R&D of AI chips and memory shortages drive up computing costs (Issue 2 · Week 28, 2026)

01Latest Developments

Latest Developments

On July 7, the AI sector in the U.S. stock market continued to perform strongly, with the Nasdaq Index rising by 1.12%. Arista Networks led the gains, surging by over 8.31%, while stocks such as AMD and CoreWeave also saw increases of more than 5%. On the same day, Ondo launched Perp DEX, which integrates real-world assets with derivatives and supports 20x leverage for large-scale U.S. stock trading. The BSPx token representing stocks was launched on Mantle, offering dual reward points through the Fluxion mechanism.

On July 3, Binance added 15 new bStocks assets, including those related to Tesla and Nvidia, which can be used as collateral. This feature is available only to VIP3 and higher tier users and does not support borrowing tokens at this time.

On July 2, Meta’s stock price surged by 9.14% before market open, resulting in the liquidation of approximately $3 million in short positions on Hyperliquid. The trading volume for this contract exceeded $83 million, with short positions being about 1.76 times larger than long positions. Affected by weakening market sentiment, Dell’s stock dropped by 2.79% before open, and AMD fell by 1.76%.

On July 1, the Nasdaq Index rose by 1.52%. The AI-related stock Ambarella saw its price soar by 28.04%, while the fear index declined by 10.65%. On the same day, MGBX announced that it would enable spot trading for Meta, Lumentum, and Microsoft starting July 1, 2026, with deposit and withdrawal functions set to be launched in phases.

02Impact Analysis

The pressure associated with the costs of AI computing power is spreading from traditional stock market fluctuations to the cryptocurrency market, with its impact shifting from affecting the pricing of individual assets to reshaping cross-chain liquidity. On July 7, AI-related stocks in the U.S. market saw widespread gains, with Arista Networks rising by over 8.31%, and stocks such as AMD and CoreWeave each increasing by more than 5%. The Nasdaq Index closed up 1.12%, indicating that the traditional market holds increasingly optimistic expectations regarding demand for computing power. This sentiment was directly reflected in on-chain derivatives—on July 2, Meta’s stock price rose 9.14% before trading began, leading to the liquidation of $3 million worth of short positions on Hyperliquid. The size of short positions was approximately 1.76 times that of long positions, suggesting that high volatility is accelerating the reallocation of leveraged funds on the blockchain.

In terms of industry dynamics, the integration of RWA and derivatives is emerging as a new infrastructure for hedging against rising computing costs. On July 7, Ondo launched Perp DEX, which combines RWA with derivatives and supports up to 20x leverage for U.S. equity trades, aiming to reshape the risk dynamics between traditional finance and the cryptocurrency market. Meanwhile, the adoption of tokenized stocks on public blockchains is on the rise. On July 7, Mantle introduced the Bending Spoons tokenized stock BSPx, offering dual reward systems through its Fluxion mechanism. On July 1, MGBX announced that it would enable spot trading for Meta, Lumentum, and Microsoft shares starting July 1, 2026.

Marginal changes in liquidity thresholds are also worth noting. On July 3, Binance added 15 new bStocks as collateral assets, including those related to Tesla and Nvidia. However, these assets are available only to users at VIP3 level or above and do not support borrowing, reflecting how leading exchanges are using tiered access controls to manage the liquidity risks associated with RWA assets. Although declines of 2.79% in Dell’s stock and 1.76% in AMD’s stock before trading on July 2 caused temporary concerns in the market, subsequent gains of 28.04% in Ambarella’s stock and a 1.52% rise in the Nasdaq Index on July 1 indicate that cost concerns stemming from computing power shortages are being offset by strong fundamental prospects. As a result, market sentiment has shifted from short-term panic to structural optimism [9]

03Keep an eye on it.

Ongoing Monitoring

1. Sentiment in the U.S. Stock AI Sector and On-Chain Liquidation Risks (Continued) Continuously monitor market recovery following Dell’s 2.79% drop and AMD’s 1.76% decline before trading on July 2. Pay close attention to whether Arista Networks’ gain of over 8.31% on July 7, along with gains of over 5% for AMD and CoreWeave, can be sustained. Warning threshold: If the short position size of META contracts on Hyperliquid once again exceeds 1.76 times that of long positions, coupled with a daily price fluctuation of over 9.14%, caution is needed regarding the possibility of another round of Whale liquidations.

2. Leverage and Liquidity Depth of RWA Derivatives (New) Track the actual performance of Perp DEX, launched by Ondo on July 7 and integrating RWA with derivatives, with a focus on how 20x leverage trading in U.S. stocks reshapes risk dynamics. Warning threshold: If no significant liquidity builds up within 24 hours after its launch on July 7, or if the 20x leverage leads to abnormally high liquidation rates, it will be necessary to assess the stability of infrastructure combining traditional finance and cryptography.

3. Expansion of Exchange Collateral and User Access Requirements (Continued) Monitor the actual utilization rate of the 15 new bStocks (including Tesla and NVIDIA) added by Binance as collateral assets on July 3, especially the collateral usage patterns of VIP3 and higher-tier users. Warning threshold: If there is no significant increase in collateral volume within 3 days of this feature’s launch, or if liquidity mismatches arise due to lack of borrowing restrictions, attention should be paid to future updates to this functionality.

4. Progress in Spot Trading of Tokenized Stocks (New) Keep an eye on the Meta stocks listed on MGBX since its launch on July 1.

04Related Reads

1. “U.S. AI-related stocks rise across the board; Arista Networks climbs by over 8.31%”
2. “Leaders in RWA sector attack Perp DEX: 20x leverage reshapes Wall Street’s on-chain logic”
3. “Mantle launches its third tokenized stock, BSPx”
4. “Binance adds 15 new bStocks as collateral assets”
5. “Meta’s stock rises 9.14% pre-market, forcing a $3 million liquidation of a Whale’s short position”
6. “AI-related stocks fall pre-market; Dell drops by 2.79%”
7. “U.S. AI-related stocks surge; Ambarella’s stock soars by 28.04%”
8. “MGBX launches spot trading for three assets including Meta on July 1”