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According to Chaoxiang Research, UBS released a SemiBytes Flash Note on July 20, 2026, judging that the semiconductor sector is transitioning from a broad-based rally to a phase of severe divergence, while the AI-themed crowded trade continues. The report covers five core topics. The release of Kimi K3 drives another upgrade in open-source model scale; longer context windows boost demand for HBM and storage, with NVIDIA being the biggest beneficiary. Micron's cumulative free cash flow over the next few years is expected to exceed $400 billion; after the buyback ban is lifted, the theoretical buyback ratio could exceed 40%, which is not yet fully priced in by the market. Divergence within the analog chip sector is intensifying; stocks with higher AI exposure have gained a 42x P/E premium, while valuations for stocks with automotive and industrial exposure remain near historical averages. Position crowding data shows that Lam Research, Broadcom, Seagate, Micron, and AMD remain in a state of extreme long positioning crowding.
according to Gate Ventures' latest weekly report, the global market performance is generally stable, but inflationary pressures and policy divergences are rising simultaneously. The S&P 500 topped the 7,200 mark for the first time. The Fed kept interest rates unchanged but showed major internal divisions. Compounded by volatile oil prices due to supply shocks in the Strait of Hormuz, market expectations of "stagflation" have intensified. Against this backdrop, the crypto market remains in a consolidation pattern, with BTC largely flat and ETH experiencing a slight pullback. ETF fund flows are diverging, and market sentiment remains cautious.At the industry level, the CLARITY Act has clarified the boundaries for stablecoin yields, further promoting a clearer regulatory framework. EURC is seeing rapid growth in Spanish retail payment scenarios, indicating that localized stablecoin applications are coming to market. The Solana ecosystem is advancing its post-quantum signature scheme, Falcon, reflecting the industry's forward-looking layout for long-term security. In terms of investment and financing, 15 deals were completed this week, with a total volume of $167 million, representing a 205% increase week-over-week. The infrastructure track continues to dominate. Among these, Four Pillars completed a Series A funding round to strengthen institutional-grade research and infrastructure capabilities. Belo secured $14 million in a funding round led by Tether, accelerating the expansion of its stablecoin payment network in Latin America. Overall, capital continues to concentrate towards infrastructure and cross-asset platforms, driving the industry's accelerated evolution towards institutionalization and multi-asset integration.