Xu Kunlin and Wang Xinwei met with Ke Ruiwen, Chairman of China Telecom
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Li Bojie responded to the Metagent investment dispute, stating that ABCDE Capital only received $500,000.
On July 7th, PANews reported that Li Bojie, co-founder and former CTO of Metagent, responded to accusations from Du Jun, a partner at ABCDE Capital. Li stated that of the $1.5 million stipulated in the investment agreement, only $500,000 had been received, with the remaining $1 million unpaid. However, the cap table still calculated ABCDE's equity based on $1.5 million. Li Bojie stated that due to the prolonged delay in funding, he and his co-founders voluntarily took pay cuts, hindering the company's recruitment and R&D. He resigned in October 2024 due to family reasons and Web3 compliance issues in mainland China. Before leaving, he disclosed the cap table and business progress as required, and stated that subsequent entrepreneurial projects avoided areas related to non-compete clauses, such as Web3, AI infrastructure, and image generation.
Wang Ruomeng of the National Development and Reform Commission: Sales of AI smartphones and AI computers are expected to surpass those of non-AI products for the first time this year.
According to Mars Finance, at 10:00 AM today, the Shanghai Municipal Government held a press conference. Wang Ruomeng, Deputy Director of the Innovation and High-Tech Development Department of the National Development and Reform Commission, stated that last year, my country's annual shipments of AI-powered smartphones, AI-powered computers, and other smart terminals exceeded 100 million units, and this high growth is expected to continue this year. Sales of AI-powered smartphones and AI-powered computers are projected to surpass those of non-AI products for the first time this year. Currently, my country's AI-native office intelligent agents receive over 20 million monthly visits, with daily meta-calls reaching trillions of times, a significant increase compared to last year. This demonstrates the vigorous development of new products and business models driven by "AI+". (Cailian Press)
More severe than the dot-com bubble: Token consumption plummeted by 20%, and the gap between AI investment and sales growth reached 46%.
According to Beating's monitoring, the Silicon Data LLM Token consumption index, which tracks users' actual computing power expenditure, has fallen nearly 20% from its May high. This sudden halt in high growth sends a crucial warning to investors: large model vendors may be losing pricing power with cost-sensitive clients, and it has also raised doubts about the ultimate return on investment for the hundreds of billions of dollars in AI capital expenditure. The divide between bulls and bears has intensified. Bears point out that Allianz Research data shows the growth gap between AI investment and sales has reached 46%, exceeding the 32% imbalance seen during the 2001 telecom bubble burst. Bulls counter that while the average token price has plummeted by 90% since 2023, total expenditure has still nearly doubled, meaning the index decline is merely a structural digestion after price cuts stimulated consumption, and the long-term return on investment in the inference phase is far more optimistic than in the training phase. Increased policy regulation is translating into hidden compliance costs for enterprise users. Washington has imposed stronger policy scrutiny on the distribution and cross-border access of cutting-edge models (such as the release review of OpenAI and geopolitical export controls on Anthropic models). Coupled with the EU's Artificial Intelligence Act's stringent compliance requirements for top-tier models, this has placed a heavy policy burden on leading platforms. To mitigate geopolitical and compliance risks, corporate CFOs have a more rational reason to proactively shift their workloads towards lightweight models that are less subject to regulatory constraints. Subtle changes are also emerging in the hardware chip sector. Although orders for top-tier GPUs and high-bandwidth memory (HBM) are booked until 2026, with substantial supply-demand easing not expected until 2028, the market's main procurement focus has shifted from training chips to inference optimization hardware, and the winners are being reshuffled.
China Merchants Securities: Focus on the dual themes of technology recovery and interim results after short-term shocks.
Mars Finance reports that China Merchants Securities released a research report stating that after the short-term shock, attention should be paid to both technology recovery and interim results. The market correction caused by Meta's sale of computing power is not a signal of computing power oversupply, but rather a necessary choice to improve asset returns during a period of high capital expenditure. The industry is currently moving from simple Capex expansion to ROIC verification, rather than entering a stage of computing power oversupply. The current market correction is mainly due to the significant short-term gains in the general computing power sector, coupled with leveraged funds amplifying volatility. Pessimistic narratives easily trigger short-term negative feedback from market funds, similar to the previous AI bubble theory and Apple's price increase. However, after the liquidity shock, the bank believes that the AI industry trend has not been disproven, the supply and demand gap for memory chips remains unchanged, the price increase of MLCCs remains unchanged, and the indium phosphide shortage remains unchanged, suggesting a potential recovery in the technology sector. Besides the technology sector, attention should also be paid to sectors where interim results are misaligned with stock prices. (Cailian Press)
Citrini Analyst: China's CXMT tests pilot production line for bonding DRAM; South Korean media claims its technology and development speed may be ahead of its South Korean rivals.
According to a Odaily by Citrini analyst Jukan on the X platform, South Korean media reports that China's CXMT is currently testing a bonded DRAM pilot production line in Hefei, aiming to achieve high-performance DRAM without using EUV lithography. Bonded DRAM is a technology that manufactures the memory cell array and peripheral circuitry on separate wafers and then bonds them together. This method can produce ultra-high-density DRAM using only multi-patterned deep ultraviolet (DUV) lithography, without requiring EUV equipment. Samsung Electronics is developing its own bonded DRAM under Project B1b, and SK hynix is also advancing similar technology. South Korean media warns that assessments suggest CXMT may currently be ahead of its South Korean competitors in terms of both the technology itself and the speed of its development.
The China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS) held the 10th China-Singapore Securities and Futures Regulatory Roundtable.
Odaily Odaily reports that the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS) successfully held the 10th China-Singapore Securities and Futures Regulatory Roundtable in Singapore. CSRC Vice Chairman Liu Haoling and MAS Deputy Governor Ho Heng Sin attended the meeting and delivered speeches. Both sides reviewed the practical achievements in capital market cooperation between the two countries in recent years, including strengthening China-Singapore index cooperation, deepening China-Singapore ETF connectivity, and enhancing securities regulatory cooperation. Both sides engaged in extensive and in-depth exchanges on the latest developments in their respective market reforms and development, capital market operations and regulatory enforcement in the context of cutting-edge technologies, and cross-border business development and regulation in the securities and futures industry. More than 40 people, including Lim Duanli, Assistant Governor of the Monetary Authority of Singapore (MAS), officials from the China Securities Regulatory Commission (CSRC) and the MAS, and representatives from both stock exchanges, participated in the meeting both in person and online. (Jinshi)