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2 national blockchain key R&D core members, 3,000 projects in 10 years, popular science column.

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RWA Leading Sector Overview Recently, the US stock market has been very volatile. Last night, US stocks hit new highs again, but this did not boost Bitcoin. I originally expected that since US stocks could rise, they would more or less drive some momentum for Bitcoin, but Bitcoin underperformed and showed weakness. Currently, the sectors performing well in the crypto space are AI and RWA-related, which are still influenced by the US stock market. Below is a dashboard of the RWA sector from defilama, with very comprehensive data. Overview The total RWA volume is 27 billion, with the DeFi sector at 2.59 billion. Among them, bonds account for 15.3 billion, precious metals 5.6 billion, private credits 2.66 billion, public equities 2.2 billion, and there are many other smaller categories which you can check out yourself. By blockchain: Ethereum ranks first with 15.2 billion, BSC second with 3.5 billion, and Solana third with 2.19 billion. So don’t think Ethereum is underperforming; even in RWA it leads by a wide margin. Why do most assets choose Ethereum? Not because of speed, but because it is more secure. By platform: The top is Securitize, a name that might not be very familiar, but it is currently the largest RWA tokenization platform, with SEC and BlackRock compliance endorsements! The current RWA volume is 4.1 billion. This company is likely preparing for a Nasdaq IPO, so it hasn’t issued tokens yet. After the IPO, you can pay attention to its stock! Second is Tether, the largest stablecoin. Third is Circle, fourth is ONDO, fifth is Maple, sixth is Paxos (which issues on-chain gold), seventh is Xstocks (on-chain US stocks, mentioned before), and eighth is Spiko, the European version of Securitize, focusing on on-chain money market funds, also a traditional institution transitioning, so it likely won’t issue tokens. From this, we should focus on CRCL, ONDO, and Maple. Currently, ONDO and Maple’s token prices are performing well, which is the big trend! Looking at detailed categories, we saw that bonds rank first in RWA. Within this category, most are stablecoin-based. A key point is Centrifuge, which we mentioned before as doing private credit; unexpectedly, it has also crossed into bonds and ranks fourth, so it deserves attention. In the precious metals category, most are gold-related. The major players are Tether and Paxos, both of which we have discussed before. In private credits, Maple ranks first and second, and Hastra third; this is US consumer credit RWA, such as mortgages and auto loans. In public equities, these are on-chain stock tokens, mainly ONDO and Xstocks. There are other smaller categories which you can explore if interested. In summary, the RWA sector has developed steadily over the past few years. First, stablecoins are definitely a direction, with the giant effect becoming more obvious, so focus on Tether and CRCL. Then there are bonds and US stock-related sectors, so focus on ONDO and Maple; Xstocks has not issued tokens. #纽交所母公司授权OKX推出原油合约 $ONDO $CFG $SYRUP

Is Intel hopeless? Today, let's continue talking about Intel in the US stock market. Recently, its stock price has actually performed very well, rising from about $20 in mid-2025 to $120 now, roughly a 6-fold increase. Actually, from the high point of $65 in 2021 until 2025, Intel performed very poorly. While the "7 sisters" were crazily rising from 2021 to 2025, Intel lagged behind, but it has recently started to rise again. Why is that? Previously, when we talked about TSMC, we mentioned advanced process technology, which is currently the world's leading. Intel has clearly fallen behind in this area, having chased the 2nm level for 10 years without catching up. Intel specializes in CPUs. When you buy a computer, it probably has an Intel Core i5 or i7 label. Intel used to be the undisputed king in CPUs. Currently, the PC industry itself is basically saturated with little growth space, plus AMD's encroachment—for example, AMD's EPYC series offers lower power consumption and stronger computing power in many scenarios, so the CPU business development is mediocre. Then, in the AI era, Intel bet on the wrong direction, which is its most fatal mistake! Intel believed the CPU would still be the core of the AI era, but Nvidia's Jensen Huang said the GPU is, and as a result, Nvidia has become the company with the highest market value currently. Next, let's look at the financial data: Market cap is 600 billion. Since 2021, annual revenue and net profit have been continuously declining. Revenue was $79 billion in 2021 and dropped to $52 billion in 2025. Net profit has also been continuously declining, with net income of $19.8 billion in 2021, only $1.9 billion in 2023, and -$18.7 billion in 2024. (This loss mainly comes from a one-time large non-cash accounting write-off and restructuring costs in Q3, mainly depreciation of old equipment, a division asset restructuring, plus investment in factory construction.) So, over the past 4-5 years, Intel has been transforming. In 2021, its CEO said, "to become a world-class manufacturing company again," aiming to build its own wafer foundry, not only designing but also manufacturing. Currently, all advanced process technologies are abroad, such as TSMC and Samsung, and the US has no advanced manufacturing of its own. So, as early as 2022, the US signed the CHIPS Act to support domestic chip manufacturing. Moreover, this US administration especially supports Intel because when Trump took office, he promoted bringing manufacturing back to the US, making it great again! Therefore, in the semiconductor field, Intel is the only player. It is not only a commercial company but also bears the most important part of the "US semiconductor strategic asset"—rebuilding advanced US manufacturing! Intel has also received a large amount of subsidies. So although Intel's financial data currently looks very bad, it is the national team supported by the US government, and the country will not let it fail. Imagine a company supported by an entire country; even if it seems hopeless, it won't be that bad (short-term stock price is indeed pumped). From the financial data, its Intel Foundry business is indeed growing, with $17 billion revenue in 2024-2025. Although many of these businesses are said to be allocated by the US government, well, it's "government-supported"! Risks: 1. The biggest risk now is whether it can catch up with TSMC's advanced process technology. Although the slogans are loud, the results are mediocre! The market has heard "the wolf is coming" too many times, so trust has declined. 2. Can its foundry get customers? Currently, most are government-mandated. If the technology can't keep up later, it still won't work. You have to forge your own iron. 3. If GPU demand explodes in the future AI era, CPUs may be completely marginalized! In summary, although Intel is currently strongly pushed and guaranteed by the US government, most likely the result will be a "greenhouse flower." I think this is very worrying. Like Huawei in China, which was choked off but survived without much state intervention or protection, it must adapt to the environment itself rather than rely solely on protection, which is useless. Intel is already at 600 billion; I don't think it will reach 1 trillion. Most likely, it will remain hopeless because if after 2-3 years of support there is no improvement, continuous support is unlikely. $INTC $BTC $ETH