UBS
UBS is a multinational investment banking and financial services company established in Switzerland. It has two headquarters in Zurich and Basel. As the world's largest Swiss banking institution, UBS has offices in major financial centres around the globe. It is renowned for its strict policy of client data confidentiality and its culture of bank secrecy.
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UBS: Murata Factory Visit Confirms 20% Production Increase Potential, Profit Margin Expected to Nearly Double
According to TechFlow Research, UBS pointed out in its research report on August 18 that Murata Manufacturing Co., Ltd.'s Fukui Takefu Plant opened to market visits for the first time in about 20 years. This plant is the mother factory for advanced MLCCs (Multilayer Ceramic Capacitors), mainly supplying AI servers and high-end smartphones. Murata's global market share is approximately 35%. UBS confirmed three key pieces of information: technical barriers remain substantial, existing equipment still has about 20% potential for production increase through yield improvement and process optimization, and physical capacity expansion is approaching its limits. UBS maintains a Buy rating on Murata, with a target price of 13,200 yen. UBS believes that against the backdrop of limited new capacity construction and extended lead times for in-house equipment components, tapping into the potential of existing equipment is more certain than adding new production lines. Murata is transferring general-purpose products overseas, while domestic Japan plants focus on advanced products such as high capacitance and small size. The product mix upgrade will drive the operating profit margin to climb from 15.4% in fiscal year 2026 to 37.6% in fiscal year 2029. UBS assesses that the industry structure is expected to improve over the next 6 months, and there is a possibility of an upward revision in earnings guidance around October 31.
August
IBIT call option exposure increased 24-fold, UBS holds 407,890 shares worth $13.6 million
Odaily News: UBS's second-quarter IBIT call option exposure increased 24-fold. As of now, the bank holds 407,890 shares of IBIT, valued at $13.6 million; at the end of the first quarter, it held 364,371 shares. (Bitcoin News)
Bitcoin
IBIT
InfinityBit
UBS Increases BlackRock Bitcoin ETF Holdings by Over Three-Fold to Nearly $90 Million
Odaily News: UBS has increased its holdings in BlackRock's Bitcoin ETF by more than three-fold to nearly $90 million, with its IBIT call option exposure growing 24-fold in the second quarter. (Cointelegraph)
Bitcoin
Cointelegraph
Fold
IBIT
InfinityBit
贝莱德
Serenity: The AI Supply Chain Boom Is Far From Over, With Storage, Packaging, and Power Sectors Poised for Long-Term Demand Surge
Odaily News "White-Haired Stock God" Serenity shared insights on the AI industry chain on the X platform, noting that AI infrastructure demand is driving multiple sectors—including storage, advanced packaging, computing power financing, optical communications, power supply, and electronic components—into a long-term expansion cycle. The AI supply chain remains in a phase of rapid growth.In the storage sector, Serenity cited UBS forecasts indicating that traditional DRAM manufacturers (such as Micron) could see gross margins reach an unprecedented 95% by 2027, potentially even surpassing the gross margin levels of HBM products. Additionally, SanDisk's long-term agreements already cover approximately two-thirds of its 2028 production capacity, with minimum contracted revenue reaching $93 billion. Given its current market cap of around $239 billion, this suggests its future revenue targets could persist for years, making it difficult to simply classify the company as a traditional cyclical stock.On the cloud computing infrastructure front, CoreWeave has signed agreements to use Nvidia A100 GPUs through 2029. This is a positive development for emerging cloud computing companies such as Nebius and Iren, and it also weakens some investors' bearish thesis centered on the rapid depreciation of older GPUs.AI model companies are also continuing to grow at a pace that exceeds expectations. Frontier AI labs are still maintaining extremely rapid growth rates, and a slowdown in growth would actually be a cause for concern. The market projects that Anthropic's 2028 revenue could reach $190 billion to $200 billion.However, advanced packaging and semiconductor infrastructure remain core bottlenecks. The head of advanced packaging at TSMC has stated that in the coming years, the industry may face not only memory shortages but also tight supply of ABF substrates.Serenity concluded that the AI infrastructure supply chain is continuously expanding. From GPUs, storage, and advanced packaging to power, optical communications, and electronic components, every segment is showing a long-term demand growth trend. The AI supply chain is still in a high-speed development stage.
