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BlockBeats News, July 2nd, "BTC OG Insider Whale" proxy Garrett Jin stated that the memory sector has temporarily peaked. Micron encountered resistance at $1250 and retraced. Despite significantly exceeding earnings expectations, the stock price continued to plummet on high volume. The lack of follow-up buying after the positive news is a clear signal of a temporary top. Funds are rapidly exiting the memory sector, with the DRAM ETF plunging on high volume. SK Hynix and Samsung are under pressure simultaneously, with overseas investors in Korea withdrawing over 100 trillion Korean won (approximately $65 billion) from the Korean market in the past two months. However, funds have not exited the AI track but are rotating within the track. While chip stocks were being sold off last Friday, Google, Microsoft, and Amazon saw heavy volume at the bottom, and today Meta similarly surged on high volume. Garrett Jin believes the logic behind this rotation is Token Optimization: as more workloads are handled by inexpensive models for simple tasks, value is gradually settling in the cloud and orchestration layer billed by tokens, rather than the model layer itself. This is where the moat of hyperscale cloud providers lies. Based on this, it is judged that hyperscale cloud providers will experience a round of catch-up rally. It is recommended to reduce positions in memory and join the chase-up rebound of large cloud providers.

According to ChainCatcher, as reported by Bloomberg, Erebor Bank, founded by Palmer Luckey, is in talks with investors for a new round of financing, targeting a valuation of at least $8 billion, nearly double its valuation of $4.35 billion at the end of last year. Sources revealed that the bank's deposit volume has increased from $1.1 billion to $4.05 billion over the past three months, with nearly 400 new clients, and is expected to achieve profitability within the year. Erebor primarily serves companies in sectors such as defense technology and cryptocurrency, and has obtained a nationwide banking license from the US Office of the Comptroller of the Currency. Previous investors include Lux Capital, 8VC, Andreessen Horowitz, and Founders Fund. Erebor also signed a non-binding letter of intent with Banco de Venezuela, aiming to provide correspondent banking services.

In terms of inventory data, this afternoon saw reports that the Domestic Lithium Carbonate Social Inventory Index from the Inventory Alliance stood at 140,161, a weekly increase of +4,198 tons. The market subsequently experienced a noticeable dip. Later, SMM released the latest inventory data showing a small sample decrease of -1,238 tons and a large sample decrease of -2,155 tons, maintaining the destocking trend, which led to a rapid market recovery. Although the news of mine production resumption has gradually been priced in, expectations of increased supply are still putting pressure on continued price rises. Additionally, there has recently been a slight increase in warehouse warrants, resulting in substantial delivery and spot market pressure following concentrated cancellations. It is expected that short-term lithium price volatility will narrow, with trading mainly characterized by consolidation and fluctuations.