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A news item about computing power from Meta punctured the one-sided narrative of momentum trading in AI hardware.
According to Mars Finance, Meta's stock price surged on Wednesday, July 2nd, but this unexpectedly put the AI hardware market under pressure. The market had initially expected a relatively quiet start to July. The second quarter saw a strong performance in the US stock market, with the S&P 500 recording one of its best quarters since the resurgence of the COVID-19 pandemic in 2020. However, before the US market opened, news that Meta might release or sell "excess computing power" suddenly changed the market narrative. This news was positive for Meta itself. The market interpreted it as the company shifting from continuously increasing capital expenditures to emphasizing financial discipline and free cash flow. Meta's stock price subsequently surged, with the article stating that it rose by about 10% in a single day, one of its best single-day performances this year. But for the AI hardware chain, this is a different story. One of the most crowded trades in the market over the past few months has been betting on cloud vendors continuing to expand their computing power, storage, and data center capital expenditures. If Meta begins to release excess computing power, investors will naturally ask: Is the demand for AI computing power really as unlimited as previously expected? Is cloud vendors still only revising their capital expenditures upwards, with no downward revisions? UBS trader Christina Dwyer stated that the Meta event pushed the market narrative towards "stronger financial discipline," while alleviating concerns about continuously rising capital expenditures. This benefits platform technology companies whose valuations are already nearing low levels, but weakens the "long-term computing power shortage" logic that previously supported neocloud, semiconductor, storage, and AI supply chain stocks. The market reacted quickly. The BofA Neocloud Basket fell significantly, storage and momentum stocks were impacted, and previously surging stocks like SanDisk and Micron were sold off. Micron was particularly considered a key watch: it had held above its 20-day moving average since April, and a break below it could open up room for a pullback to the 50-day moving average, implying a potential downside risk of about 20%. This correction also quickly evolved into a momentum trading clearing. Jonathan Krinsky of BTIG pointed out that the Bloomberg Mag7 index, relative to the Philadelphia Semiconductor Index (SOX), saw its largest single-day rebound since 2015. In other words, funds are flowing back from chip, storage, and high-beta AI hardware stocks to large platform technology stocks. Goldman Sachs' high-beta momentum basket fell about 9% in a single day, and the long-short high-beta momentum portfolio fell about 10%, nearing its worst performance since the 2020 vaccine news shock. The Meta event reminded investors that cloud vendors who actually bear capital expenditures also calculate returns. Once the certainty of upward revisions to capital expenditures decreases, the segments with the largest gains and most crowded valuations in the AI hardware chain will be the first to come under pressure. However, funds have not completely left the AI theme. Software stocks have outperformed semiconductors, and Bitcoin has also rebounded due to funds withdrawing from AI/storage momentum trading. Another beneficiary is other AI bottleneck assets such as capacitors, indicating that the market is still looking for scarce links in computing infrastructure, but is no longer indiscriminately chasing storage and chip momentum stocks. Another risk that the market needs to pay attention to is the current poor liquidity. Goldman Sachs trading desk stated that liquidity at the top of the S&P E-mini market fell by 33% month-on-month in June, while US stock trading volume hit its highest level since 2026. This means that while the market appears active, its actual absorption capacity is weakening; once large sell orders appear, prices are more prone to sharp fluctuations. The true meaning of the Meta event may not be Meta itself, but rather that it hit the most sensitive spot in the AI market: whether capital expenditure will continue to grow without limit. AI demand has not disappeared as a result, but the market has begun to distinguish between two types of companies: one is platform companies that can recoup their stable investments in computing power, and the other is hardware and storage suppliers that have already fully reflected the expectation of computing power shortages.
Korean exchanges have revised rules that will subject listed companies with special technology status that transform into crypto treasuries to delisting reviews.
PANews reported on July 2nd that, according to Digital Asset, the Korea Exchange (KRX) is taking measures to close regulatory loopholes in companies listed through the technology exception program, preventing them from shifting their main business to areas such as virtual asset vault management. The KRX announced today revisions to its listing rules as part of a broader initiative to enhance market trust and innovation. Under the new rules, companies listed through the technology exception program that change their primary business purpose within five years of their IPO will be subject to a substantive delisting review. A change in business purpose refers to additions or amendments to the company's articles of association, but does not involve changes to businesses similar to or auxiliary to the original main business.
Dollar sell-off occurred in the USD/KRW forward market in connection with the SK Hynix ADR listing.
According to Odaily Odaily, sources say there has been a sell-off of US dollars in the USD/KRW forward market related to the SK Hynix ADR listing. (Jinshi)
US pre-market news highlights: EDA giants focus on AI chip design; SpaceX officially included in the Nasdaq 100 index; Analysts say AI computing power demand is far from peaking.
