Independent tech journalist Tim Culpan pointed out that the A20 Pro processor wafers produced by TSMC’s N2 process are showing good yield and sufficient capacity, with processor production basically ready, and that this process is not a bottleneck affecting iPhone shipments. However, due to a severe shortage of DRAM supply, the completed processor wafers cannot be subsequently packaged, leading to inventory buildup and putting pressure on Apple and its supply chain’s stockpiling. With only weeks to go before the release of the iPhone 18 series and the foldable iPhone Ultra, Apple and its supply chain assemblers are urgently seeking more mobile DRAM chip supply. In terms of DRAM supply, Apple currently relies primarily on Micron Technology, while also sourcing from SK Hynix and Samsung.

Tesla (TSLA.O) announced that the "Terafab" project has officially landed in Grimes County, Texas. Jointly initiated earlier this year by SpaceX and Tesla, the project is the world’s largest chip manufacturing plan, aiming to bridge the massive gap between current global chip supply capabilities and future computing demand. In fact, the predecessor of Terafab broke ground in April at the north campus of the Texas Gigafactory—a new R&D wafer fab. Now the project has been officially upgraded and sited in Grimes County, where it will be developed into an advanced semiconductor wafer fab. SpaceX and Tesla’s combined chip demand is expected to exceed 1 terawatt (TW) of computing capacity, a scale that far surpasses current global supply capability. We deeply appreciate our existing chip suppliers and encourage them to expand their capacity wherever possible, but the widening supply-demand gap in the future is the core reason behind the existence of the Terafab project. Terafab aims to manufacture new computing capacity at unprecedented scale and speed. The project plans to build a vertically integrated factory with over 100 million square feet of manufacturing space, covering fabrication, packaging, and testing of advanced logic and memory chips. Consolidating these processes in a single facility facilitates rapid iterative improvements and accelerates the deployment of new computing capacity.

According to the Anhui Province Key Laboratory of Quantum Computing Chips, a joint research team from Origin Quantum and the University of Science and Technology of China has innovatively proposed a "parameter-space-extended controlled-phase gate (PSE-CZ)" scheme, successfully resolving the long-standing trade-off between speed and fidelity in superconducting quantum computing, and achieving a two-qubit quantum gate that significantly enhances accuracy while maintaining high-speed operation. The results have been published in Physical Review Letters, a top international physics journal, with experimental verification carried out on China's independently developed superconducting quantum computer "Origin Wukong".

According to "The Information," Nvidia (NVDA.O) is considering significant adjustments to the memory configuration of its next-generation graphics processor, Rubin Ultra, to address the shortage of high-end high-bandwidth memory chips. People familiar with the matter revealed that Nvidia has tested multiple versions of the Rubin Ultra graphics cards over the past few weeks. Some of these versions feature memory capacities lower than the initially announced specifications, primarily because the company may be unable to obtain sufficient high-end memory to meet the supply requirements of the original design. Although reducing the memory will have some impact on chip performance, Nvidia can compensate through other technical means. However, if other AI enterprises adopt this reduced-memory chip to run large AI models, they will need to use a larger number of chips than originally required.

SMM, August 7 report: In metals market: As of midday closing, base metals in the domestic market nearly all rose. SHFE copper rose 0.56%, SHFE aluminum rose 0.86%. SHFE lead rose 0.48%. SHFE zinc rose 1.35%. SHFE tin fell 0.3%. SHFE nickel rose 0.44%. Additionally, the most-traded cast aluminum futures contract rose 0.32%, the most-traded alumina futures contract fell 0.33%. The most-traded lithium carbonate contract rose 1.23%. The most-traded silicon metal contract rose 2.21%. The most-traded polysilicon futures contract rose 5.03%. Ferrous metals all rose. Iron ore rose 0.28%, rebar edged up, hot-rolled coil rose 0.43%. Stainless steel rose 1.39%. For coking coal and coke: the most-traded coking coal contract rose 2.6%, the most-traded coke contract rose 3.22%. In the overseas base metals market, as of 11:40, LME metals collectively rose. LME copper rose 0.69%, LME aluminum rose 0.31%, LME lead rose 0.4%, LME zinc rose 0.44%. LME tin rose 0.42%. LME nickel rose 1.61%. In precious metals, as of 11:40, COMEX gold rose 0.43%, COMEX silver rose 1.45%. In domestic precious metals: SHFE gold rose 0.28%, the most-traded SHFE silver contract rose 0.11%. Additionally, as of midday closing, the most-traded platinum futures contract fell 1.71%, the most-traded palladium futures contract fell 1.55%. As of midday closing, the most-traded European route container shipping futures contract rose 1.79% to 1,682 points. As of 11:40 on August 7, some futures midday quotes: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was