According to The Information: Google (GOOG.O) is developing a 'Frozen V2' chip to more efficiently serve its Gemini AI model. Google's new 'Frozen' chip is expected to be 6 to 10 times more efficient than its existing TPU. Google plans to deploy the Frozen V2 chip as early as 2028.

Recently, the Shanghai Stock Exchange announced that, upon the filing application of China Merchants Securities Co., Ltd., China Merchants Securities will terminate its primary market making services for 6 QDII funds starting from July 20, 2026. In response, China Merchants Securities told reporters on the 20th that this is purely a commercial decision and does not involve any judgment on market direction.

On July 20, according to South Korean tech media ZDNet Korea, Samsung Electronics, SK Hynix, and Micron Technology have all scaled back or abandoned commercialization plans for CXL expansion device controllers. Specialized chip design companies such as Montage Technology, Astera Labs, and PrimeMass are filling this void. This shift indicates a reshaping of the division of labor within the CXL ecosystem, where memory manufacturers will focus on production, while design leadership moves to independent chip design firms. For the capital market, this not only benefits relevant chip design companies but also means that the three major memory manufacturers will not engage in new competition around complete CXL solutions in the short term, with their core profit models still revolving around traditional DIMM memory products.

As of July 19 Eastern Time, BitMine's total holdings of cryptocurrency, cash, and its 'Moon Project' amounted to $11.5 billion. BitMine holds 5,777,468 ETH (an increase of 7,430 ETH from the previous week), representing 4.8% of Ethereum's total supply of 120.7 million ETH. Additionally, it holds 207 BTC, $180 million in Beast Industries shares, $58 million in Eightco Holdings (Nasdaq: ORBS) shares, and $385 million in unencumbered cash. As of July 19, 2026, the total amount of ETH staked by Bitmine is 4,917,189 (valued at $9.2 billion based on ETH price of $1,879 per ETH). Bitmine Chairman Tom Lee stated, 'Bitmine repurchased approximately 5.5 million common shares last week at an average price of $15.6156 per share. We believe that repurchasing common shares will enhance shareholder value.'

On July 20, according to Axios, the Trump administration is signaling that it may ban advanced Chinese AI models—a significant move that could solidify the dominance of OpenAI and Anthropic. Sources familiar with the matter said that within the Trump administration, there had previously been attempts to impose a de facto ban on foreign open-source models. The rise of the Chinese large model Kimi last week has reignited these efforts.

UK Prime Minister Starmer delivered a farewell speech at Downing Street, stating, "My work is complete. Over the past six and a half years, I have led our party out of the historic defeat of 2019, transforming it into a party capable of facing the nation, and we achieved an overwhelming victory in the 2024 election. Since then, it has been the honor of my life to serve as Prime Minister for you and this great country. I believe that today’s Britain is stronger and fairer than it was two years ago. However, what I will always remember is the humbling aspect of this job, which is being able to witness the greatest things of this country in action from the front row. Every day, I see countless acts of resilience—resilience, perseverance, integrity, and compassion from those who serve the nation." Starmer concluded, "We must remember the greatness of Britain. As we debate how to solve problems, there are certain things we inherit from our nation and character that give us the confidence to believe we can make the country better. We can create a Britain where every child can go further based on their talents, and if we do not succumb to division, we can unite different people under a common banner. Therefore, as I now pass the baton to Andy Burnham, I wish him all the best. He has my full support... I thank the people of Britain for the opportunity to serve. I leave with dignity, I leave with a smile, and I am proud of all we have achieved." (Jinshi)

According to analyst Bill Dudley, regardless of fluctuations in high-frequency data, there are still compelling reasons for the Federal Reserve to tighten monetary policy. First, given the current economic conditions and the asymmetry between the Fed's dual goals of achieving full employment and price stability, a tightening monetary policy is appropriate. On one hand, the unemployment rate has remained stable and is very close to the level that members of the Federal Open Market Committee consider to be full employment; on the other hand, inflation remains high, with various core inflation indicators generally between 2.4% and 3.3%. In this context, monetary policy should adopt a tightening approach. Second, there is almost no evidence that the current monetary policy is tight. The federal funds rate has been maintained at its current level or higher for nearly four years, and the unemployment rate has been quite stable, remaining at full employment levels for the past two years. If the policy were truly tight, we would theoretically expect to see an increase in the unemployment rate and a decrease in inflation. The current strong conditions in the financial markets also support this judgment. Third, the surge in AI investments supports further tightening of monetary policy. The spike in AI spending is driving real GDP growth and pushing up prices in several areas, such as electricity costs and semiconductor chip prices. Although AI is expected to enhance productivity and help reduce inflation in the long term, its current dominant role is still to stimulate demand and push up prices. Fourth, the credibility of the Federal Reserve is at risk. The inflation rate has exceeded the Fed's 2% target for more than five consecutive years. If the Fed hesitates, market participants may perceive Waller's tough rhetoric as mere 'bluster.' The Fed should not tighten monetary policy solely to enhance its anti-inflation credibility. However, the reality is that the risks faced by the Fed are asymmetric: if monetary policy is not sufficiently restrictive in the coming years and fails to bring inflation back to 2%, the costs will be greater than those of a slightly tight policy that later proves to be overly restrictive. Waller has consistently pledged to achieve price stability and maintain the independence of the Fed, but actions speak louder than words. Establishing working groups and proposing new ideas are commendable, but monetary policy cannot be outsourced to external experts or market participants. The Fed needs to intensify its efforts to tighten monetary policy. Bill Dudley expects that the Fed will maintain its current monetary policy at next week's meeting, but by autumn, the pressure to tighten monetary policy will become very significant.

On July 20, Juchip Technology announced that it has made significant progress in the R&D of its second-generation in-memory computing technology. Compared to the first-generation in-memory computing NPU, the second-generation technology greatly enhances computing power, supports larger model scales, and optimizes energy efficiency, utilization, and quantization accuracy across the board. SoC chips equipped with the second-generation in-memory computing NPU are set to enter formal tape-out this year, with mass adoption across multiple brands and categories expected next year. Additionally, the company is heavily investing in AI development tool platforms to build an ecosystem that helps customers efficiently adapt AI models. As the company's R&D efforts advance, the application scenarios for its edge AI chips will gradually expand beyond audio markets, continuously driving edge AI from a technological concept to a real consumer market within a diverse ecosystem of multiple brands, categories, and algorithms. (Jinshi)

U.S. and Brent crude oil prices continue to decline, with WTI crude falling over 1% during the day, currently priced at $81.50 per barrel. Brent crude is down 0.64%, now at $86.19 per barrel. (Jin Shi)