News linked to both this project and an event.
SemiAnalysis stated on X platform that traditional backup power equipment for data centers——Reciprocating Engines——are transitioning from an "emergency backup" role to a primary round-the-clock power source to meet the massive electricity demand driven by AI computing expansion.SemiAnalysis points out that in the past, data centers typically only activated on-site reciprocating engine backup power during grid failures, operating for just a few hours annually. However, with increasing grid capacity constraints, more data centers are repurposing these devices for Prime Power, enabling continuous electricity supply.According to SemiAnalysis' energy model estimates, manufacturers of reciprocating engines, including Caterpillar, INNIO, and Cummins, are expected to have signed approximately 1 GW in Behind-the-Meter (BTM) project orders this year; order volumes for 2027 and 2028 are each projected to exceed 4 GW.SemiAnalysis notes that current order volumes are still very limited compared to future potential demand. After modeling US grid constraints, they found that existing power supply margins are expected to be exhausted between 2027 and 2028, and planned utility-scale new generation capacity through 2030 is insufficient to meet the growing data center load demand.Based on its data center model, SemiAnalysis estimates that approximately 140 GW of identified data center projects still need to sign power supply contracts and may adopt behind-the-meter power supply models.Among the technologies available for behind-the-meter power supply, including reciprocating engines, aeroderivative gas turbines, and fuel cells, SemiAnalysis expects reciprocating engines to capture the largest share.The institution believes that reciprocating engines offer the best balance between cost and deployment speed, while also providing modular advantages that support phased data center expansion. Compared to fuel cells, they boast higher commercial maturity and financing feasibility. As manufacturers ramp up production capacity in the coming years, reciprocating engines are poised to become critical infrastructure for AI data centers to solve power bottlenecks.SemiAnalysis states that AI computing growth is driving data centers to shift from relying on traditional grid power to a hybrid model of "grid plus self-owned energy," with energy infrastructure emerging as a new core constraint for AI industry expansion.
NVentures, the venture capital arm of Nvidia, may have invested approximately $196 million in the UK-based fintech company Revolut.A confirmation statement filed with Companies House in the UK reveals that a shareholder entity, suspected to be NVentures LLC, holds approximately 141,834 shares in Revolut. Based on the issuance price disclosed in Revolut's funding round, these shares are valued at around $195.9 million.Previously, neither Nvidia nor Revolut had publicly disclosed the specific investment amount or shareholding scale of NVentures in the company. This document leak indicates that Nvidia is further expanding its presence in the fintech sector through strategic investments.Founded in 2015, Revolut is one of Europe's leading digital banking platforms, covering areas such as payments, foreign exchange, investments, and crypto asset services. In recent years, Nvidia has been consistently investing in AI, fintech, and next-generation internet infrastructure companies through NVentures, and this investment in Revolut is also seen as part of its strategy to expand its AI and digital finance ecosystem. (TechFundingNews)
"White Hair Stock God" Serenity published an analysis stating that if Sivers obtains approximately 10% of wafer capacity allocation from foundry Win Semi through an asset-light model, under the assumptions of 65% yield and an ASP of $50 to $75, the annual revenue from its optical array products could reach $341 million to $512 million. Based on management’s gross margin target of 50% to 60%+, the corresponding annual gross profit would be approximately $205 million to $307 million.At Sivers' current market cap of around $1.1 billion, the market cap-to-gross profit multiple in this scenario would be only about 3.6x to 5.4x. If the capacity allocation increases to 15%, annual gross profit could rise to between $307 million and $461 million, correspondingly reducing the valuation multiple to 2.4x to 3.6x.Serenity pointed out that Sivers' CEO has previously confirmed the company is cooperating with more wafer fabs to expand capacity, and since 2024, the scope of its supply chain certifications has been continuously expanding. With the accelerated development of the co-packaged optics (CPO) market, future revenue guidance and capacity plans may be further revised upward.On the demand side, supply of continuous wave (CW) lasers remains tight. Lumentum’s financial report indicates the company has begun purchasing CW lasers from the open market to fulfill EML orders. TrendForce data shows that AMD is securing related capacity through long-term agreements. Serenity believes that as Sivers enters mass production with partners such as GlobalFoundries, Jabil, Ayar Labs, POET, and O-Net, any newly added and certified independent capacity could be quickly absorbed by the market.Additionally, a recent report from Morgan Stanley has listed Sivers, with a market cap of approximately $1.1 billion, as one of the three core players in the CPO laser field, alongside Coherent and Lumentum, which each have market caps exceeding $55 billion. Serenity believes that beyond its existing business, Sivers—having listed on Nasdaq—may also expand its TAM through future M&A, replicating the growth path of Lumentum's acquisition of Cloud Light to enter the complete optical module and optical engine market.
