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According to ChainCatcher, the Crypto Council for Innovation reported that Illinois Governor Pritzker has signed a digital asset tax bill, considered the most punitive digital asset tax regime in the United States, which will impose a disproportionate tax burden on Illinois residents using digital assets.

At the industry level, new directions and paradigms such as video generation models, world models, and physical AI continue to emerge. Innovations like the integration of video understanding and generation, the fusion of language models and multimodal models, and continual learning for models will keep leading the trends in model innovation. We expect the iteration cycle for models to keep shortening, with model companies represented by Anthropic seeing continuous ARR growth, and gradually rolling out in more high-value enterprise scenarios such as finance, law, and healthcare. On the market side, the biggest current challenges are the relatively high global tech stock valuations and concentrated positions. In addition, the potential IPOs of SpaceX, Anthropic, and OpenAI in the next six to twelve months may impact market liquidity, becoming major events and key observation points for global tech equities. Considering that macro liquidity may marginally tighten in the second half of the year, market performance will rely even more on ongoing realization and verification of earnings. However, as long as the industrial uptrend remains intact, any valuation corrections caused by liquidity shocks will present more opportunities than risks. Meanwhile, the gap between domestic and overseas models continues to narrow, and domestic cloud providers have more room than overseas players to scale up CAPEX investment. As the “domestic models and chips” ecosystem continues to improve, domestic computing power will gain greater flexibility.

The data released by Japan's Ministry of Finance on Wednesday show that the unadjusted trade balance turned to a deficit of 378.6 billion yen in May. Analysts had previously forecast a deficit of 547.6 billion yen. Imports grew by 12.5% year-on-year in May, while exports increased by 17%. The increase in imports was mainly driven by a 55% rise in imports of semiconductors and electronic products, as well as a 48% rise in imports of communication equipment. Both the volume and price of oil imports declined significantly, indicating that, as the Hormuz Strait was essentially closed due to the Iran war, Japan—a country that typically relies heavily on Middle Eastern oil—found other energy sources. According to the trade department, Japan is expected to ensure stable oil supplies until March 2028.