behind this downturn: the Blue Origin rocket test accident, the funding suction effect from SpaceX’s IPO, and profit-taking following the significant gains in space stocks over the past year.
Among the four popular space companies, the author is most bullish on Rocket Lab due to its real revenue, $2.2 billion in order backlog, and the Neutron rocket as a key growth catalyst, positioning it as the closest equivalent to a publicly traded SpaceX.
In contrast, AST SpaceMobile has tremendous potential for direct satellite-to-phone connectivity but faces risks related to launch timelines; Intuitive Machines’ future depends on the performance of its upcoming lunar missions; and Virgin Galactic’s current rally is driven largely by short squeezes and speculative sentiment, with limited fundamental support.
The final conclusion of the article is: The long-term thesis for the space industry remains valid, but near-term valuations still need to be absorbed. If the sector continues to adjust, Rocket Lab may be among the first to enter a more attractive allocation range.
JPMorgan mid-year research report解读: The AI supercycle has not ended; reduce cash holdings and increase allocation to physical assets.
https://www.techflowpost.com/article/31943
As the market begins to question whether the AI narrative has peaked, J.P. Morgan’s latest mid-year outlook offers a contrary view: the AI supercycle is far from over. The report argues that capital expenditures by tech giants are still accelerating, while concerns about AI’s return on investment have been overstated. Meanwhile, long-term inflation may remain elevated, causing cash and traditional bond holdings to continuously lose value. Based on this, JPM recommends continuing to invest in AI infrastructure, emerging markets, and physical assets like gold, reducing cash exposure, and exploring potential opportunities in key AI supply chain markets such as China, South Korea, and Taiwan.
Why does crypto keep creating "casinos" but rarely build products people can't live without?
https://www.techflowpost.com/article/31945
While internet giants lock users into their ecosystems with “convenience,” crypto has never yet created a product people truly can’t live without. Drawing on the concept of the “Sofalarity” from The Internet Con, this article explores why, after fifteen years, the most successful consumer-facing application in crypto remains speculation—not everyday necessity. The author argues that blockchain addresses underlying financial issues most users don’t perceive, rather than immediate pain points that enhance daily life; meanwhile, Web2 platforms have built moats through data, habits, and convenience, while crypto lacks comparable user stickiness. The piece further reflects on RWA, platform monopolies, and financial sovereignty, suggesting that crypto’s true value may lie not in becoming the next super-app, but in building open, decentralized foundational infrastructure.