at 160 yuan/mt, up 70 yuan/mt from the previous trading day; standard-quality copper was at a premium of 60 yuan/mt, up 50 yuan/mt from the previous trading day; SX-EW copper was at 0 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 108,355 yuan/mt, up 455 yuan/mt from the previous trading day, and the average price of SX-EW copper was 108,245 yuan/mt, up 425 yuan/mt from the previous trading day... Macro Front China: [Over 30 trillion yuan! China's goods trade imports and exports continued their growth trend in the first seven months of this year] The General Administration of Customs released statistics today showing that in the first seven months of this year, China's goods trade imports and exports totaled 30.13 trillion yuan, up 17.3% YoY, continuing a strong growth trend. Exports reached 17.44 trillion yuan, up 14%; imports reached 12.69 trillion yuan, up 22%. In July, total imports and exports reached RMB4.66 trillion, up 19.2% YoY. Of which, exports stood at RMB2.71 trillion, up 17.8% YoY, and imports were RMB1.95 trillion, up 21.2% YoY. [National Energy Administration: Increase Independent R&D of Key Power Equipment, Promote Breakthroughs in Key Technologies Such as Power Chips and UHV Components] The National Energy Administration issued the "Power Production Safety '15th Five-Year' Action Plan". It mentioned strengthening "AI+" safety governance, innovating high-precision fault prediction and health management methods for equipment, promoting the embedding of AI technology into intelligent safety tools, and researching AI large model-based decision support technology for power production safety. Increase independent R&D of key power equipment, strengthen R&D of new-type protective materials, establish a special plan for tackling core component technologies in power equipment, and promote breakthroughs in key technologies such as power chips and UHV components. Promote innovation in safety and quality control technologies for power construction projects, research and build an intelligent supervision system for power construction projects, and use AI, big data and other means to strengthen off-site supervision and quality monitoring of key power projects. (National Energy Administration) [General Administration of Customs: Cumulative Integrated Circuit Exports Up 99.5% YoY, January-July] Data released by the General Administration of Customs showed that China's integrated circuit export value reached $38.74 billion in July, and the cumulative export value from January to July reached $216 billion, up 99.5% YoY. (Jinshi Data APP) [PBOC Open Market Operations Net Drain of RMB133 Billion on the Day, Net Drain of RMB1,225.5 Billion for the Week] The PBOC conducted a 7-day reverse repo operation of RMB1 billion today, and as RMB134 billion of 7-day reverse repos matured, a net drain of RMB133 billion was realized on the day. This week, the PBOC conducted 7-day reverse repo operations of RMB176.5 billion, overnight reverse repo operations of RMB300 billion, and outright reverse repo operations of RMB500 billion. As RMB116.5 billion of 7-day reverse repos and RMB900 billion of overnight reverse repos matured this week, a net drain of RMB1,225.5 billion was realized for the week. (Jinshi Data APP) US dollar: As of 11:40, the US dollar index rose 0.02% to 99.96. The market is eyeing US non-farm payrolls data for clues on the interest rate outlook. According to the CME "Fed Watch": the probability that the Fed will keep interest rates unchanged in September is 45%, and the probability of a cumulative 25-basis-point rate hike is 55%. By October, the probability of unchanged rates is 31%, a cumulative 25-bp hike is 51.9%, and a cumulative 50-bp hike is 17.1%. (Jinshi Data App) US Fed’s Musalem: The current inflation rate remains well above the US Fed’s 2% target. Monetary policy must effectively curb underlying inflation rather than tolerate current high inflation in hopes of future productivity gains. US Q2 labour productivity increased faster than expected, mainly because enterprises sought to ease pressures from rising costs. Data released on Thursday showed Q2 nonfarm productivity grew at an annualised rate of 1.4%, above the upwardly revised 0.8% increase in Q1, and also exceeded market expectations. Meanwhile, unit labour costs rose 1.3%, below expectations. US Fed officials, investors, and economists have been looking for signs that hundreds of billions of dollars in AI investment are boosting labour productivity. However, since official data fluctuates greatly from quarter to quarter, it will still take time to observe clear trends. Labour costs are one of the largest expenditure items for many enterprises, and efficiency gains can allow wages to rise without fuelling inflation. In the long term, higher productivity helps improve living standards, but some economists worry that if AI-driven productivity growth persists, some enterprises may delay hiring or even cut staff. Q2 productivity growth was supported by the strongest output expansion since Q3 2025, while the increase in hours worked was more moderate. (Jinshi Data App) Data: Today will see the release of France’s Q2 ILO unemployment rate, Germany’s June seasonally adjusted industrial output m/m, Germany’s June seasonally adjusted trade balance, the UK’s July Halifax