BlockBeats News, July 12th. This week, the US stock market continued the AI theme, but the trading focus shifted from "chasing hashrate" to further explore "who pays for the hashrate and who can truly monetize it."

The S&P 500 rose by about 1.2% for the week, the Nasdaq rose by about 1.7%, with tech stocks still driving the market higher. However, the Dow Jones saw a slight pullback, indicating that the market rally was not across the board. Meta returned to the center of AI monetization with a new model, paid API, and potential cloud business imagination. Amazon's large-scale debt issuance has prompted the market to examine the AI capital expenditure pressure of large tech companies. Meanwhile, SK Hynix's ADR debut surged, driving up interest in HBM and the memory chain. Circle was approved to establish a US national trust bank, reigniting stablecoin regulation and institutional narratives. Therefore, this week investors focused on stocks related to AI models, cloud infrastructure, storage chips, and crypto financial compliance.

SK Hynix (up 13.08% for the week): Hynix debuted on the US ADR market, rising about 13% on the first day from the offering price. AI servers continued to drive HBM demand, with funds seeking storage targets beyond Micron. However, the stock price in South Korea was still affected by a high-level pullback, keeping the HBM trend hot but with increased volatility.

Meta (up 14.81% for the week): Following the release of Muse, Spark 1.1, and the paid API, the market revalued Meta's AI monetization capabilities. The self-developed Iris chip, the 14GW hashrate plan, and the potential cloud business imagination propelled Meta to a sharp increase this week, breaking out of the slump of the first half of the year.

Circle (up 8.90% for the week): Circle was approved to establish a US national trust bank, moving USDC reserve management towards federal regulation. The news drove the stock price up by about 13% in pre-market trading, offsetting the valuation pressure brought by stablecoin competition and heating up the institutional compliance narrative.

Amazon (up 2.17% for the week): Amazon issued another $25 billion in bonds to support the expansion of its AI infrastructure. AWS's demand for machine learning hashrate remains strong, but the market is also starting to focus on large tech companies' AI debt, capital expenditure, and return cycles.

DRAM ETF (down 1.70% for the week): DRAM followed the high volatility of storage stocks, initially dragged down by profit-taking but later rebounded on SK Hynix's ADR debut and expectations of HBM demand. The ETF includes components such as Ziguang Guoxin, along with the ChangXin storage concept, which is also being observed in the domestic DRAM chain.