This week, CME's holdings increased by 10.07%

[Morgan Stanley Lowers CPO Forecast, 2026 Shipments Only 23,000 Units] According to TrendForce Research, Morgan Stanley's report indicates that the market's expectations for CPO growth are overly optimistic, projecting shipments of only 23,000 units in 2026, far below the market's expectation of over 200,000 units. The core bottleneck lies in TSMC's PIC production capacity ramp-up and yield challenges. This expectation gap impacts companies like NVIDIA, Broadcom, and TSMC. Morgan Stanley has lowered its forecast for TSMC's CoWoS production capacity and estimates that optical companies such as Lumentum and Coherent will contribute less than 1% to CPO in 2026-2027. Tianfu Communication, SMIC, and Innolight are absent from key segments of the CPO supply chain. Morgan Stanley advises investors to remain cautious until Q2 2027.

The Brazilian Crypto Economy Association ABcripto has requested that the Brazilian central bank suspend the proposal to set a 24-hour lock window for stablecoin remittances exceeding $10000. ABcripto believes that this measure affects transparent market participants of regulated entities and cannot restrict illegal participants. ABcripto President Julia Rosin stated that illegal participants typically avoid regulatory agencies and use opaque platforms. ABcripto claims that this locking measure weakens the instant settlement scenario of stablecoins and drives users to turn to unregulated service providers. According to Bitcoin.com News, the Brazilian central bank plans to classify stablecoins as electronic currencies.

The Silicon Data LLM Token Consumption Index has fallen nearly 20% from its May high. According to research data from Allianz, the growth gap between AI investment and sales has reached 46%. Washington imposes policy review on OpenAI and Anthropic, while the EU's Artificial Intelligence Act imposes compliance requirements on top models. The financial manager of the enterprise will shift the workload towards lightweight models. The main force of market procurement has shifted from training chips to inference optimization hardware.

Masahiro Ichikawa, strategist at Sumitomo Mitsui DS Asset Management, stated that if the Japanese economy maintains steady growth, the 10-year JGB yield could reach 3% by the end of the year. Masahiro Ichikawa stated that the government investment plan to stimulate private sector capital expenditures will provide upward momentum for Japanese stocks. Masahiro Ichikawa added that Japanese Prime Minister Hayao Takashi has expressed his intention to maintain market stability and reduce the risk of loose fiscal discipline. The 10-year JGB yield increased by 6bps to 2.830%.

According to CoinDesk, senior trader Peter Brandt stated that he is considering selling some of his Bitcoin holdings and buying gold, believing that the gold to Bitcoin ratio will rise significantly. Peter Brandt pointed out that the XAU/BTC chart shows a rounded bottom pattern, suggesting that the downward trend of gold relative to Bitcoin may reverse, and the ratio of the two is beginning to rise. Bitcoin fell 20% to below $60000 in June, while gold fell 11.7% during the same period. Since the beginning of the year, Bitcoin has fallen by 28% and gold has fallen by 3.9%.