Boom
Chain
CoreWeave
Frontier
GPU.Net
Long
UBS Discloses Increase in BlackRock Bitcoin ETF Holdings to Approximately $90 Million
UBS's 13F filing submitted to the U.S. Securities and Exchange Commission shows that as of June 30, 2026, its disclosed holdings in the BlackRock iShares Bitcoin Trust were approximately 2.5 million shares, valued at nearly $90 million, a significant increase from approximately 549,000 shares at the end of 2025.
Bitcoin
June
贝莱德
UBS holds approximately $90 million in IBIT, up 230% from end of 2025
Odaily News: Swiss banking group UBS Group AG disclosed in its 13F filing with the U.S. Securities and Exchange Commission (SEC) that it held approximately 2.5 million shares of BlackRock's iShares Bitcoin Trust (IBIT) as of June 30, with a position value of approximately $90 million. As of the end of 2025, UBS held approximately 549,000 shares of IBIT, valued at approximately $27 million; during the first half of 2026, the value of this position grew by approximately 230%. UBS reported $7.3 trillion in total managed investment assets, with the IBIT position accounting for less than 0.02% of its 13F assets. The 13F filing discloses a portion of U.S. securities managed under the company's investment decision-making authority. The shares primarily correspond to client assets held in wealth management, investment advisory, or asset management accounts, and do not represent UBS investing $90 million of its own corporate funds in Bitcoin. (Bitcoin.com News)
Bitcoin
Bitcoin.com
IBIT
InfinityBit
June
UBS: Micron HBM Tighter Than Expected, NAND Short-Term Noise Does Not Alter Long-Term Buy Thesis
According to TechFlow Research, UBS noted in its August 10 research report that Micron's Q3 NAND contract price increase fell from an expected 28% to around 20%, but DRAM is tighter than expected. HBM4 and HBM4E pricing continues to exceed expectations; NVIDIA downgraded the HBM specifications for VR300 due to supply constraints, yet total HBM consumption in 2027 instead increased from 58.7 billion Gb to 61.5 billion Gb, and the HBM blended average price year-over-year increase was raised from 67% to 79%. Micron's 2027 HBM revenue is expected to reach $26.35 billion, with ASP rising from $20.03 per Gb to $28.48. UBS maintains a Buy rating with a target price of $1,625; the current stock price of $877 implies approximately 85% upside potential. DRAM supply tightness will last at least until Q2 2028; NAND short-term pricing pace slows but enterprise SSD demand offsets consumer-end weakness. YMTC is shifting some incremental capacity to DRAM rather than NAND, which will extend the NAND pricing cycle. UBS believes Micron's profitability is a structural reset, with cumulative free cash flow by 2028 expected to exceed $450 billion.