Mars Finance reports the following key financial news from the US stock market that investors should pay attention to: 1. US stock index futures showed mixed results. Dow Jones futures rose 0.29%, S&P 500 futures fell 0.15%, and Nasdaq 100 futures fell 0.94%. 2. International oil prices rose slightly. WTI crude oil futures rose 0.61% to $68.967 per barrel; Brent crude oil futures rose 0.74% to $72.526 per barrel. 3. International gold and silver spot prices fluctuated narrowly. Spot gold rose 0.03% to $4166.01 per ounce; spot silver fell 0.64% to $61.62 per ounce. 4. European stock indices all fell. The UK FTSE 100 rose 0.47%, the French CAC 40 rose 0.20%, and the German DAX 30 fell 0.63%. 5. EDA giant Synopsys informed more than 10 chip manufacturers, including Samsung Electronics and SK Hynix, in April and May that it would "suspend" some of its wafer fab manufacturing analysis software, shifting resources to the more profitable AI chip design business. 6. SpaceX, owned by Elon Musk, was officially included in the Nasdaq 100 index today, becoming the first company in the index with a space business at its core. JPMorgan Chase estimates its weight in the index at approximately 1.3%. Wall Street generally gave it an "initial bullish" rating, with a target price as high as $800. 7. Google invested over €400 million in Proxima Fusion, a European nuclear fusion "unicorn" company, with the aim of building a commercial fusion power plant by the 2030s. 8. Anthropic announced a 20-year AI data center lease agreement with AI data center operator TeraWulf. The project has a capacity of approximately 401 megawatts and is expected to be operational in the second half of 2027, reaching full capacity in early 2028. 9. A recent report from semiconductor research firm SemiAnalysis indicates that AI computing power demand is far from peaking. The firm predicts that Meta computing power procurement will accelerate, and capital expenditure may increase significantly next year. 10. Walmart and its Sam's Club announced price reductions on thousands of popular summer items and everyday essentials across the United States. 11. Microsoft raised its Microsoft 365 Enterprise subscription fee earlier this month, with increases ranging from 8% to 33%. Personal and Education versions are currently unaffected. (Cailian Press)
UPBIT launches OpenGradient (OPG) and supports the KRW marketplace.
According to Mars Finance, UPBIT will launch OpenGradient (OPG) on July 7th at 15:30 and support trading on the KRW market. Users should note that network verification is required before depositing funds; the supported network is OPG-Base.
Metaplanet added 2,823 BTC in Q2; RWA platform Securitize officially listed on the NYSE.
According to ChainCatcher and BBX data, early last week, Asia's largest listed BTC reserve holder announced record-breaking quarterly BTC purchases, and the world's largest RWA tokenization platform officially listed on the New York Stock Exchange. Key developments are as follows: Metaplanet Inc. (TSE: 3350) officially disclosed its Q2 2026 Bitcoin accumulation data on July 1st: It purchased 2,823 BTC at an average price of approximately $78,872 (35.4886 billion yen) throughout the quarter, totaling approximately $225 million. As of June 30th, its total holdings rose to 43,000 BTC, with a total cost of approximately $4.09 billion (overall average price of $95,209). The unique aspects are as follows: The company's dedicated Bitcoin options trading business generated revenue of $10.95 million in Q2. After directly deducting the cost of Bitcoin purchases from this revenue, the effective net average purchase price was approximately $75,032 per coin (still a discount compared to the current market price of approximately $61,000, but saving approximately 4.8% compared to the nominal average price of $78,872); H1 2026 options revenue totaled $29.2 million, with trailing 12-month options revenue of $70.7 million; Q2 BTC Yield (Bitcoin holdings/effective diluted share capital ratio) increased by 6.6% year-on-year; the funds for Bitcoin purchases this quarter came from credit lines, ordinary bond issuance, and options revenue, without using equity dilution methods. The company also disclosed that it has reached an agreement to acquire Siiibo Securities, a licensed Class 1 securities firm in Japan, and include it in its "Project Nova" strategic expansion plan. Securitize Corp. (NYSE: $SECZ) officially completed its SPAC merger with Cantor Equity Partners II ($CEPT) in early July and began trading on the New York Stock Exchange, becoming the world's first NYSE-listed company with tokenized asset infrastructure as its core business. According to CoinDesk, on its first day of trading on the NYSE, the company simultaneously tokenized $295 million of its own stock and deployed it on the Solana and Avalanche blockchains. This is the largest issuer-led tokenized stock offering to date—Securitize uses its own stock as a tokenization case to counter competitors' third-party synthetic token solutions (i.e., derivative structures with indirect ownership). The company previously managed over $4 billion in tokenized assets and established deep partnerships with NYSE, BlackRock, Computershare, Jump Trading, and others. Q1 2026 revenue was $19.5 million. After its IPO, $SECZ will serve as a valuation benchmark for the RWA tokenization sector, alongside Coinbase (Base Chain) and Galaxy Dig.