News Heat Trend
Nomura: ChangXin Surges 471% on First-Day Opening, Target Price of 116 Yuan Implies 12x Upside
According to Chaoxiang Research, CXMT listed on the STAR Market on July 27, surging 471% at opening, with market capitalization briefly exceeding 3.3 trillion yuan. Nomura Securities released its initiation report on the same day, granting a Buy rating with a target price of 116 yuan, corresponding to a 20x P/E ratio based on 2028 EPS of 5.8 yuan, implying over 12x upside based on an issue price of 8.66 yuan. Nomura noted that AI is driving a structural surge in DRAM demand, with AI memory demand CAGR exceeding 60% from 2026 to 2030, while global supply growth rate is only 30% to 40%, and the supply-demand gap will continue to widen. As the world's fourth-largest DRAM manufacturer, CXMT currently holds a global share of about 10%, expected to rise to 18% by the end of 2028, approaching Micron's scale. Q1 2026 revenue was 50.8 billion yuan (YoY +719%), and net profit attributable to shareholders of the parent company was 24.76 billion yuan (YoY +1688%), with quarterly profit already exceeding the full year 2025. Nomura believes CXMT should enjoy a "China premium," with the 20x PE valuation based on the midpoint between Micron's 10x historical average and the 1 to 3x valuation gap between Chinese and US semiconductor equipment stocks. Northeast Securities gave a valuation range of 3.2 to 5.7 trillion yuan on the same day, while Nomura's 7.76 trillion yuan is relatively optimistic; the core divergence lies in CXMT's long-term market share ceiling.
Bernstein: AI Computing Power Continues to Expand, Semiconductor Equipment Valuation Has Upside Potential
According to TechFlow Research, Bernstein released a semiconductor equipment industry research report on July 20, 2026, estimating that AI data center expansion will significantly drive equipment demand.
“White-Haired Stock God” Serenity: Jabil May Be Undervalued by the Market, AI Optical Module Business Could Drive a 40% Valuation Revaluation Upside
“White-Haired Stock God” Serenity posted on platform X, stating that Jabil (JBL), currently with a market cap of approximately $38 billion, represents an attractive long-term investment opportunity. The market may not have fully priced in the potential value of its 1.6T LRO pluggable optical module business.By the first half of 2027, the industry bottleneck may no longer be insufficient demand, but rather the production capacity limitations of key upstream supplier SIVE. In this context, leveraging its mature global supply chain system and the advantage of taking over Intel's (INTC) pluggable optical module production line, Jabil is well-positioned to benefit from the demand growth driven by AI infrastructure construction. Compared to Applied Optoelectronics (AAOI), which relies on continuous capital expenditure to expand laser factories, if SIVE and multiple foundries including Win Semi achieve mass production of lasers, Jabil's backend manufacturing and integration model will prove more scalable.Serenity stated that Jabil currently possesses a supply chain system validated by hyperscale cloud service providers, exhibiting a growth trajectory similar to that of Innolight, while also enjoying a valuation premium in the US market. He expects that as the market gradually recognizes the relevant opportunities by the first half of 2027, Jabil has approximately 40% room for valuation revaluation. However, he emphasized that he currently holds no positions and is merely sharing research ideas for investors' reference.
Bernstein Reiterates Figure Price Target of $67: Sees 72% Upside Driven by Tokenization
Bernstein has reiterated its "Outperform" rating on Figure Technology Solutions (FIGR) and maintained a price target of $67, implying approximately 72% upside from the current share price of $38.97.Figure posted strong Q1 2026 results: loan origination volume reached $2.9 billion, up 113% year-over-year; adjusted revenue was $167 million, surpassing market expectations by 6% and up 92% year-over-year; adjusted EBITDA was $82.7 million, with a margin of approximately 50%, slightly above market consensus. However, GAAP diluted EPS was $0.18, missing expectations by about 9%, primarily impacted by $26 million in stock-based compensation expenses.Bernstein analysts believe this performance should reshape market perception of Figure, viewing it not as a traditional credit company, but as a "tokenization-driven capital markets platform." Core profitability stems from network fees and operational leverage from scaling, and the valuation framework remains based on 25x 2027 EBITDA. Additionally, the tokenization ecosystem continues to expand: the yield-bearing security token YLDS reached $598 million (up 80% quarter-over-quarter); the stock lending product balance stood at $368 million (up 79%); and the small business loan segment contributed $60 million in revenue.Figure's current share price remains not far from its 2025 IPO offering price of $36, but still significantly below its all-time high of $78. (The Block)
Jim Cramer: AI-Driven Memory Stock Super Cycle, Four Major Storage Stocks Still Have Upside Potential
According to CNBC, renowned investor Jim Cramer stated that the AI boom has fundamentally changed the cyclical patterns of the memory industry. Although SanDisk has surged 653% this year, Seagate 261%, Micron 254%, and Western Digital 211%, it is still not too late to enter the market now. Cramer pointed out three core reasons why this cycle differs from history: First, memory supply is extremely scarce; Musk has publicly stated that memory has become the biggest bottleneck for data center expansion. Second, manufacturers are no longer blindly expanding production, but instead locking in profit margins through long-term customer agreements. Third, companies are using profits for stock buybacks rather than capacity expansion. SanDisk still has $15.5 billion in buyback capacity, Seagate is advancing a $5 billion buyback plan, and Western Digital added a $4 billion buyback authorization this year. Cramer is particularly bullish on Micron, believing it still has the potential to double provided AI data center demand remains unabated, and has already established positions through his charitable trust fund.
