1783CLUB

Open-source models are eating into the enterprise market
Coinbase has switched its default AI models to open-source models like Zhipu GLM 5.2 and Kimi 2.7.
The reason is simple: costs are down 50% straight away.
Performance is close to closed-source models, while the price gap is a whole order of magnitude. For enterprises that need large-scale AI usage, the numbers are very favorable.
On the path of cost-performance, Chinese large models have already shown their edge.

Completely crushed~
Coinbase is down 69% from its all-time high, Circle is down 72%.
Bitcoin is down 54% from its high, and Ethereum is also down 69%.

Korean retail investors get carried away too easily.
South Korea has a total population of over 50 million, with 108.77 million stock accounts.
That's equivalent to more than 2 stock accounts per capita, and many people actually have even more accounts.

Apple A20 Model DRAM Specifications Revealed
1H27 Low-End Models (A20 Processor): DRAM upgraded from 8GB to 9GB (1.5GB × 6-die)
2H26 High-End Three Models (A20 Pro Processor, including foldable + two Pro models): Maintain 12GB (1.5GB × 8-die)
The A20 low-end model has 1GB more than the A19, while the A20 Pro stays the same as the previous generation.
iOS 27 will deepen Apple Intelligence integration, and the DRAM upgrade is mainly to ensure smooth performance under AI workloads.

Paul Meade, Apple’s vice president in charge of hardware engineering for Vision Pro and smart glasses, will leave next week.
Next stop: OpenAI’s hardware division, responsible for developing a series of future AI hardware devices.
Apple’s XR hardware lead has gone directly to OpenAI to work on AI hardware.
Talent flows sometimes reveal more than performance and financial reports.

The storage ETF DRAM in the US stock market has included GigaDevice.
The latest holding weight is 2.91%.
GigaDevice's significance lies in the fact that it is the parent company or affiliated entity of ChangXin Memory Technologies (CXMT), a Chinese DRAM manufacturer.
It is worth noting that this DRAM ETF was previously dominated by Samsung, Micron, and SK Hynix, but now it has started to allocate to Chinese memory targets.

OpenAI's ChatGPT-5.6 has been released
The U.S. requires that, for now, it is only available for preview to "trusted partners." Ordinary people cannot access it yet.
This time, the naming uses:
Sol (Sun): Flagship, specialized in the most complex reasoning, programming, and research tasks
Terra (Earth): Balanced model, performance close to the previous flagship, at half the price
Luna (Moon): Lightweight version, focusing on speed and low cost, suitable for large-scale tasks like classification and summarization

Crazy South Korea, crazy Samsung.
Samsung has just unveiled a nuclear-level plan: $650 billion in investment into cutting-edge industries.
What does that mean? It’s equivalent to half of South Korea’s GDP.
Where is the money going?
Semiconductors, AI data centers, secondary batteries, and displays.
All of these are the core tracks for the next decade. Samsung is effectively putting the group’s entire future on the line.
With a scale equal to half of South Korea’s GDP, Samsung is shouldering it all alone.

Holding firm to a valuation of $1 trillion.
OpenAI's IPO plan has been postponed from the 3rd or 4th quarter of 2026 to 2027.

U.S. Dollar Index (DXY) hits 13-month high, gold continues to be under pressure
The dollar is strengthening, and the gold bear market is not over yet.
Probability of decline: gold > silver > copper
The logic is very clear:
Gold: Suppressed by expectations of Federal Reserve rate hikes, the most direct victim
Silver: Supported by supply shortages, seems to fall more slowly than gold
Copper: Depends on global economic growth, short-term driven by macro factors
Without a weakening dollar, commodities find it hard to rebound.

Store the following basic script:
After-market on June 24th, Micron's earnings report. As long as there are no major issues, the stock will continue to rise.
In August, before SK Hynix's U.S. stock listing, the storage sector still has good speculative potential.
In September, expectations of interest rate hikes will intensify, and the market may cool off slightly. However, after interest rate rebalancing and repricing, it is expected to continue rising.

The memory chip boom cycle will last at least until 2027!
Traditional DRAM prices have increased about 4.5 times since Q3 2025, while HBM has not kept up due to annual contract lock-in prices.
As a result, the unit revenue and gross profit of traditional DRAM are actually higher than those of HBM.
Manufacturers can no longer sit still and are renegotiating HBM prices with GPU/XPU customers for 2027, with expected increases of 2 to 2.5 times.
Samsung, SK Hynix, and Micron continue to benefit.

Hong Kong-listed 2x Long SK Hynix ETF (HK:07709) in less than 8 months
Assets under management surged to $13 billion
More than tripled in the past 2 months
Reaching a new all-time high.
There are approximately 250 ETFs in Hong Kong, and it is already the second-largest in size, accounting for 13% of the total assets in Hong Kong's ETF market.
Globally, it also holds the record for the fastest-growing ETF size in Asia, ranking 4th worldwide.

Southbound East Asia's Korea ETF (ticker: 03121) will be listed in Hong Kong on June 18, with an annual management fee of 0.99%. It becomes the first ETF in the Asia-Pacific region to directly track the Korea flagship index KOSPI 200, using a non-leveraged, passive tracking strategy with a 1x exposure.
In terms of holdings, SK Hynix and Samsung Electronics together account for approximately 62% of the weight, significantly higher than the corresponding weights of US stock storage-related ETFs and the Korea index EWY.

Minimax Making Things Worse
Hong Kong Stock Connect hasn't entered yet, and the bagholders haven't arrived.
The bigger problem is on July 9:
Cornerstone investors' lock-up expires
A large number of pre-IPO VC and PE old shareholders' lock-up expires
A total of nearly 50% of the total share capital will be released.
Currently, the circulating shares are only 5.44%, and after the lock-up expires, it will directly expand to over 50%.
The supply will increase nearly tenfold.
Without new funds coming in, the old chips are about to be dumped.