CSRC opened a formal investigation into an individual surnamed An for allegedly fabricating and disseminating false information about Offcn Education.

US stocks at the open: Dow Jones Industrial Average +0.09%, S&P 500 -0.22%, Nasdaq Composite -0.60%. Semiconductor names extended declines: SanDisk (SNDK.O) -6.5%, Western Digital (WDC.O) -6.7%, Micron Technology (MU.O) -6.07%. SpaceX (SPCX.O) fell 1.7%; it was officially added to the Nasdaq-100 today.

The Wall Street Journal reports AI leaders are offering large free compute and API/token credits to capture startup share; some startups say they have received more than $3m in combined cloud and token credits, roughly equivalent to a US median seed round. OpenAI: Y Combinator startups offered $500k in free token credits with no equity; startups may be offered an additional $1.5m token credit in exchange for equity (OpenAI previously ran a $2m-for-equity offer). OpenAI is also offering bulk discounts to promote Codex and markets ChatGPT Pro 20x at $200/month with up to about $14k of API token usage. Anthropic: Y Combinator startups now receive $500k in free API credits with no equity (previously $30k); the firm is running enterprise promotions and one‑off bonuses. Claude Max priced at $200/month with up to about $8k of API token consumption. Google: up to $500k in cloud credits, Gemini early access and DeepMind engineering support for startups. Microsoft and Amazon Web Services: both extend startup-specific offers including cloud resources and technical support. Cursor: offering a 75% discount as of July 5.