TD Cowen Reiterates Sharplink "Buy" Rating: Maintains $16 Price Target, Sees 106% Upside
Odaily Investment bank TD Cowen reiterated its "Buy" rating on Sharplink following its Q1 earnings report, maintaining a $16 price target, implying approximately 106% upside from the current share price of $7.76.Sharplink's Q1 revenue exceeded $12 million. The company also announced the establishment of an approximately $125 million income fund in partnership with Galaxy Digital, with Sharplink contributing roughly $100 million. The fund will focus on DeFi and liquidity yield opportunities, targeting returns higher than base staking yields.The analyst team believes the current share price is in a "favorable entry window," driven primarily by a persistent NAV discount and expanding Ethereum demand. Sharplink currently holds approximately 873,000 ETH (about $2 billion), translating to a net asset value (NAV) of roughly $9.68 per share, while the stock still trades at about a 20% discount to NAV. TD Cowen noted that the Galaxy partnership strengthens Sharplink's yield strategy, allowing it to maintain ETH exposure while improving capital efficiency through institutional-grade DeFi opportunities. (The Block)
CryptoQuant: $93,000 is the Key Upside Target for BTC
a CryptoQuant analyst stated, "$93,000 is the key upside target for Bitcoin. CME gaps are not guarantees but signals. They represent areas where positioning, liquidity, and market psychology converge, making them key reference points for future price movements."
Nomura: ChangXin Surges 471% on First-Day Opening, Target Price of 116 Yuan Implies 12x Upside
According to Chaoxiang Research, CXMT listed on the STAR Market on July 27, surging 471% at opening, with market capitalization briefly exceeding 3.3 trillion yuan. Nomura Securities released its initiation report on the same day, granting a Buy rating with a target price of 116 yuan, corresponding to a 20x P/E ratio based on 2028 EPS of 5.8 yuan, implying over 12x upside based on an issue price of 8.66 yuan. Nomura noted that AI is driving a structural surge in DRAM demand, with AI memory demand CAGR exceeding 60% from 2026 to 2030, while global supply growth rate is only 30% to 40%, and the supply-demand gap will continue to widen. As the world's fourth-largest DRAM manufacturer, CXMT currently holds a global share of about 10%, expected to rise to 18% by the end of 2028, approaching Micron's scale. Q1 2026 revenue was 50.8 billion yuan (YoY +719%), and net profit attributable to shareholders of the parent company was 24.76 billion yuan (YoY +1688%), with quarterly profit already exceeding the full year 2025. Nomura believes CXMT should enjoy a "China premium," with the 20x PE valuation based on the midpoint between Micron's 10x historical average and the 1 to 3x valuation gap between Chinese and US semiconductor equipment stocks. Northeast Securities gave a valuation range of 3.2 to 5.7 trillion yuan on the same day, while Nomura's 7.76 trillion yuan is relatively optimistic; the core divergence lies in CXMT's long-term market share ceiling.
Analysis: Options Demand Heats Up, Bitcoin Upside Expectations Strengthen
According to the market analysis released by BIT's official Chinese channel, as demand for call options continues to heat up, the implied volatility of Bitcoin and Ethereum is rebounding simultaneously, indicating that the period of light summer trading may be nearing an end, and market expectations for Bitcoin's upside have strengthened.
Bernstein: AI Computing Power Continues to Expand, Semiconductor Equipment Valuation Has Upside Potential
According to TechFlow Research, Bernstein released a semiconductor equipment industry research report on July 20, 2026, estimating that AI data center expansion will significantly drive equipment demand.