: The South Korean Financial Services Commission has published a revision draft of the "Enforcement Decree of the Special Act on Prevention of Telecommunications-Based Financial Fraud and Refund of Damages." The plan includes transferring funds from phone scams that have been moved into crypto assets under the scope of victim compensation, and clarifies the standards for returning and valuing crypto assets. The relevant regulations are expected to take effect on October 1st.According to the new regulations, if the frozen assets are cryptocurrencies, victims will, in principle, receive compensation in the same type and quantity of assets. If the defrauded assets differ in form from the frozen assets, compensation will be made in the form of the assets actually existing at the time the account was frozen. In cases involving a mixture of cash and crypto assets, regulators will value the crypto assets based on the market price at the time of freezing to determine the final compensation amount. The South Korean Financial Services Commission stated that clarifying the asset form for return and the valuation time point will facilitate faster and fairer compensation in complex cases where funds from multiple victims are mixed. It is reported that the public consultation period for the revision draft will last until August 24th. (Etoday)
According to Odaily, market analysis indicates that the issuance price for CXMT is 8.66 yuan per share. A lottery share consists of 500 shares, requiring a payment of 4,330 yuan. Under conservative, neutral, optimistic, and highly optimistic valuation scenarios, CXMT's valuation is estimated at 1 trillion, 1.5 trillion, 2.3 trillion, and 4.25 trillion yuan, respectively. Based on this estimated market capitalization range of 1-4 trillion yuan, the corresponding first-day price increase post-listing is projected to fall within a 70%-600% range. Compared to the issuance price of 8.66 yuan, the profit potential per lottery share is approximately between 3,000 yuan and 26,000 yuan.Additionally, CXMT announced that the funds raised will be fully invested in three major domestic storage substitution projects: the upgrade and renovation of the 12-inch DRAM wafer production line, technological upgrades for HBM and automotive-grade storage, and research into next-generation storage forward-looking technologies. (Source: Sina Finance)
According to Cailian Press, if one wins an allocation in Changxin Memory Technologies' current issuance, one lot consists of 500 shares, requiring a payment of 4,330 yuan. Under four valuation scenarios—conservative, neutral, optimistic, and super-optimistic—the corresponding valuations for Changxin Memory Technologies are 1 trillion yuan, 1.5 trillion yuan, 2.3 trillion yuan, and 4.25 trillion yuan. Based on the estimated market cap range of 1 trillion yuan to 4 trillion yuan mentioned above, the corresponding first-day gain after listing falls within the 70%-600% range. Compared to the issue price of 8.66 yuan, the profit potential per winning lot is approximately between 3,000 yuan and 26,000 yuan. In addition, Changxin Memory Technologies announced that the funds raised this time will be fully invested in three major domestic substitution projects for storage, namely the upgrade and transformation of the 12-inch DRAM wafer production line, the technology upgrade of HBM and automotive-grade storage, and the forward-looking technology R&D of next-generation storage.
the South Korean government has announced the "2026 H2 Economic Growth Strategy," declaring it will accelerate three major "super projects" in semiconductors, AI data centers, and embodied AI. It also plans to enhance industrial competitiveness through blockchain and digital asset ecosystem development. According to the plan, South Korea aims to double its memory chip production capacity over the next five years and launch an AI chatbot for all citizens and a unified AI education platform in the second half of this year.Notably, the South Korean government proposed advancing large-scale demonstration projects for the blockchain and digital asset ecosystem in the second half of this year. It also intends to launch a blockchain-based pilot for tokenizing government bonds, exploring linkages with the Bank of Korea's institutional CBDC to drive financial infrastructure upgrades. Additionally, South Korea plans to establish strategic investment accounts and a national growth fund to expand long-term capital support for strategic industries such as artificial intelligence, quantum technology, security, and blockchain. (Etoday)
According to Korean media Etoday, Korean securities firms have shown significant divergence in their assessments of SK Hynix's prospects, with the core divergence centering on whether AI storage demand can drive long-term growth. KB Securities maintains a "Buy" rating for SK Hynix. Based on the case of TSMC's ADR issuance in the US in 1997, it judges that SK Hynix's ADR listing will boost global investor participation and is expected to drive a synchronized revaluation of ADRs and Korean domestic shares. KB Securities also expects that in 2027, global DRAM and NAND wafer capacity growth rates will be only 7% and 4% respectively, lower than demand growth rates of 17% and 19%, and the tight memory supply situation may intensify further compared to 2026. BNK Investment & Securities, however, believes that the logic of hyperscale cloud service providers continuously increasing AI infrastructure investment is weakening, and the ADR listing will not significantly alter SK Hynix's domestic share valuation.
