The U.S. Treasury said it may use about $950 billion from its general account to repurchase bonds, helping push the 10-year Treasury yield down 4 basis points to 4.70%. Treasury Secretary Bessent is due to announce details of sanctions against Iran at 2 a.m. Beijing time and described the United States as entering a decisive phase, calling the coming campaign an unprecedented financial offensive against a hostile force. Nvidia is reportedly discussing an investment of more than $30 billion in AI startup Perplexity at a valuation above $30 billion, along with a possible technology licensing agreement. Xpeng’s robotics division raised more than $900 million, setting a new record for a single private financing in China’s embodied-intelligence sector, with participation from IDG, Tencent and Alibaba. Alibaba executives Joseph Tsai and Wu Yongming each bought Alibaba shares worth HK$80 million and HK$40 million, respectively, after the company announced an HK$80 billion share placement the previous day. SK Hynix said future AI development will depend not only on HBM (high-bandwidth memory) but also on packaging technology, and is developing hybrid-bonding packaging for stacks of 20 or more layers. A Micron researcher warned that the memory wall remains: AI accelerator computing performance is tripling every two years, while HBM growth is still below a doubling over the same period, potentially worsening memory shortages. Goldman Sachs raised its global semiconductor equipment spending forecasts for 2026, 2027 and 2028 to $150 billion, $218 billion and $281 billion, respectively, while maintaining a bullish stance on the semiconductor equipment sector.