BabyGi

Everyone in the world is Chinese, but in fact 93% have never left the country
As of July 2025, the number of valid ordinary passports held in mainland China is about 160 million, and the passport-holding rate is only 11.3%
The number of mainland residents who have truly set foot in sovereign foreign countries is about 80 million to 100 million
In other words, about 1.31 billion to 1.33 billion people have never left the country, accounting for more than 93% of the total population
Among passport holders, there is also about half who are just keeping a backup passport without ever trave

Senate releases updated text of the CLARITY Act
616 pages, two weeks before the August recess—this time it’s really a sprint
The Senate Republicans have published the latest consolidated version of the CLARITY Act, merging two versions from the Agriculture and Banking Committees. It could be submitted for a full-body vote as early as next week
Ethics provisions are the biggest point of contention
The bill prohibits the President, members of Congress, and their spouses from issuing or endorsing digital assets during their terms, but includes a sunset clause that automatically expires on January

Hong Kong storage concept stocks surge
When Google’s earnings report came out, my first reaction wasn’t to look at GOOGL—I went straight to the Hong Kong listed storage sector.
Why?
Alphabet’s Q2 cloud business grew 82%, and capital expenditures rose sharply. The money is all being poured into AI data centers. What do AI data centers need? Compute chips, and a large amount of high-bandwidth HBM memory. SK hynix is currently the most important HBM supplier, with Samsung right behind. As long as these big tech giants—Google, Microsoft, Meta—continue burning capital on AI infrastructure, memory d

#Crypto treasury entities show extreme polarization
In the same week, with the same playbook—why are some expanding while others delist?
Satsuma raised $218 million last July to build a BTC treasury and deploy a complete strategy. The setup has been running for less than a year. Now shareholders vote to sell all 668 BTC, initiate delisting, and the stock price is down more than 99% from its peak
Meanwhile, BitMine, in the same period, increased its ETH holdings to 5.78 million, accounting for 4.8% of circulating supply. Total assets are $11.5 billion, and its institutional staking platform gen

S&P Dow Jones launches a digital asset index
What do you think this means that S&P Dow Jones is doing this?
On July 21, S&P Dow Jones and Pantera Capital jointly launched the S&P Pantera Digital Asset Index, with data provided by Artemis. Sounds like just another crypto index, but I think this one is a bit different.
The most critical point is the inclusion criteria: this index only includes tokens and companies with real use cases and that generate actual revenue. Meme coins and things that are purely traded based on price momentum are directly excluded.
This logic is similar to the S&P 500—u

Tencent shares fall nearly 6%, dragging down tech stocks in Hong Kong; Hang Seng Tech index plunges 2.11%
Tencent was the most reduced by public funds in Q2 in terms of market value—if you look at this as of this morning, do you think it’s unexpected?
Not unexpected, but the nearly 6% drop is still more severe than I expected
First, let’s talk about the core logic behind this round of selloff. Once the data on public fund selling is out, it shows that in Q2 a batch of institutional capital was systematically trimming positions in tech and internet stocks. As the heaviest nail, Tencent’s sell p

KOSPI jumps 5.85%, chip short squeeze rebound
The global chip selloff triggered by the new model from Luna’s Dark Side last week was squeezed back to completion after two trading days
KOSPI rose 5.85% in a single day, briefly touching above 7,100 points intraday. SK hynix rose 8.7%, Samsung 5.6%. The gains were so large they triggered this year’s 20th buyer-side pause program for algorithmic trading. The Philadelphia Semiconductor Index rose 5.21% the day before, and the next day Korean stocks directly “took the baton”
1. Why did it surge this hard?
The answer isn’t entirely that fundamentals

Hut 8 $9.8B AI data center lease
This deal is several times the size of Hut 8’s entire market cap—tearing it off the label of a Bitcoin miner once and for all, and slapping on a different one.
First, the context: for the past two years, Hut 8 has been doing the same thing—using the infrastructure capabilities of mining machine data centers to buy its way into the AI compute arena.
They already have high-power electricity connections, cooling facilities, and operating/maintenance experience—things that are not easy to build. And the exact set of capabilities that an AI data center needs is prec

Chip stocks rebound as US short positions hit a record high
On the first day of the earnings week, the semiconductor market laid two “bottom cards” on the table at the same time—and these two cards point in completely opposite directions
The board is rising: Ambarella up 6.24%, Teradyne up 3.54%, Marvell up 3.32%. The AI and chip sectors led the rebound, and it looks like sentiment is repairing
But at the same time, the proportion of short positions in S&P 500 constituents (as a share of free-float shares) has risen to 3.79%, and Russell 3000 to 6.3%—both numbers have set record highs
Over the

The conflict between the US and Iran continues to escalate, with Brent breaking $90
In the early hours of July 20, the US military launched a ninth consecutive round of night strikes on Iran. Trump’s stated rationale is to avenge three slain US service members
Brent crude oil has broken above $90. Kuwait’s oil facilities were attacked, and commercial vessels in the Strait of Hormuz have continued to be targeted
I think the logic behind current oil prices is no longer just concern about supply disruptions, but the market is pricing uncertainty over a longer cycle
The fact that there have been n

2026 World Cup ends
Spain 🇪🇸 1-0 Argentina 🇦🇷, collectivism wins
Ferran Torres’ aerial volley at 106 minutes in extra time found the net. It’s not just the end of a final—it signals a generational handover
0-0 in regular time, and both sides knew this wasn’t a match decided by attacking. Until Enzo received two yellow cards and was sent off, with Argentina down to ten men, the balance of fate tilted. Argentina had zero shots on goal in regular time—this number says more than the score
Spain represents the most mature form of modern football. No single superstar, yet no obvious weak

Will the CLARITY bill still make its way through the Senate? The vote week is here—can it pass this time?
The bill sat in the House for a full year. August 7 summer recess is the hard deadline, and this week is the last chance
🪁 The core of the matter
CLARITY is one of the most important digital-asset regulatory framework bills in the U.S. so far. After passing the House last year, it got stuck in the Senate for a year. Majority leader Thune has set this week as the voting window. Galaxy Digital CEO Novogratz said that, on the technical level, there isn’t much disagreement—only the wording of

Iran Halts Compliance With the U.S.-Iran Memorandum, Escalation of Conflict Again
The ink at the negotiating table wasn’t even dry before bombs were already on the way
🔗 The Chain of Events
The U.S.-Iran understanding memorandum signed last month is now voided on both sides. On July 18, Iran’s deputy foreign minister said the U.S. violated its commitments first, so Iran stopped fulfilling
The wording from the Supreme Leader was even more direct: “Trump’s signature is worthless.” Trump’s response was that he doesn’t care at all
There are no signs of cooling on the military front. The U.S. Cent