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The failure of the $1.5 billion financing led to the collapse of BSTR's shell listing, while American Bitcoin reduced its shares and increased its holdings by 500 BTC

According to BBX data, yesterday the global publicly listed companies in the U.S. stock market and the proposed listing of crypto giants faced severe differentiation in capital operations, with the core dynamics as follows:The plan for 30,000 BTC giant to go public has collapsed: Cantor Equity Partners I (NASDAQ: $CEPO) and Bitcoin Standard Treasury Company (BSTR) jointly announced through BusinessWire yesterday that they will no longer proceed with the transaction according to the original business combination agreement signed in July 2025. The core reason is that the $1.5 billion PIPE financing has completely failed to materialize. Against the backdrop of Bitcoin dropping about 50% from its historical high, investor interest in the new Bitcoin treasury company has significantly cooled. The shareholder meeting originally scheduled for July 10 has been indefinitely postponed. BSTR originally planned to carry 30,021 BTC to list on Nasdaq and become the world's fourth-largest publicly listed company holding Bitcoin, and this collapse means that its listing path needs to be redesigned.American Bitcoin Corp. completes 1-for-15 reverse stock split and increases holdings: American Bitcoin Corp. (NASDAQ: $ABTC) recently completed a 1-for-15 reverse stock split to meet Nasdaq's minimum stock price listing maintenance requirements. While consolidating shares to maintain its listing, the company announced that it purchased 500 BTC in the secondary market against the trend, increasing its total holdings to 8,000 BTC (fair value of approximately $496 million), ranking 16th globally among publicly listed companies in terms of Bitcoin holdings. The company is approximately 44% owned by Hut 8, and Eric Trump, the second son of Trump, serves as Chief Strategy Officer.

Goldman Sachs released a report on China's AI computing power, predicting that by 2026, the market share of domestic chips will exceed 50%

According to the Goldman Sachs report on "China's AI Computing Power" disclosed by P Equity Research, China is accelerating the construction of a national computing power network, with related infrastructure projects expected to attract 7 trillion yuan in investment by 2026. In the next five years, investment in data centers is projected to reach about 2 trillion yuan. Currently, funds and technology are being massively transferred to western computing power hubs, while data centers in first-tier cities are transforming to focus on ultra-low latency computing, edge nodes, and AI inference. Although GW-level clusters with over 100,000 chips remain scarce domestically, in typical GW-level computing power parks, workloads are primarily composed of inference, which accounts for more than half, as well as training and full-stack R&D.The report predicts that by 2026, the market share of domestically produced AI acceleration chips is expected to exceed 50%. Among them, Huawei and Alibaba's Pingtouge lead the domestic camp with shares of 20% and 7%, respectively, but Nvidia currently maintains overall market dominance with a 55% share. In terms of cost and performance, domestic chips have capital expenditures on IT power consumption that are 40% to 50% lower than imported chips, but due to performance gaps, their capital expenditures per unit of computing power are 2 to 4 times that of imported chips, and the computing power generated per unit of power consumption is only 10% to 30% of that of imported chips. Additionally, the daily average token output of Huawei's 910B/910C servers is about one-sixth to one-third of that of Nvidia's H800, resulting in significantly lower API profit margins based on that hardware compared to peers using Nvidia hardware.
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