2027

The shortage caused by the AI boom has extended from GPUs and memory to circuit boards. When planning their supply chains for 2027, HP and Dell found that even previously inconspicuous printed circuit boards could face shortages. In September this year, Amazon invested approximately 1.59 billion New Taiwan Dollars in Taiwanese circuit board manufacturer Gold Circuit Electronics, transitioning from customer to shareholder.AI servers require circuit boards with more layers and lower signal loss, and chip packaging substrates are becoming larger, driving up the demand for key materials such as specialty fiberglass cloth and copper-clad laminates. Suppliers prioritize fulfilling more profitable AI orders, squeezing ordinary servers, with some ordinary server circuit board delivery times approaching one year.It is difficult for the production capacity of key materials to keep up with demand in the short term. TrendForce estimates that Japan's Nitto Denko controls about 90% of the global T-glass specialty fiberglass cloth market, with new production capacity not expected to come online until mid-2027 at the earliest. The chairman of Taiwanese substrate manufacturer Unimicron Technology warned on October 20 that some key materials could be short by about 20% by 2027, with delivery times for some chip substrate production equipment extending to as long as 30 months.

RBC Capital Markets released a research report stating that the demand for artificial intelligence continues to exceed supply, and the rise in high bandwidth memory (HBM) prices is expected to support the overall average selling price of DRAM. Memory chip manufacturer SK Hynix will continue to benefit from the memory chip upcycle. The report indicates that HBM prices could rise by 80% to 100% by 2027. RBC believes that the DRAM upcycle, which has already lasted for 14 quarters, will continue for another five quarters, with supply tightness expected to persist until 2027.RBC expects SK Hynix's third-quarter performance to slightly exceed market consensus, with revenue projected to reach 101.2 trillion Korean won and adjusted earnings per American Depositary Share to be 8,917 won (approximately $6.72). The DRAM contract price is expected to increase by 20% quarter-on-quarter in the third quarter, with a potential further increase of 15% in the fourth quarter. RBC reiterated its "Outperform" rating with a target price of $200, about 40% higher than the latest closing price. In the U.S. stock market, SK Hynix's stock price surged over 4% on Monday, closing at $142.62.Nomura Securities recently stated that the shortage of memory chips will continue until 2028, maintaining "Buy" ratings for Samsung Electronics and SK Hynix, with target prices of 670,000 won and 4.7 million won, respectively. KB Securities in Korea stated on Monday that the price-to-earnings ratios of both companies have dropped to about 3 times. This Wednesday, SK Hynix will release its third-quarter financial report, and according to a FnGuide survey, analysts expect revenue of 98.2 trillion won and operating profit of 77 trillion won. According to media reports, the company is considering distributing a special dividend of about 16 trillion won.

Broadcom (AVGO.O) will deliver according to the agreement, expected to start in 2027. The new special purpose vehicle will purchase Broadcom XPU AI accelerators and networking solutions for Anthropic.

Amazon CEO Andy Jassy stated that due to the growing demand for artificial intelligence infrastructure, Amazon Web Services' cloud computing capacity is essentially sold out before the end of 2027, with a large number of orders pushed to 2028.

The U.S. Securities and Exchange Commission (SEC) announced the inspection priorities for the fiscal year 2027, continuing to conduct risk-oriented inspections of over 34,000 registered entities, focusing on investment advisors, funds, brokers, clearing agencies, and other market participants.The SEC stated that the fiscal year 2027 will focus on the fiduciary duty and conflicts of interest of investment advisors, retail investor protection, private funds and private credit, brokers' anti-money laundering and transaction supervision, operational resilience, and cybersecurity, among other areas. Emerging technologies and market infrastructure are also listed as priorities.Among these, the SEC will pay attention to the impact of advanced technologies, including "superintelligence," on market operations, compliance, fraud prevention, and investor protection, while also assessing the risks brought by government bond clearing reform, tokenization, and related changes in market structure.

Bill Ackman, the CEO of Pershing Square Capital, believes that the Russia-Ukraine conflict, the Iran war, and persistently high inflation and interest rates are suppressing what should be a stronger market environment. With geopolitical risks easing and energy prices falling, he expects the market outlook to improve significantly and calls 2027 a year that will be stunning.In an interview with CNBC on Thursday, Ackman stated that if the uncertainty brought by the war dissipates, especially if the situation in Ukraine develops positively, energy prices could drop significantly, which would benefit the decline in inflation and the performance of financial markets. He also referred to the Iran war as an exceptionally well-executed war and believes that achieving peace in the Middle East would not only benefit the region but ultimately also benefit the United States.