Alter
Aspecta
August
Long
Noise
NVIDIA
The on-chain tokenized asset market is expected to reach $4 trillion by the end of 2028, while Standard Chartered projects Chainlink will hit $200 by the end of 2030
Odaily News: Standard Chartered initiated coverage on Monday of blockchain oracle project Chainlink, projecting LINK to reach $200 by the end of 2030 — roughly 25 times its current price of around $8. The bank's phased targets are $13 by the end of this year, followed by $41, $82, and $133. Standard Chartered estimates that the on-chain tokenized asset market will reach $4 trillion by the end of 2028, with DeFi-deployed assets hitting $2.7 trillion by 2030 — a 37-fold increase from current levels. The bank expects Chainlink fees to grow approximately 25-fold over the same period, assuming token prices track fee growth. Chainlink secures over $110 billion in total value, covering approximately 70% of the value that global DeFi relies on from oracles, with a share exceeding 80% on Ethereum; Aave V3 accounts for 44% of that. Swift, DTCC, Euroclear, JPMorgan, Mastercard, UBS, Fidelity, and S&P Global are all listed as institutions using its services. Chainlink still lags behind LayerZero in cross-chain interoperability. Following the $292 million attack in April, over $7 billion in token value has migrated to Chainlink CCIP, with second-quarter transaction volume reaching $4.9 billion — up 353% year-over-year. Risks include slowing institutional tokenization, pilots not converting to production processes, and technical failures impacting confidence. (Decrypt)
Aave
Chainlink
Decrypt
Ethereum
LayerZero
摩根大通
Robinhood Launches $200 Million RVII Fund, Focusing on Y Combinator Seed-Stage Startups
According to Tech Funding News, Robinhood announced filing an IPO application for its second venture capital fund, Robinhood Ventures Fund II (RVII), planning to raise up to $200 million, issuing 7.6 million shares, priced at $25 per share, expected to list on the New York Stock Exchange under the ticker "RVII" on August 13. RVII will focus on investing in seed-stage startups founded by Y Combinator incubatees or alumni, currently holding equity in 80 private companies. Unlike the first fund (RVI), RVII charges a 2% annual management fee and a 20% performance incentive fee, with a comprehensive annual fee rate of approximately 4.18%; Robinhood itself classifies the fund as a "speculative" product, offering no shareholder redemption rights. Goldman Sachs serves as the lead underwriter, with Citigroup, JPMorgan Chase, UBS, and Wells Fargo as co-underwriters; the subscription window will close on August 12.
August
Robinhood
Stage
摩根大通
UBS: Global Cloud Provider Memory Spending Expected to Grow 127% by 2027
Odaily News, P Equity Research posted on the X platform, stating that UBS expects global cloud service provider spending on DDR memory to reach $190.6 billion in 2026, growing to $448.9 billion in 2027, representing a year-over-year increase of approximately 135%. Additionally, UBS forecasts that overall memory spending will grow by about 127% in 2027.
Memory
BIS Project Agorá Completes $1 Million Tokenized Cross-Border Payment Test
Odaily News The Bank for International Settlements (BIS) stated that Project Agorá has completed a real-value test of tokenized wholesale cross-border payments, with 28 financial institutions and central banks settling approximately 800,000 Swiss francs (around $1 million) across 17 transaction scenarios. The test utilized tokenized central bank reserves and commercial bank deposits, with settlement currencies including the Swiss franc, euro, pound sterling, Japanese yen, Korean won, and US dollar, and an average settlement time of approximately 80 seconds. Participants included the Bank of England, Banque de France, Bank of Japan, Bank of Korea, and Swiss National Bank, as well as commercial banks such as JPMorgan, Citi, Deutsche Bank, BNP Paribas, UBS, Standard Chartered, and Mitsubishi UFJ Financial Group. Project Agorá is an initiative launched by the BIS in 2024, aimed at exploring how tokenized commercial bank deposits and central bank reserves can improve wholesale cross-border payments. The BIS stated that the July test was an important milestone, and testing will continue as Project Agorá progresses.
BNP Paribas
Test
摩根大通
UBS: SK Hynix 1.66x P/B Ratio Implies ROE Less Than 20%, Actually Can Earn 40%
According to TechFlow Research, UBS pointed out in its research report on July 29 that SK Hynix's stock price has fallen 52% from its high on June 22, with a current price-to-book ratio of only 1.66x, implying a long-term ROE of 18.9%. However, UBS predicts the average ROE from 2027 to 2031 will reach 40.2%, a difference of 21 percentage points between the two. DRAM bit demand growth is expected to increase from 22% in 2026 to 36% in 2027, HBM capacity will increase from 230,000 wafers/month at the end of 2026 to 270,000 wafers/month at the end of 2027, and SK Hynix will maintain a 48% shipment share in the HBM industry in 2026. UBS believes the market valuation downward revision lacks basis, AI agents are driving accelerated memory demand, 10 long-term agreements have been signed, and although LTAs suppress ASP in the short term, they benefit profit margins in the long term. UBS maintains a Buy rating, lowering the target price from 3.2 million Korean won to 3 million Korean won, expects to launch a share buyback of about 12 trillion Korean won in the second half of 2026, and will use 50% of free cash flow for shareholder returns in the long term.