seasonally adjusted house price index m/m, France’s June trade balance, Switzerland’s July consumer sentiment index, Canada’s July employment change, the US July unemployment rate, the US July seasonally adjusted nonfarm payrolls, the US July average hourly earnings y/y, the US July average hourly earnings m/m, the US July New York Fed 1-year inflation expectations, China’s July US dollar-denominated trade balance, China’s July foreign exchange reserves, and China’s July trade balance. Watch for: 2028 FOMC voter and St. Louis Fed President Musalem speaks on the US economy and monetary policy; 2027 FOMC voter and Richmond Fed President Barkin speaks. Crude oil: As of 11:40, both oil prices rose, with WTI up 1.01% and Brent up 1.06%. Market concerns over the shipping outlook through the Strait of Hormuz supported prices. According to preliminary US government data, US crude oil imports from Saudi Arabia fell to zero in July this year, the first time since 1985 that there were no Saudi crude imports for an entire month. Data released by the US Department of Energy (DOE) on Wednesday local time showed that Saudi crude oil shipments to the US had completely halted in July. Considering that US refineries had been purchasing more than 800,000 barrels per day of Saudi crude earlier this year, this drop was significant. As the closure of the Strait of Hormuz and other war-related supply disruptions pushed up crude prices linked to the global benchmark, US refineries had been seeking alternative supplies to Saudi crude. Saudi crude deliveries to the US had historically dropped to zero in isolated weeks, but July was the first time in over 40 years that the entire month fell to a minimum level. According to Kpler data, US crude oil imports from Saudi Arabia are expected to recover to around 300,000 barrels per day this month, in line with recent historical norms. (Jin10 Data APP) Saudi Arabia lowered its main crude prices for Asia, while negotiations were underway on a deal aimed at easing shipping pressures in the Strait of Hormuz. Despite Houthi threats jeopardizing an alternative route for eastbound crude shipments via the Red Sea, Saudi Arabia still lowered prices. A price list showed that Saudi Aramco cut the price of Arab Light crude for delivery to Asian clients next month by 50¢ per barrel, to $2 per barrel below the regional benchmark. A previous survey showed that traders had expected Saudi Aramco to keep its flagship crude prices unchanged. This week, global benchmark Brent crude prices fell sharply, currently trading near $80 a barrel. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ► ►

SMM August 6 News: Germanium ingot in the spot market, driven by tight raw material supply, saw its price edge up slightly; leading tungsten enterprises slightly raised their long-term contract quotations. Meanwhile, the US Department of Commerce's Bureau of Industry and Security (BIS) on August 6, 2026, formally published in the Federal Register the interim final rule "Allocation Order and Additional Requirements for Recyclable Critical Minerals and Materials," under the Defense Production Act (DPA) and a presidential determination on July 30, 2026, imposing mandatory domestic sales controls on two types of critical recycled minerals: shredded tungsten scrap and lithium battery black mass. The rule will take effect on August 27, 2026, and remain valid until August 27, 2027, intensifying concerns about tight tungsten raw material supply outside China. As of now, activity in domestic spot tungsten transactions has shown some rebound, and the transaction center for spot tungsten ore orders has edged up slightly. Secondary market sentiment heating up boosted the minor metal sector, which collectively strengthened. As of the close on August 6, the minor metals sector rose by 2.08%. In terms of individual stocks: Yunnan Germanium surged over 8%, while China Tungsten High-Tech, Xianglu Tungsten, Xiamen Tungsten, Haotong Technology, and Orient Tantalum led the gains. Spot Market Germanium Order to View SMM Historical Metal Spot Prices Germanium is a strategic rare metal with a highly concentrated global supply structure. The ongoing implementation of domestic resource controls and frequent geopolitical disruptions outside China, combined with the normal enforcement of export control policies, have collectively reinforced supply tightening expectations. Currently, low-priced supply in the market is scarce, and downstream just-in-time procurement must accept high-priced materials, causing germanium ingot prices to edge up on August 6. Meanwhile, overall stable demand from end-use industries has provided support for the continuous rise in germanium prices this year. Tungsten Order to View SMM Historical Metal Spot Price Trends Currently, the tungsten ore market is operating steadily. A large tungsten enterprise slightly raised its long-term contract quotation, providing some support to market confidence. Meanwhile, the US Department of Commerce's Bureau of Industry and Security (BIS) on August 6, 2026, formally published in the Federal Register the interim final rule "Allocation Order and Additional Requirements for Recyclable Critical Minerals and Materials," under the Defense Production Act (DPA) and a presidential determination on July 30, 2026, imposing mandatory domestic