chip company Changxin Technology has received approval from the China Securities Regulatory Commission for registration and has officially initiated its IPO issuance procedures on the STAR Market. The company plans to raise 29.5 billion RMB through this issuance. Based on the fundraising amount and the number of shares issued, the estimated issuance price is approximately 4.41 RMB per share, and the estimated total market capitalization after listing will be close to 295 billion RMB.The company expects to achieve revenue of 110 billion to 120 billion RMB in the first half of 2026, with net profit ranging from 66 billion to 75 billion RMB, marking a turnaround from losses to profitability growth.According to the issuance arrangements, the initial strategic placement ratio is 50%, and the offline placement follows the "3+7" rule, with 70% of the shares distributed to offline investors locked up for 6 months. Calculations show that approximately 78% of the issued shares will be under restricted trading on the first day of listing, corresponding to an estimated tradable market capitalization of about 6.5 billion RMB for new shares on that day.Additionally, online investors are required to have STAR Market trading permissions and meet the Shanghai market value requirements. Some major shareholders have committed to a lock-up period of 36 months. The lead underwriter, CICC, has a 15% over-allotment option, allowing it to conduct price stabilization operations within 30 calendar days after listing.
According to documents disclosed by the U.S. SEC, data center operator Csquare plans to list on the NYSE under the ticker symbol "CSQR". It intends to issue 50 million shares with a price range of $23 to $27 per share, aiming for a maximum fundraising size of $1.35 billion. Based on the upper end of the pricing range, the company’s valuation is approximately $4.18 billion. This IPO comes amid a global expansion cycle for AI computing power and data centers, with market demand for infrastructure assets continuing to heat up. (Bloomberg)
According to CryptoSlate, South Korean Bitcoin treasury company Bitplanet has signed a strategic memorandum of understanding with Nasdaq-listed company Antalpha and related partners, planning to introduce 15 billion KRW worth of Bitcoin mining equipment and launch full operations within the month. This move signifies that Bitplanet is shifting from a reserve model of simply purchasing Bitcoin through financing to continuously generating Bitcoin revenue through mining.
According to Fortune, Theodore Gillibrand, son of U.S. Senator Kirsten Gillibrand of New York State, has raised $30 million in funding, valuing his company at approximately $300 million. The company plans to launch a derivatives trading platform named American Perpetuals Exchange Corp. (APEC). The platform intends to apply for a license from the U.S. Commodity Futures Trading Commission (CFTC) and will list perpetual futures on equities and equity indices—not cryptocurrency perpetual contracts.
According to CNBC, after listing on the Nasdaq at an approximate valuation of $2.6 trillion, SpaceX quickly became the world’s fifth-largest publicly traded company and entered a market-cap ranking race with Amazon. However, pricing in the options market suggests it may take considerable time for SpaceX to climb into the global top three—or even claim the No. 1 spot. Currently, SpaceX’s market capitalization remains significantly below that of third-place Alphabet and second-place Apple—both valued above $4.4 trillion. To overtake them and become the world’s second-largest company by market cap (just behind NVIDIA), SpaceX’s stock price would need to rise roughly 70% to $340 per share. Based on implied probability models derived from options-market pricing, the likelihood that SpaceX reaches this target price before July 2028 stands at approximately 50%. If the goal is to become the world’s largest company by market cap—surpassing NVIDIA—the options market assigns a roughly 38% probability of achieving this by June 2028, rising to about 41% by year-end 2028. Analysts note that options prices reflect the collective market expectation regarding future trajectories. Higher-strike options carry an elevated uncertainty premium, indicating that—even though SpaceX possesses a compelling long-term growth narrative—reaching the pinnacle of market capitalization is still viewed as a high-difficulty, long-duration endeavor.
: Citrini analyst jukan posted on platform X, stating that according to Korean media reports, the listing process for SK Hynix ADR has entered its final stage, pending only SEC approval. Citing informed sources, Korean media reported that the ADR listing is currently expected to take place after mid-July, rather than early August. The final issuance size is anticipated to account for approximately 2.5% of SK Hynix's outstanding shares. Based on current valuations, the underlying equity value corresponding to the ADR issuance could reach up to $27 billion. As the transaction may be entirely structured as a new share issuance, it is expected to generate substantial cash inflows for the company.
According to the Seoul Economic Daily, KB Kookmin Bank announced the issuance of a USD 100 million blockchain-based digital bond in the Hong Kong market, marking the first time a Korean bank has applied blockchain technology to an actual foreign-currency financing transaction. This issuance reduces the settlement cycle from the traditional five business days to three business days, helping streamline processes and lower counterparty settlement risk. The two-year USD digital bond was issued privately, with HSBC serving as the sole bookrunner; the issuance process was completed via HSBC’s digital asset platform, Orion.