Aspecta
June
Ratio
BIS-Led Project Agorá Completes Million-Dollar Cross-Border Tokenized Payment Test
According to CoinDesk, Project Agorá, led by the Bank for International Settlements (BIS), recently completed a cross-border payment test with real funds. Participants included 28 commercial banks such as JPMorgan Chase, Citigroup, UBS, Deutsche Bank, and Standard Chartered, as well as five central banks. The test processed approximately $1 million (about 800,000 Swiss francs) in real transactions, covering six currencies: the US dollar, euro, pound sterling, Japanese yen, Swiss franc, and South Korean won. The test utilized tokenized central bank reserves and commercial bank deposits, settling funds on a shared ledger with an average settlement time of about 80 seconds. Unlike traditional cross-border payments that require intermediation by multiple correspondent banks, the platform achieved shared single ownership records and supports synchronized settlement of bilateral foreign exchange, effectively reducing principal risk. The BIS stated that the platform can operate in parallel with existing payment systems, rather than replacing them.
CoinDesk
Test
摩根大通
UBS: Does Not Believe There Is a "Bubble" in China's AI Industry
Xiong Wei, China Internet Industry Analyst at UBS Securities, stated that Chinese cloud vendors have a more prudent investment pace, emphasizing ROI and sustainability, and he does not believe there is a "bubble" in the Chinese AI industry. Meanwhile, as model capabilities continue to improve and inference demand continues to increase, investment in the Chinese AI industry will gradually grow.
Believe
Meanwhile
“Fed Whisperer”: The July FOMC Meeting Becomes One of the Hardest to Predict in Recent Years
Nick Timiraos, the “Fed Whisperer,” stated on July 23 local time that the Fed’s July policy meeting would become the most unpredictable session in recent years. The resurgence in oil prices, increasing risks associated with US tariff policies, and some officials shifting towards supporting rate hikes have challenged the consensus to keep interest rates unchanged.The market widely expects the Fed to maintain the policy rate at the Federal Open Market Committee (FOMC) meeting on July 28-29, keeping the current rate range at 3.50% to 3.75%. However, the outcome of this meeting does not signify an end to internal disagreements, as some officials are already paving the way for further rate hikes later this year.During previous meetings, there was a clear divide among the Fed’s 18 officials over whether a rate hike was needed this year, with half predicting a hike and the other half seeing no need for adjustment. Jonathan Pingle, chief US economist at UBS, stated that Fed Chairman Kevin Warsh could emerge as a key figure in determining the direction of policy.
Market
Open
UBS: Semiconductors Enter Differentiation Phase, AI Crowded Trade Continues
According to Chaoxiang Research, UBS released a SemiBytes Flash Note on July 20, 2026, judging that the semiconductor sector is transitioning from a broad-based rally to a phase of severe divergence, while the AI-themed crowded trade continues. The report covers five core topics. The release of Kimi K3 drives another upgrade in open-source model scale; longer context windows boost demand for HBM and storage, with NVIDIA being the biggest beneficiary. Micron's cumulative free cash flow over the next few years is expected to exceed $400 billion; after the buyback ban is lifted, the theoretical buyback ratio could exceed 40%, which is not yet fully priced in by the market. Divergence within the analog chip sector is intensifying; stocks with higher AI exposure have gained a 42x P/E premium, while valuations for stocks with automotive and industrial exposure remain near historical averages. Position crowding data shows that Lam Research, Broadcom, Seagate, Micron, and AMD remain in a state of extreme long positioning crowding.
