PBOC Launches 500 Billion Yuan MLF Operation; Beijing Introduces Measures to Boost AI Agents

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The People's Bank of China conducted a 500 billion yuan one-year medium-term lending facility operation on July 24, using a fixed-quantity, rate-bidding, multiple-price auction method. The Beijing Municipal Development and Reform Commission and other departments jointly issued the "Several Measures to Accelerate the Development Led by AI Agents in Beijing," encouraging the growth of the token economy, promoting the research and development of general-purpose processors and specialized inference chips, and fostering new business models such as Token-as-a-Service. The price of vinylene carbonate surged 11 percent on July 23, with quotes approaching 200,000 yuan per ton, and cumulative gains of nearly 25 percent since the start of July. Institutions expect supply to become extremely tight from the third quarter to the fourth quarter. Yunnan Germanium's holding subsidiary Yunnan Xinyao signed an indium phosphide wafer supply agreement, with a total contract value between 570 million and 855 million yuan, accounting for 53.48 percent to 80.23 percent of the company's 2025 revenue. Puya Semiconductor expects net profit in the first half of 2026 to be approximately 825 million yuan, a year-on-year increase of 1,925.36 percent.

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Intel CEO Warns Memory Prices Up 5x to 7x as Shortage Threatens 2027

Intel CEO Lip-Bu Tan warned this week that memory prices have jumped 5x to 7x and now account for roughly 75% of the cost of some lower-end phones and laptops, cautioning the shortage could deepen in 2027. Tan told investors the industry faces one of the most severe supply constraints in its history across leading-edge logic, silicon wafers, memory, and subscripts, and said these shortages will persist for the foreseeable future. Intel is pivoting production toward data-center CPUs and now guides 2026 capital expenditure above $20 billion, with 2027 spending set to run significantly higher. Micron Technology echoed the outlook, saying it sees tightness continuing beyond 2027, aligned with SK hynix flagging 2027 as potentially the industry's worst supply year. Micron's $100 billion in take-or-pay remaining performance obligations and $22 billion in customer deposits and letters of credit lock in floor pricing above prior peak margins, while its fiscal third-quarter gross margin hit 84.9% on DRAM pricing gains in the low 60s percentage range and NAND pricing in the mid-80s percentage range.
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Nvidia CEO Jensen Huang Signals Chip Sales to Double Next Year

Nvidia CEO Jensen Huang said Thursday he expects the company to sell twice as many chips in the next year as it did this year, a signal to investors that demand has not yet peaked. Huang attributed the outlook to AI investment spreading across industries, economies and countries. Management said consumer expectations point to another doubling of growth next year, and Nvidia projected around 70% revenue growth for the fiscal year ending January 2028, bringing revenue to almost $673 billion. Management classified the outlook as supply tight, implying Nvidia's capacity to ship chips could remain one of the largest impediments to growth. Last year, Huang said the company shipped around 6 million Blackwell GPUs in four quarters, and Rubin is now coming up as the next big part of the product cycle.
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Soitec Raises €500 Million in ORNANE Bonds Due September 2033

Soitec announced the success of its offering of bonds settled in cash and/or convertible into new shares and/or exchangeable for existing shares, known as ORNANEs, due September 2033 for a nominal amount of €500 million. The bonds carry a fixed coupon of 0.5% per annum, were issued at 100% of their Principal Amount on September 25, 2026, and will be redeemed at par on September 25, 2033, with the conversion and exchange price set at €206.46, a 55% premium above the reference share price of €133.20. Soitec said it will use the net proceeds for general corporate purposes, which may include refinancing existing indebtedness and investments to support organic growth, and Chief Financial Officer Albin Jacquemont tied the placement to investor confidence in the company's Photonics-SOI technologies for next-generation AI infrastructure. Concurrently, certain members of the bank syndicate acting as joint bookrunners organized a placement of existing Soitec shares at €133.20 through an accelerated bookbuilding to facilitate hedging for certain bond subscribers, from which Soitec will receive no proceeds. The company agreed to a lock-up ending 90 calendar days after the Issue Date, and potential dilution from the offering would represent up to 6.3% of the outstanding share capital should Soitec decide to deliver only new shares upon exercise of the conversion and exchange right.
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