: According to sources, London-based digital bank and financial super app Revolut is quietly seeking a round of secondary equity transactions, targeting a valuation of $115 billion. If successful, this valuation would surpass Barclays and Deutsche Bank, and approach the scale of BNP Paribas.Founded in 2015 and led by CEO Nik Storonsky, Revolut plans to conduct multiple rounds of secondary transactions before its IPO to provide liquidity for internal shareholders while gauging the market's tolerance for its valuation. Storonsky has stated that an IPO is still at least two years away.Based on current revenue of $600 million and profits of $2.3 billion, the $115 billion valuation would give it a price-to-earnings ratio similar to high-growth technology companies. If the transaction goes through, Storonsky's stake would be worth at least $36 billion, placing him among the world's wealthiest fintech founders.Previously, Revolut was already Europe's most valuable private technology company at a valuation of $75 billion. A $115 billion valuation would now propel it into the ranks of top global financial institutions, setting a high bar for its future IPO and signaling investors' optimistic outlook on the company's valuation. (Bloomberg)
according to Hyperliquid market data disclosed by MLM, as the SpaceX IPO approaches, the SpaceX prediction market on Hyperliquid is currently quoted at approximately $166/share, corresponding to an implied valuation of about $2.15 trillion.Data shows that there are currently 4,528 traders holding open positions, of which 3,865 are long and 663 are short, with a long-to-short ratio of approximately 85:15. The open interest in this market is around $66.6 million, with cumulative trading volume exceeding $450 million, total units traded reaching 2.333 million, and the cumulative number of transactions over three weeks exceeding 917,000.In terms of profitability, among the 4,528 position holders, 1,001 are in profit, accounting for 22%; while 3,527 are in loss, accounting for 78%. Based on notional position size, the current largest short position holds approximately 27,100 SPCX units, with a position value of about $4.5 million; market maker Cumberland is the second largest short, holding approximately 18,700 SPCX short positions, valued at around $3.1 million.
“New Stock God” Serenity posted on X platform to clarify that he does not currently hold any shares of Harmonic Drive, and the related views are solely public research sharing. He further added that Harmonic Drive holds a key position in the humanoid robot industry chain, with its products expected to cover a significant portion of the manufacturing processes for humanoid robots. Currently, companies like AGIBot and Unitree have just entered the scale-up stage, with AGIBot’s cumulative shipments reaching only about 10,000 units. Therefore, the P/E valuations of related companies are generally high at this stage.However, Serenity pointed out that capital markets typically price in future growth expectations in advance. If manufacturers like Tesla Optimus and Unitree achieve mass production of tens of millions or even hundreds of millions of robots in the coming years, and with trillions of dollars flowing into the humanoid robot industry, even if Harmonic Drive only captures about a 5% market share of core robot components, its valuation could be significantly higher than its current market capitalization.Based on comprehensive research of the industry chain, Serenity stated that Harmonic Drive is currently one of the highest-exposure targets he has identified related to the development of the humanoid robot industry.
TownSquare, an infrastructure provider for institutional yields and cross-chain lending brokerage services, has partnered with Native, a non-custodial automated trading infrastructure, to launch a $10 million yield-generating vault on the Monad L1. This vault will support assets including USD1, USDC, cbBTC, and MON, offering higher yields than conventional lending through trading-based yield generation. This marks TownSquare’s first collaboration with a trading-based yield manager. The partnership aims to bring real-world asset (RWA) and stablecoin institutional yields to a broader user base. Native is a close partner of Binance Wallet and Buidlpad, having previously launched vaults for BNB and wETH on BNB Chain and Ethereum—demonstrating its stability, scalability, and ability to generate yields for liquidity providers (LPs) managing tens of millions of dollars. This initiative also represents the first trading-yield vault on the Monad chain. Native already operates credit pools across multiple EVM chains with over $35 million in liquidity, achieving daily trading volumes of $50–100 million and cumulative trading volume exceeding $25 billion. Its Proactive Market Making (PMM) structure enables retail users to access institutional-grade trading yields. TownSquare previously launched a $100 million USD1 liquidity program and has raised over $16 million to date—including funding from this collaboration.
According to The Block, Bit Digital announced a $100 million delayed-draw term loan to a subsidiary of WhiteFiber, its majority-owned AI infrastructure company. The facility may be expanded to $150 million upon mutual agreement between the parties, to support WhiteFiber’s recent high-performance computing and AI expansion initiatives. Bit Digital stated that the loan proceeds will be disbursed—either partially or in full—through an Ethereum-denominated secured credit facility, enabling the company to retain ETH exposure while earning a financing spread.