sales controls on two types of critical recycled minerals: shredded tungsten scrap and lithium battery black mass. The rule will take effect on August 27, 2026, and remain valid until August 27, 2027, which has escalated market concerns about tight tungsten raw material supply outside China. As of now, activity in domestic spot tungsten transactions has shown some rebound, and the transaction center for spot tungsten ore orders has edged up slightly. On the domestic front, the market is reassessing the impact of the "Opinions of the National Mine Safety Administration on Standardizing Construction Teams for Metal and Non-Metallic Mine Mining (Stripping)" on the non-coal mining industry. The document requires that by May 1, 2027, for underground mines and by May 1, 2028, for open-pit mines, one of two options must be chosen: ① establish an in-house mining team; ② engage in compliant integrated contracting; fragmentary subcontracting and layered transfers are prohibited, and labor dispatch is strictly banned. Mines failing to complete rectification by the deadline will be ordered to suspend production for rectification. Domestic tungsten mines are primarily underground, with the vast majority of wolframite extracted through underground mining, and some scheelite extracted through both open-pit and underground methods. In tungsten-rich regions such as Jiangxi and Hunan, a large number of small and medium tungsten mines have long been highly dependent on external contracted mining teams. The implementation of the new regulation will impose tangible constraints on tungsten ore supply, production costs, and the operations of small and medium mines. Recently, the spot tungsten ore market has started to become more active, with traders actively entering the market, while downstream smelters continue to maintain a wait-and-see sentiment. Overall, market sentiment has eased amid frequent mining policies and intensive safety inspections in Yunnan, Jiangxi, and Henan. Supply-side disruptions have increased, and if demand shows mild entry, the tungsten market is expected to see a turnaround. Institutional Voices Guojin Securities research report believes: Tantalum: Global tantalum resource supply is highly concentrated and frequently disrupted, while development of AI servers and advanced semiconductor manufacturing is expected to continue driving demand growth in tantalum capacitors, tantalum targets, and other areas. Against the backdrop of ongoing supply constraints and gradual demand release, the tantalum market is expected to shift from supply-driven to supply-demand resonance, pushing the tantalum price center further upward. Related equities: Oriental Tantalum, Guotai Group, Ximei Resources, Xinjinlu, Jiangwu Equipment. Minmetals Securities research report points out: Germanium accounts for 60% of applications in optical communications and satellite photovoltaics, making it an "AI computing power + space energy" metal. With its excellent refractive index control capability and radiation resistance, germanium has become a critical material for AI data center optical interconnects and low-earth orbit satellite photovoltaic systems. Looking at changes in demand structure, from 2020 to 2026, downstream germanium consumption grew from 160 mt to 240 mt, with optical communications' share rising to 40% and satellite photovoltaics' share to 20%, together accounting for 60% of total downstream demand. It is expected that 90% of demand growth contributions in 2027 will come from two high-boom sectors: AI hardware and satellite photovoltaics. Caitong Securities research report shows: With the explosive demand for AI computing power, the market size of indium phosphide, used as a chip substrate material, will continue to expand. Indium resources are scarce and subject to policy restrictions, and product prices have entered an upward channel. High-purity red phosphorus is a critically important semiconductor base material with high purification technology barriers. Against the backdrop of accelerated AI application deployment driving related infrastructure construction, the indium phosphide substrate industry chain is expected to see dual opportunities from demand growth and domestic substitution. Investors are advised to follow related enterprises with resource and technology advantages in indium phosphide, indium, and high-purity red phosphorus. Datong Securities research report shows that minor metals have embarked on an independent upward trend, with supply tightening and strategic attributes driving a valuation re-rating. The rare earth sector is front-running expectations of new regulations, with Myanmar ore imports disrupted and Pr-Nd oxide seeing tight spot supply and soaring prices. In tungsten and antimony, declining ore grades combined with environmental protection-driven production restrictions have widened supply gaps, while demand from photovoltaics and cemented carbides remains firm even in the off-season, with inventories at low levels. AI computing power and the communications industry are driving demand for gallium and germanium, and coupled with export control policies, overseas stockpiling has widened price spreads between Chinese and overseas markets. Scarce resources and financial attributes resonate, and the sector continues to attract capital favor.