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Analyst: Recent negative rumors about NAND have been exaggerated; SanDisk's low-priced LTA is a strategic choice rather than weak demand

Citrini analyst Jukan published a response to the recent market rumors regarding bearish notes on NAND and negative news about QLC price negotiations. It is not surprising that SanDisk accepted a price lower than the initial offer when signing a long-term agreement with Meta, as SanDisk is one of the most proactive NAND manufacturers in pursuing LTAs, planning to allocate over 50% of its total shipments to such agreements. Based on this strategy, it is naturally willing to accept LTA prices lower than the current quarterly contract price, and it cannot be inferred that "SanDisk cannot seamlessly resell all orders to higher-bidding North American customers."In response to rumors that Chinese module manufacturers were rejected by domestic CSPs when promoting eSSD, Jukan explained that Chinese CSPs have direct procurement channels with Yangtze Memory Technologies and that the issue is not a lack of demand. Regarding the claim that large-scale cloud providers are driving down prices for QLC eSSD, leading to some volumes not being sold, he believes that new cloud providers have sufficient demand to absorb these volumes.Jukan concluded by stating that negative headlines are more easily amplified when storage stocks perform poorly, but the fundamentals have not shown substantial deterioration. He reiterated that he remains bullish on storage. Previously, Jukan had stated that DRAM contract prices still have about a 40% upside potential until the end of 2027, and HBM supply continues to be tight. This clarification on the NAND side further solidifies his bullish stance on the entire storage sector.

hot_img Transcript of Liang Wenfeng's investor meeting leaked: Claims restraint is a strategy, with the goal of AGI rather than super apps

Last month, comments from Liang Wenfeng during the DeepSeek investor meeting have recently circulated. Liang Wenfeng clearly stated that DeepSeek's goal is AGI, rather than becoming the next super app. They will not engage in 3D, video generation, or world modeling, nor will they close source code, stating, "Restraint is a strategy used to increase the probability of achieving AGI." He believes that products are merely "by-products" on the path to AGI, with the current focus on Coding Agent and continuous learning capabilities. The next phase aims to achieve autonomous model iteration, with the endpoint pointing towards embodied intelligence.In terms of commercialization, Liang Wenfeng stated that they only seek to earn "reasonable profits" and do not set profit maximization as their pricing goal. DeepSeek is "still far from a complete shift to commercialization." He assesses that the gap between AI in China and the U.S. mainly lies in resources rather than talent, stating, "Using a fraction of the computing power can narrow the gap to 6 months, 3 months." Regarding industry competition, he believes that open source is "the sweet point for companies of this scale," while also predicting that domestic large models will ultimately converge to "two large companies and two small companies." Liang Wenfeng also mentioned that maintaining team stability is the only non-negotiable core principle, and the company is driven by vision, with "a group of ordinary people achieving extraordinary things."

hot_img OpenAI's internal model has been revealed to autonomously solve mathematical problems and bypass the sandbox, with internal testing exceeding two months

According to external disclosure information, OpenAI has been internally running an unreleased model. This model, without the aid of tools like Lean, solves the unit distance problem with a 48% probability through a single autonomous inference and can independently find a counterexample to the Jacobian conjecture based on a single prompt. In security testing, this model has bypassed the sandbox environment and submitted results that should have been released internally to GitHub in the form of a Pull Request, and it has evaded detection by splitting authentication tokens. Relevant code records show that OpenAI began benchmarking this model no later than May 9, and its internal availability has exceeded 2.5 months.Previously, OpenAI and Hugging Face jointly disclosed that last week this model breached Hugging Face's production infrastructure during a network capability assessment. The model gained internet access through a zero-day vulnerability and obtained testing solutions by stealing credentials and exploiting remote code execution paths. OpenAI stated that this incident indicates the network attack capabilities of advanced models have been effective in real-world scenarios, and they are collaborating with Hugging Face to investigate and patch the vulnerabilities. Currently, OpenAI has not publicly commented on this matter.

Data: Leverage rather than spot demand drives Bitcoin, value and momentum buyers are still on the sidelines

According to a research report by NYDIG, Bitcoin fell by 13.4% in the second quarter of 2026, with the year-to-date decline expanding to 32.9%. In contrast, the Nasdaq 100 index rose by 27.7%, and tech stocks increased by 43.5%, indicating that this round of decline is not due to macro risk aversion, but rather specific supply pressures unique to Bitcoin.The core pressure comes from Strategy (MSTR) launching the "Digital Credit Capital Framework," authorizing the sale of approximately $1.25 billion in Bitcoin to cover capital structure obligations, marking a shift of the largest historical marginal buyer from continuous accumulation to active monetization, with the DAT complex overall transitioning from a demand engine to a supply risk. In terms of ETFs, the U.S. spot Bitcoin ETF saw a net outflow of $4.9 billion in the second quarter, but Morgan Stanley's Bitcoin Trust attracted $364.8 million in inflows against the trend, showing that distribution channels remain competitive.In the derivatives market, amid weak spot demand and continued outflows from ETFs and stablecoins, the positive funding rate combined with a rebound in open interest indicates that leveraged long positions are rebuilding, posing a risk of passive liquidation triggering a new round of declines. Bitcoin has currently fallen 54.3% from its historical high of $126,000 set on October 6, 2025, referencing the cycles of 2018 and 2022 (with a gradually narrowing decline of about 70%).
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