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BlockBeats News, June 1st - Today, Goldman Sachs released a comprehensive global semiconductor storage industry report, officially announcing a substantial increase in the target prices of SK Hynix, Samsung Electronics, and Kioxia. SK Hynix's target price has been raised to the range of 3.3 to 3.5 million South Korean Won (implying approximately 53% upside), Samsung Electronics' target price has been raised to 480,000 South Korean Won (implying approximately 60% upside), and Kioxia's rating has been upgraded to "Buy" with a 12-month target price set at 93,000 Japanese Yen. The core logic behind this upward revision lies in a historic shift in the storage industry's valuation framework — Goldman Sachs believes that the sustained demand being driven by AI, supply constraints, and the proliferation of Long-Term Agreements (LTAs) are driving the storage industry's transformation from a highly cyclical commodity track to an AI infrastructure track with predictable profitability. The industry benchmark has officially switched from Price-to-Book (P/B) ratio to Price-to-Earnings (P/E) ratio, currently anchored at around 9 times P/E. The report also significantly raised its supply-demand gap forecast, predicting that the supply shortage in the three major categories of DRAM, NAND, and HBM will persist until 2028. Among them, the shortage of HBM is most severe, with the market size in 2027 being revised up by 54% to $116 billion. Previously, Morgan Stanley and JPMorgan had already pointed out that the widespread implementation of LTAs is transforming the cyclical business of storage giants into a technology infrastructure with a stable cash flow profile. The current forward P/E ratio of only 7.3 times is at a 50%-80% valuation discount compared to TSMC, presenting a historic opportunity for narrowing the discount. However, Goldman Sachs also cautioned that the only solid evidence that can support the new valuation framework lies in the tangible prepaid assets on the balance sheet and legally locked-in deferred revenue obligations. Otherwise, the narrative spanning cycles may still fall into the trap of forward agreements becoming worthless as seen in 2017.

Foresight News reported that according to an announcement from Tianya Community, Tianya Community has launched the “Tianya Restarter Digital Badge” on AntChain, with a total issuance of 9,999 badges. The “Tianya Restarter Digital Badge” is included in the New Tianya Genesis Member Product Service Pack, each priced at 1,999 yuan. All proceeds will be used for Tianya Community data preservation, restoring access, and implementing subsequent New Tianya plans. Additionally, the service pack includes: Tianya Ke premium membership gift box, 10 years of free reading access to the official Tianya legendary posts paid section, Tianya Meta Space, Tianya Time Capsule and historical data downloads, digital wallet, 10 years of premium membership discounts for Tianya Ke, and 1,999 Tianya Gold Beans (1 Gold Bean = 1 yuan in consumption value, valid permanently). The main functions of the “Tianya Restarter Digital Badge” include compliance alliance chain certification (minted on AntChain, granting community governance voting rights and offline culture-tourism consumption benefits), badge display (the upcoming version will launch the badge display feature, allowing users to choose whether to publicize the badge number; in the future, the badge will also be displayed synchronously on the main site and overseas Tianya platforms), and badge transfer rules (this badge is the sole credential for New Tianya Genesis Member status, supports compliant transfers, and core identity and governance rights transfer together with the badge; transfers are limited to three times per year. Badge transfers must be securely completed via nationally compliant cultural property trading institutions or officially designated compliant platforms, and gas fees arising from holding or transferring are covered by the official team).

According to Odaily, cryptocurrency analyst botblastcap posted on X to analyze the Hyperliquid ETF (HYPG) application already submitted by Grayscale. botblastcap stated that the listing of HYPG may not have as strong a direct impact on the price of HYPE as the market expects, because a large amount of tokens has already been injected through private transactions in advance (i.e., the previously disclosed 2 million HYPE seed capital investment). On the day the ETF is launched, the spot market buying pressure will be lower than many people anticipate. However, from a medium- to long-term perspective, this remains a very favorable event, as it implies deeper liquidity, stronger institutional participation, and potential ongoing incremental buying in the future. Previously, it was reported that Grayscale has submitted the fourth amended filing for the Hyperliquid ETF and plans to provide about 2 million HYPE as seed capital investment.