based
Divergence
Divergence
NVIDIA
Strategy Bitcoin Banking Adoption Index: Fidelity Leads at 71%, BNY and Goldman Sachs Rank Second and Third
Strategy's newly launched Bitcoin Banking Adoption Index shows Fidelity leading at 71%, followed by BNY at 46% in second place, and Goldman Sachs at 45% in third. JPMorgan, Morgan Stanley, and Citigroup each stand at 43%. The index evaluates the adoption of Bitcoin-related services across trading, custody, digital asset products, financing, and corporate participation among 25 major global institutions, with an overall adoption rate of 32%.The remaining institutions scored between 13% and 38%, with Wells Fargo at 38%, Banco Santander and Société Générale both at 35%, Charles Schwab and TD Bank both at 32%, BNP Paribas, HSBC, Crédit Agricole, and UBS each at 30%, Bank of America, Barclays, and Standard Chartered each at 28%, State Street at 27%, Mizuho and Deutsche Bank both at 22%, MUFG at 18%, Lloyd’s at 17%, and SMBC and Royal Bank of Canada both at 13% (Bitcoin.com News).
Bitcoin
Bitcoin.com
BNP Paribas
Strategy
Street
BlackRock, Goldman Sachs, JPMorgan Chase, and 54 other institutions join the UK tokenized financial markets working group
the UK government is accelerating the tokenization of its financial markets. 54 financial institutions, including BlackRock, Goldman Sachs, JPMorgan Chase, HSBC, and UBS, have joined the Wholesale Digital Markets Working Group supported by HM Treasury.Backed by the City of London Corporation, the working group will explore real-world tokenization use cases in the UK financial markets over the next year, with an initial focus on tokenised repurchase agreements (tokenised repo).Chris Woolard, the HM Treasury’s lead on wholesale digital markets, stated in a report that the tokenized financial market represents a "network race" and that the UK must move at the fastest possible pace, or risk missing the opportunity to participate in the global digital financial infrastructure buildout. (CoinDesk)
Backed
CoinDesk
Treasury
摩根大通
贝莱德
Swift Teams Up With 17 Global Banks to Launch Blockchain Ledger Pilot, Enabling Round-the-Clock Cross-Border Payments
According to CoinDesk, Swift announced that its blockchain-based shared ledger platform is ready and will launch real-time transaction testing with 17 major banks. Participating institutions include HSBC, UBS, BNP Paribas, Citi, BNY, and Wells Fargo, among others, covering six continents. The platform aims to enable 24/7 cross-border payments through tokenized deposits, allowing banks to transfer funds for customers during nights and weekends, and providing liquidity support before final settlement is completed in existing payment systems. Swift clearly stated that the ledger system is positioned as a complement to existing payment rails, not a replacement.
based
BNP Paribas
CoinDesk
Ledger
SpaceX IPO Quiet Period Ends, Wall Street Firms Upgrades Ratings in Rapid Succession
as the 25-day quiet period following SpaceX's (SPCX) June IPO comes to an end, Wall Street analysts have begun releasing formal research reports. Multiple major brokerages have issued favorable ratings, indicating institutional investors remain optimistic about the company's long-term growth potential.As IPO underwriters, both Goldman Sachs and Morgan Stanley have assigned buy-equivalent ratings to SpaceX. Goldman Sachs analyst Eric Sheridan set a price target of $205, while Morgan Stanley analyst Adam Jonas gave a target of $300. Additionally, institutions such as Bank of America, Citigroup, Deutsche Bank, JPMorgan, and UBS have also initiated coverage with buy or equivalent ratings. Among them, Raymond James Financial provided the most optimistic forecast; analyst Brian Gesuale initiated coverage of SpaceX with a "Strong Buy" rating and a price target as high as $800, believing SpaceX will become "one of the most representative industrial infrastructure companies of the 21st century."Analysis suggests that market optimism towards SpaceX is primarily based on its布局 (layout/foundation) in areas such as rocket launches, Starlink satellite internet, and government contracts. At the same time, the company's communications business can provide a sustainable source of revenue and support future expansion of launch scale.As of March 31, 2026, SpaceX holds 18,712 Bitcoins. Wall Street believes that the concentrated coverage following the end of the IPO quiet period provides a window for institutional investors to conduct their first systematic assessment of SpaceX's valuation. The fact that nearly all major institutions simultaneously issued positive ratings is relatively rare for large-scale IPOs. (CoinDesk)
based
Brian
CoinDesk
June
Starlink
Street