According to Jin10, Mizuho Bank has lowered its price target for Microsoft (MSFT.O) to $490 from $515.

DeepSeek's first round of financing has been officially completed. According to ChainCatcher, business registration data shows that DeepSeek's affiliated entity, Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd., recently underwent business changes, adding Hangzhou Chengli Enterprise Management Consulting Partnership and the National Artificial Intelligence Industry Investment Fund Partnership as shareholders. The registered capital has been increased to 16.45 million yuan.

Chinese broad-based exchange-traded funds (ETFs) recorded net inflows of 55.511 billion yuan ($7.7 billion) on July 13 and 14, according to Jiemian News, citing Wind data. Among them, the CSI 1000 ETF saw the largest net inflow of 15.046 billion yuan, followed by the CSI 300 ETF with 12.237 billion yuan and the CSI 500 ETF with 10.331 billion yuan. On July 13 alone, 58.313 billion yuan flowed into broad-based ETFs, with the Southern CSI 500 ETF (510500.SH) leading at 6.004 billion yuan. The inflows come as 1,558 A-share companies have released first-half 2026 earnings forecasts, with 682 expecting positive results and 23 projecting net profit growth of over 10 times. Founder Securities forecast that non-financial A-share companies' net profit in the first half of 2026 will grow 17.8% year-on-year, driven by global AI technology demand.

Shares of Chinese memory chip maker Demingli (001309.SZ) hit the daily limit down on July 15, closing at 662.40 yuan per share, with total turnover of 1.756 billion yuan and a peak sell order of 6.7 billion yuan, according to Jiemian News. The stock's market capitalization fell to 150.3 billion yuan. The plunge came a day after the company released its first-half 2026 earnings forecast. Demingli expects H1 2026 revenue of 16 billion to 18 billion yuan, up 289.39% to 338.06% year-on-year, and net profit attributable to shareholders of 5.7 billion to 6.5 billion yuan, a surge of 4,932.74% to 5,611.02% from a loss of 118 million yuan in the same period last year. However, Q2 standalone net profit of 2.354 billion to 3.154 billion yuan represents a sequential decline of 5.74% to 29.65% from Q1's 3.346 billion yuan. The company attributed the strong year-on-year growth to AI-driven storage demand, tight supply, and rising memory prices. Demingli also noted it launched a self-developed PCIe/SATA dual-mode enterprise SSD controller chip and began mass production of multiple QLC-based embedded storage products. The stock has surged over 185% year-to-date and 686% over the past 250 trading days. On the same day, other A-share memory concept stocks also fell sharply, with Biwin Storage (688525.SH) down 15% and several others hitting limit down.

A trader turned a $10.8 million loss into over $8 million in profit within two weeks. According to NS3.AI, the trader placed an $11.3 million bet on Spain versus France yesterday and made $9.9 million in profit.

According to NS3.AI, Changxin Memory Technologies disclosed details of its employee stock ownership plans, covering 3,596 participants in the first phase and 3,164 in the second phase. The first phase had a grant price of 1.05 RMB per registered capital share, while the second phase had a grant price of 0.108 RMB per registered capital share.

International hotel groups including Marriott, Hilton, and IHG are facing member backlash this summer as loyalty points lose value amid a shift to dynamic pricing, according to Jiemian News. Marriott points have fallen from an average of 400 yuan per 10,000 points to around 300 yuan, a decline of 25%-30%, with some members reporting a 15%-20% average increase in points required for redemptions. In Chengdu, Hilton Honors points are now worth about 200 yuan per 10,000 points for August stays, while IHG's local hotels still offer over 400 yuan per 10,000 points. Marriott told Jiemian on July 14 that its flexible redemption policy adjusts based on market demand, occupancy, and operational factors. All three groups confirmed to Jiemian that points needed vary by property and season. The devaluation stems from a broader move to market-based pricing, adopted after 2019, replacing fixed redemption tables. The shift is also driven by the groups' asset-light models: as of end-2025, Marriott, IHG, and Hilton had 99.5%, 99.5%, and 100% asset-light ratios respectively, according to annual reports. Hilton noted the model boosts profit growth. Under franchise or management agreements, owners bear redemption costs but receive compensation below online travel agency rates, creating tension. Xia Zifan, chief consultant for Asia-Pacific at Lausanne Hospitality Consulting, told Jiemian that groups profit from loyalty programs without sharing revenue with owners, leaving higher redemption thresholds as the main lever. Membership has surged: Marriott Bonvoy had over 271 million members, Hilton Honors over 251 million, and IHG One Rewards over 160 million as of Q1 2026. A Jiemian survey of 86 consumers found 57% would consider switching brands if points continue to devalue, while 43% would stay due to service quality.

Coinbase CEO Brian Armstrong has shockingly acknowledged that the company made a mistake when it shifted attention toward content coins and promoted its crypto social app Zora before later moving on to AI products.

Circle won an arbitration case after blocking Tether-backed Heka Funds from its USDC platform over suspected market manipulation and avoided paying a US$49 million damages claim. The ruling also ordered Heka to pay about US$166,000 in legal costs, with the dispute becoming public through court filings in July 2026.

关于L2网络，Robinhood Chain再次印证了一个事实：它们为以太坊回馈的价值微乎其微。

Stripe and Advent International have offered to buy PayPal for more than US$53 billion, offering US$60.50 per share backed by US$50 billion in financing. The proposal would see both firms jointly own PayPal, but there is no guarantee the takeover will go ahead.

为什么代币化股票（而不是模因币）将帮助 Robinhood 在 2030 年实现 100 亿美元以上的收入。

Stripe and private equity firm Advent International have reportedly offered to acquire PayPal Holdings in a $53 billion deal, a move that would unite two of the payments industry's biggest stablecoin initiatives as competition intensifies across digital finance.

长鑫存储是何来头？CMXT溢价水平为何比SpaceX更疯狂？逾6倍的溢价合理吗？

7月14日，Coinbase针对中国大陆居民的实名认证规则出现实质性松动。

2026 年 5 月，稳定币总市值突破 3200 亿美元。USDC 流通量冲到 781 亿美元，比 IPO 前又上了一个大台阶。

DeepSeek has started preparing for a mainland China IPO that could be filed in late 2026 or early 2027 while seeking another funding round at a valuation of about US$71 billion.