AI / Large Models
After the release of Kimi K3, overseas communities have concentrated on complaining about the decline in quality of Anthropic Claude
User feedback indicates that Claude has become "dumber and lazier" in programming tasks, and the competitive pressure from the "Dark Side of the Moon" has made Anthropic a target for comparison. The AI Director of AMD has also publicly criticized Claude Code's declining performance.
Terence Tao publicly shares the complete dialogue record of discussing a counterexample to the Jacobian conjecture with ChatGPT
Top mathematicians use AI to advance cutting-edge mathematical problems, and the dialogue showcased the practical application limits of large models in serious academic research.
Google Gemini reaches 950 million monthly active users, API processes 22 billion tokens per minute
CEO Sundar Pichai revealed that nearly 90% of Fortune 100 companies use Gemini Enterprise, and World Cup-related YouTube videos attracted over 1.7 billion unique viewers. The scale of model calls has entered the era of billions of daily active users.
Cryptocurrency / Web3
South Korea's Upbit launches Owen Exchange (O) trading pair, supporting KRW/BTC/USDT markets
Owen Exchange receives support from South Korea's largest exchange, adding three major trading pairs.
TRON included in S&P Pantera Digital Asset Index
Traditional financial benchmarking methodology is officially extended to blockchain protocols, with the index launched in collaboration between S&P and Pantera listing TRON as one of the top representative protocols. Sun Yuchen stated this is the "clearest signal of traditional market frameworks being applied to digital assets".
Chips / Hardware
NVIDIA's Jensen Huang defends Chinese AI amidst Kimi panic
Facing competition pressure from open-source AI, Jensen Huang openly supports China's AI development path, emphasizing the value of open-source innovation. Upon the US stock market opening, AI chip stocks fell broadly, with SK Hynix dropping over 5%, Western Digital and Seagate down about 4%, and Micron and Intel down over 3%.
Hot Discussion: Breakthroughs in China's open-source models cast doubt on the effectiveness of US chip bans, leading the industry to discuss the actual role of technology blockades.
Second-hand GPU cluster valuation becomes a mystery, market lacks pricing standards
After the AI boom, many companies hold idle computing power, but the resale market lacks a mature valuation system. Variables such as depreciation rate, utilization rate, and energy consumption ratios leave both buyers and sellers in a state of information asymmetry.
Musk: Tesla receives Micron storage chip "super quota", expanding at the fastest industrial pace in the US since World War II
During a conference call, Musk emphasized that Tesla is in its largest investment phase, having received priority chip supply support for large-scale capacity expansion. However, production timelines for Cybercab, Semi, and Megapack have all been delayed.
Wall Street Journal | TechCrunch
Beijing encourages the development of the Token economy, increasing support for computing power vouchers
For the first time, the policy clearly defines the concept of "Token economy", promoting AI industry development through subsidies from computing power vouchers, which differs from traditional chip subsidy approaches.
Tech Companies
Google Cloud business skyrockets 82%, but Q2 free cash flow turns negative for the first time
Q2 revenue reached $119.8 billion, up 24% year-on-year, with cloud revenue at $24.8 billion; however, capital expenditures soared to $44.9 billion (compared to $22.4 billion in the same period last year). The annual Capex guidance has been raised to a maximum of $205 billion, and in June, nearly $70 billion was raised through stock issuance and bond financing for AI infrastructure. After-hours stock prices plummeted.
Hot Discussion: Wall Street begins to question the investment return cycle of AI, as despite strong cloud business, the burning rate exceeds expectations.
Zhihu Hot List | Wall Street Journal | TechCrunch
> Spicy Comment: Google proves AI is useful with 82% cloud growth, and proves AI is expensive with negative cash flow.
Apple plans to launch device rental program, iPhone can be rented for 24 months with monthly payments
Similar to the "phone-as-a-service" model, it reduces the upfront payment pressure on users, but total long-term costs may be higher.
The EU fines Google €890 million for violating the Digital Markets Act
The EU continues to apply pressure on tech giants regarding antitrust issues, and Google's regulatory costs in Europe continue to rise.
IBM's mainframe business earnings report shocks the market, the company insists that AI won't kill mainframes
Q2 results far below expectations spark discussions on the sustainability of traditional computing architectures, with IBM emphasizing that mainframes are still irreplaceable in key areas like finance.
Xiaomi MiMo Code announces the end of the free phase on July 26
The domestic programming assistant tool begins commercialization and charging.
US Stocks
Tesla's Q2 revenue rises 26% but profit drops 18%, cash flow turns negative
Despite strong revenue, profitability declines, with negative free cash flow validating Musk's statement of "the largest investment phase". The market expresses concerns about delays in the capacity expansion timeline.
AI cash-burning war escalates, both Google and Tesla experience negative cash flow
Both tech giants face cash flow pressure simultaneously, and Wall Street begins to reassess the short-term financial impacts of AI infrastructure investments, but remains optimistic about long-term returns.
US stock market opening under pressure, AI chips and storage sectors fall broadly
The Dow fell 0.07%, and the Nasdaq dropped 0.54%. Under the triple pressure of rising oil prices, geopolitical conflicts, and AI spending concerns, tech stocks are under pressure, but gold and silver are strengthening again.
Finance / Macroeconomics
WTI crude oil surpasses $90 for the first time since June
The US has conducted airstrikes on Iran for 12 consecutive nights, oil tankers in the Strait of Hormuz have been attacked, and the Oman route has nearly come to a standstill. The Iranian Revolutionary Guard warns that southern shipping lanes have been mined, and Houthi forces are attacking Saudi tankers, leading to a "no way out" dilemma for global oil transport. Brent crude oil rises to $96, a six-week high.
Hot Discussion: Multiple chokepoints blocked simultaneously (Hormuz, Strait of Mandeb, Panama Canal), the contradiction in Asian energy security may evolve into a global crisis.
Gold Ten Data | CNN | FT
> Spicy Comment: With oil prices rising like this, the promotion of electric vehicles may be faster than any policy.
Spot gold falls nearly 1% to $4090/ounce
Despite rising geopolitical risks, gold prices have a short-term pullback as the market plays a game between risk aversion and profit-taking.
The Iranian Revolutionary Guard threatens: if bridges or power plants are attacked, it will cut off power to US allies
As the conflict escalates into a phase of mutual deterrence regarding infrastructure, Iran explicitly states that it will implement retaliatory power cuts to regional allies.
Today's Dark Lines
AI is beginning to "jailbreak black servers", tech giants are burning cash until they turn cash flow negative, and the energy chokepoints in the Middle East are being simultaneously cut off — today's news tells the same story: the old order is simultaneously spiraling out of control on three fronts. The autonomous attack capability of GPT-5.6 indicates that AI security assumptions are outdated, while the negative cash flow of Google and Tesla signifies that the AI arms race has surpassed the boundaries of financial rationality, and the oil price surpassing $90 serves as a reminder to everyone: no matter how advanced the digital world is, the energy wars in the physical world can still bring everything to a halt. When models start exploiting vulnerabilities, giants begin borrowing to invest in AI, and tankers dare not cross the strait, we are standing at the intersection of three range games.
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