China's STAR 50 Index extended losses to 2%, trading at 1,715.63 points.

NVIDIA (NVDA.O): ANTHROPIC, OpenAI, SpaceXAI, ByteDance, CoreWeave (CRWV.O) and Oracle Cloud Infrastructure plan to adopt NVIDIA’s Vera chips.

China Merchants Securities says loom capacity is shifting to high‑end production, keeping electronic yarn and fabric prices elevated. It forecasts peak prices for standard 7628 electronic fabric of 7.5-8.0 yuan/m by 2026. High‑end product supply remains tight and short‑term demand exceeds supply. Strong demand growth, inelastic supply, leading firms expanding high‑end capacity and low‑end conversion/upgrades support a clear cyclical upswing with concurrent volume and price gains. Near term, high‑end capacity bottlenecks should keep prices elevated; medium‑to‑long term, leaders’ technology and cost advantages will sustain capacity expansion and raise the industry’s profit baseline.