S&P Global Ratings released a report on Thursday, granting the UK digital bank Revolut a BBB+ investment grade rating for the first time, and expects the company to issue senior unsecured bonds in 2027 to establish a debt buffer capable of absorbing potential losses and meeting regulatory requirements.The report noted that Revolut's balance sheet has exceeded £40 billion (approximately $53.5 billion); if the bank were to collapse, the Bank of England could push for a restructuring, with investors bearing the corresponding losses. S&P expects that as Revolut expands its unsecured retail lending business and launches mortgage products, its loan portfolio size will double by 2027 and double again by 2028.S&P believes that Revolut has a strong consumer brand, a scalable technology platform, and an increasingly diversified product range, but its main banking customer relationships still account for a lower proportion compared to traditional banks, and rapid global expansion may exacerbate operational complexity and compliance risks. BBB+ is considered a lower tier within S&P's investment grade ratings.

The messaging protocol XMTP founder Shane Mac stated that XMTP will evolve into a self-operating open-source messaging stack, providing private conversations between people and agents, with infrastructure controlled by users, without requiring tokens or wallets. The network hosted by XMTP Labs will shut down in early 2027.Shane Mac mentioned that he founded XMTP five years ago because he believed that private messaging should not be owned by a single company. He recalled that the team envisioned using wallets as cross-application identities, allowing messages to follow identities, and using tokens to pay infrastructure operators, but this path was not realized. XMTP has never issued tokens and will not issue them now. He admitted that it was a wrong decision to persist with a single shared network for a long time, as developers have consistently requested the ability to self-host XMTP. Therefore, it has shifted to self-hosting, allowing developers to use, inspect, modify, and maintain the entire software suite without relying on Labs. Former employees will assist in maintaining the protocol, and Shane Mac himself will continue to be involved.The article introduces that self-hosted XMTP offers quantum-resistant end-to-end encryption, private one-on-one and group chats, encrypted identities, and message authenticity, as well as SDKs for mobile, web, server, and agents. Chief Technology Officer Nick Molnar has simplified the backend to a single Rust binary and integrated attachments, push notifications, handles, and signed webhooks for new messages. Each self-hosted network does not automatically interconnect by default, and agents from different tools must connect to the same backend to share conversations.

According to informed sources, Tesla and SpaceX plan to announce a merger deal in the first half of 2027, with a combined company market value reaching approximately $3.7 trillion.This move aims to complete the merger during Trump's current administration to consolidate Musk's corporate control. With the U.S. midterm elections approaching, if the Democrats control Congress, Musk and his companies may face investigations.

NVIDIA expects that with the support of capacity expansion in the United States, Taiwan, and Singapore, the total semiconductor testing capacity in 2027 will double compared to 2026.

The GENIUS Act will take effect on July 18, 2025, with a general applicability date of 18 months after enactment or 120 days after the primary federal payment stablecoin regulatory agency issues final implementation rules, whichever comes first. The U.S. Department of the Treasury anticipates the general effective date to be January 18, 2027, with some issuance and sales restrictions taking effect on July 18, 2028.The Office of the Comptroller of the Currency (OCC) published its main implementation proposal in February 2026, and the Federal Reserve proposed rules on September 24, 2026, concerning regulated issuers, reserves, capital, risk management, custody, and application procedures. The interim final rule effective September 30, 2026, has established forms and procedures for state regulatory system certification.Stablecoin issuers must assess approval, prudent regulation, reserve, and redemption requirements; distributors and intermediaries must analyze exchange, transfer, custody, and related financial service obligations. Businesses holding stablecoins must also review redemption channels, reserve arrangements, custody, freezing, and counterparty risks, and accepting stablecoin payments must distinguish between receiving payments for their own goods or services and transferring funds on behalf of others. Proposed issuers may choose paths approved by custodial deposit institutions, federally qualified issuers, or state qualified issuers; state qualified issuers with eligible and outstanding issuance not exceeding $10 billion may opt for state regulation. Payment stablecoin reserves must be at least one-to-one backed by outstanding tokens, and businesses must clarify cash flow, customer rights, compliance responsibilities, and product yield arrangements; relevant issuers may not pay interest or yields solely for holding, using, or retaining payment stablecoins.

SpaceX's Chief Financial Officer expects revenue to reach between 33 billion and 37 billion dollars in the first quarter of 2027.

Elon Musk stated that SpaceX is "quite confident" about achieving 10 gigawatts of computing power online by 2027; the possibility of exceeding 20 gigawatts of computing power online by 2027 is not zero.

