Core Insights - The article discusses the potential of the current tech/AI cycle, termed the "AI super cycle," and anticipates a significant validation moment during the third-quarter earnings season for major tech companies [2][3]. Group 1: Market Outlook - Dan Ives from Wedbush Securities believes Wall Street is underestimating the tech/AI cycle, which he predicts will continue for at least two more years [2][3]. - The third-quarter earnings season is expected to validate the growth of both chips and software, particularly in relation to AI use cases [2][3]. Group 2: Stock Performance and Hedge Fund Interest - The article lists the 10 hottest mega-cap stocks of 2025, focusing on those with a market capitalization of $200 billion or more and strong year-to-date performance [6][8]. - The methodology for selecting these stocks involved using various financial databases and ranking them based on performance and hedge fund interest [6][7]. Group 3: Individual Stock Highlights - **Palantir Technologies Inc. (NASDAQ:PLTR)**: - Market Capitalization: $416.20 billion - Year-to-Date Performance: 133.33% - Number of Hedge Fund Holders: 78 - Under investigation for potential securities law violations related to security issues in its Army communication platform [8][9][10][11]. - **Micron Technology, Inc. (NASDAQ:MU)**: - Market Capitalization: $203.84 billion - Year-to-Date Performance: 107.95% - Number of Hedge Fund Holders: 94 - Recently upgraded by analysts, indicating a positive outlook for the memory sector and potential entry into a super cycle [12][13][14].

Market Performance - The three major indices collectively declined, with the Shanghai Composite Index down by 1.97%, the Shenzhen Component Index down by 2.37%, and the ChiNext Index down by 3.2%, while the STAR Market Index fell by 5.38% [1] - The total trading volume in the two markets reached 1.6 trillion yuan [1] Sector Performance - The CPO concept stocks experienced a significant drop of 5.11%, with over 10 stocks, including Shijia Photon and Juguang Technology, hitting the daily limit down or falling more than 10% [3] - Consumer sectors such as tourism, hotels, and retail showed resilience, with stocks like Lingnan Space and Huitong Times hitting the daily limit up [3] - Solid-state battery concept stocks maintained strong performance, with Jinlongyu hitting the daily limit up [3] - The photovoltaic and energy storage sectors were active, with Ancai High-Tech also hitting the daily limit up [3] Company Orders and Market Growth - By the first half of 2025, several leading equipment companies, including XianDao Intelligent and HaiMuXing, reported new and existing orders exceeding 30 billion yuan, with a year-on-year growth rate of 70% to 80% [3] - The global Ethernet optical module market is expected to continue rapid growth, projected to reach 18.9 billion USD by 2026, representing a year-on-year increase of 35% [3] - In Q2 2025, global smartwatch shipments increased by 8% year-on-year, with Huawei surpassing Apple to become the top seller [3]

2/ FPGA Arithmetic Primitives (Versal HBM):Implemented optimized FPGA-based adders and multipliers targeting M31Ext3, Goldilocks, and BN254 fields. Each arithmetic block was tailored for Versal HBM devices, taking advantage of high-bandwidth memory to maximize throughput and minimize latency. This lays the groundwork for full hardware acceleration of proof generation on FPGAs. ...