TD Cowen Reiterates Sharplink "Buy" Rating: Maintains $16 Price Target, Sees 106% Upside
Odaily Investment bank TD Cowen reiterated its "Buy" rating on Sharplink following its Q1 earnings report, maintaining a $16 price target, implying approximately 106% upside from the current share price of $7.76.Sharplink's Q1 revenue exceeded $12 million. The company also announced the establishment of an approximately $125 million income fund in partnership with Galaxy Digital, with Sharplink contributing roughly $100 million. The fund will focus on DeFi and liquidity yield opportunities, targeting returns higher than base staking yields.The analyst team believes the current share price is in a "favorable entry window," driven primarily by a persistent NAV discount and expanding Ethereum demand. Sharplink currently holds approximately 873,000 ETH (about $2 billion), translating to a net asset value (NAV) of roughly $9.68 per share, while the stock still trades at about a 20% discount to NAV. TD Cowen noted that the Galaxy partnership strengthens Sharplink's yield strategy, allowing it to maintain ETH exposure while improving capital efficiency through institutional-grade DeFi opportunities. (The Block)
Related news
Jim Cramer: AI-Driven Memory Stock Super Cycle, Four Major Storage Stocks Still Have Upside Potential
According to CNBC, renowned investor Jim Cramer stated that the AI boom has fundamentally changed the cyclical patterns of the memory industry. Although SanDisk has surged 653% this year, Seagate 261%, Micron 254%, and Western Digital 211%, it is still not too late to enter the market now. Cramer pointed out three core reasons why this cycle differs from history: First, memory supply is extremely scarce; Musk has publicly stated that memory has become the biggest bottleneck for data center expansion. Second, manufacturers are no longer blindly expanding production, but instead locking in profit margins through long-term customer agreements. Third, companies are using profits for stock buybacks rather than capacity expansion. SanDisk still has $15.5 billion in buyback capacity, Seagate is advancing a $5 billion buyback plan, and Western Digital added a $4 billion buyback authorization this year. Cramer is particularly bullish on Micron, believing it still has the potential to double provided AI data center demand remains unabated, and has already established positions through his charitable trust fund.
Goldman Sachs: Maintains SanDisk Buy Rating, 80% Gross Margin Target and $15.5 Billion Buyback Open 64% Upside Potential
According to TechFlow Research, Goldman Sachs' research report on August 13 pointed out that SanDisk's stock price rose 15% subsequently, as the company's disclosed long-term financial targets significantly exceeded market expectations: revenue CAGR from FY28 to FY30 reaching mid-to-high double digits, gross margin 80%, operating margin 75%, and free cash flow margin over 50%. Management plans to return 100% of excess free cash flow to shareholders; previously authorized $6 billion buyback (approximately $4.5 billion executed), with this new $14 billion authorization, the total remaining buyback capacity is approximately $15.5 billion. To date, SanDisk has signed 8 customers with a total contract value of approximately $94 billion; approximately 50% and 67% of planned capacity for FY27 and FY28 respectively are covered by NBMs (long-term customer agreements). The research report judges that the market's previous pricing logic regarding NAND cyclicality needs recalibration; although long-term agreements require time to validate, SanDisk is reshaping revenue visibility through NBMs and opening incremental space for AI inference through HBF (High Bandwidth Flash) technology. Goldman Sachs maintains a Buy rating and a $2200 target price, based on 20x P/E ratio multiplied by normalized EPS of $110; current stock price is approximately $1344, implying 64% upside potential.
JPMorgan Issues Tactical Buy Signal for S&P 500, Says Short-Term Upside Potential May Remain
The JPMorgan trading team stated that its U.S. tactical position monitoring model has issued a buy signal for the S&P 500 Index, believing that current U.S. equity positioning has retreated to a level worthy of contrarian positioning. The report stated that following position changes similar to those observed over the past four weeks, the S&P 500 Index averaged a gain of approximately 3% over the subsequent 20 trading days, higher than the average gain of approximately 1% in other periods.
Nomura: ChangXin Surges 471% on First-Day Opening, Target Price of 116 Yuan Implies 12x Upside
According to Chaoxiang Research, CXMT listed on the STAR Market on July 27, surging 471% at opening, with market capitalization briefly exceeding 3.3 trillion yuan. Nomura Securities released its initiation report on the same day, granting a Buy rating with a target price of 116 yuan, corresponding to a 20x P/E ratio based on 2028 EPS of 5.8 yuan, implying over 12x upside based on an issue price of 8.66 yuan. Nomura noted that AI is driving a structural surge in DRAM demand, with AI memory demand CAGR exceeding 60% from 2026 to 2030, while global supply growth rate is only 30% to 40%, and the supply-demand gap will continue to widen. As the world's fourth-largest DRAM manufacturer, CXMT currently holds a global share of about 10%, expected to rise to 18% by the end of 2028, approaching Micron's scale. Q1 2026 revenue was 50.8 billion yuan (YoY +719%), and net profit attributable to shareholders of the parent company was 24.76 billion yuan (YoY +1688%), with quarterly profit already exceeding the full year 2025. Nomura believes CXMT should enjoy a "China premium," with the 20x PE valuation based on the midpoint between Micron's 10x historical average and the 1 to 3x valuation gap between Chinese and US semiconductor equipment stocks. Northeast Securities gave a valuation range of 3.2 to 5.7 trillion yuan on the same day, while Nomura's 7.76 trillion yuan is relatively optimistic; the core divergence lies in CXMT's long-term market share ceiling.
Analysis: Options Demand Heats Up, Bitcoin Upside Expectations Strengthen
According to the market analysis released by BIT's official Chinese channel, as demand for call options continues to heat up, the implied volatility of Bitcoin and Ethereum is rebounding simultaneously, indicating that the period of light summer trading may be nearing an end, and market expectations for Bitcoin's upside have strengthened.
Bernstein: AI Computing Power Continues to Expand, Semiconductor Equipment Valuation Has Upside Potential
According to TechFlow Research, Bernstein released a semiconductor equipment industry research report on July 20, 2026, estimating that AI data center expansion will significantly drive equipment demand.