The collapsed cryptocurrency exchange Mt. Gox has extended the repayment deadline for creditors to October 31, 2027. Trustee Nobuaki Kobayashi stated that the Tokyo District Court has approved the adjustment of the relevant repayment deadline. This is the sixth extension for Mt. Gox since 2023.Most creditors who have completed the necessary processes and encountered no issues have received their repayments; however, some creditors have not received payments due to incomplete processes or payment processing issues. Mt. Gox began repaying creditors in Bitcoin and Bitcoin Cash in July 2024, and by March 2025, it reported that over 19,500 creditors had received repayments. The latest notice did not disclose the number of unpaid creditors or the amount of Bitcoin yet to be distributed. As of Tuesday, wallets belonging to Mt. Gox still hold approximately 34,400 Bitcoins, valued at around $2.8 billion.

According to Bitcoin Magazine, Brian Vieten, the head of digital asset research at financial services company Siebert Financial, which manages approximately $20 billion in assets, stated in a recent interview that Bitcoin will rise to $175,000 within the next 12 months, reaching that target by 2027. He noted that Bitcoin's low point of nearly $58,000 in June marked the exhaustion of sell-offs by miners, exchanges, treasury companies, and lending institutions, laying the groundwork for subsequent increases.Based on the aforementioned Bitcoin price prediction, Siebert Financial has given Strategy a buy rating with a target price of $350, and this target price does not assume mNAV expansion. Vieten believes that Strategy's digital credit engine, sticky ETF demand, and the GENIUS Act together provide Bitcoin with a "clean runway."The interview also discussed how major banks are changing the Bitcoin lending landscape, the market structure shifts brought by ETFs as sticky capital, the new demand generated by the GENIUS Act along with stablecoins and tokenization, and whether the four-year cycle is still valid.Vieten also talked about the conditions institutions need to meet before increasing their Bitcoin allocations, as well as the potential institutional FOMO that the GENIUS Act might trigger, comparing Strategy's $350 target price with younger treasury companies.

On Friday, the French National Assembly passed Amendment I-3898 with 38 votes in favor, 37 against, and 25 abstentions, proposing to tax certain cryptocurrency exchanges for stablecoin transactions. If the relevant provisions are approved, they are expected to take effect from 2027. This measure will change the way capital gains tax on cryptocurrencies is calculated, meaning that when investors exchange Bitcoin or other cryptocurrencies for stablecoins, the related gains may trigger taxation even if they have not been converted into fiat currency.The French National Assembly is scheduled to vote on the first part of the "2027 Finance Bill" on Tuesday. A proposal to carry forward realized cryptocurrency losses for 10 years was rejected by the assembly on Friday with 18 votes in favor, 75 against, and 3 abstentions. French lawmakers are also reviewing two cryptocurrency tax proposals: I-CF1822 aims to expand the exit tax to unrealized gains, applicable to taxpayers whose total cryptocurrency portfolio value exceeds 800,000 euros and who move their residence out of France; I-2701 proposes to require the declaration of holdings from self-custody wallets, with a threshold of total value exceeding 100,000 euros for the relevant tax year. Both proposals are still under review as of Monday.

According to Digital Asset, South Korean brokerage Mirae Asset Securities is advancing the launch of its first batch of tokenized financial products in the first quarter of 2027, initially focusing on private money market funds and private bonds aimed at institutional investors. The company stated that the specific launch time, final product mix, and the issuance and distribution structure of the tokens have yet to be determined.Related explanations indicate that tokenization presents the rights of traditional financial products in the form of blockchain digital tokens, allowing ownership and transaction records to be registered and managed on-chain. The proposed tokenized private money market funds primarily invest in short-term financial instruments and raise funds only from specific investors; private bonds are also issued to specific investors.

The bankrupt cryptocurrency exchange Mt. Gox announced that, given the necessity to complete repayments to creditors within a reasonable and feasible timeframe, the bankruptcy administrator, with court permission, has decided to extend the repayment deadline from October 31, 2026, to October 31, 2027.

Market research firms Counterpoint Research and TrendForce stated on the 18th that China's DRAM manufacturer Changxin Storage's monthly wafer production capacity is expected to expand from the current approximately 320,000 wafers to 420,000 wafers by 2027, adding about 100,000 wafers in just over a year, an increase of 31.3%.The industry expects that Changxin Storage's monthly DRAM wafer production capacity will reach 500,000 to 600,000 wafers by the end of 2028. If calculated at the upper limit of 600,000 wafers, this would be an increase of 280,000 wafers compared to the current level, an increase of approximately 87.5%.