According to BlockBeats, on July 2nd, Hyperinsight monitoring showed that Hyperliquid's total transaction volume in the past 24 hours was approximately $9.19 billion, of which the Builder channel contributed approximately $776 million, accounting for 8.4% of the total transaction volume, making it a third-party traffic entry point worth continued monitoring.

Phantom contributed approximately $138 million in transaction volume in the past 24 hours, accounting for 17.5% of the Builder channel's transaction volume; Invo ranked second with approximately $65.92 million, accounting for 8.4%; Rabby and Insilico accounted for 8.2% and 8.0% respectively. In addition, the other 387 long-tail Builders contributed a total of approximately $264 million in transaction volume, accounting for 33.5%.

Over the past seven days, Hyperliquid Builder's ecosystem generated approximately $1.4 million in transaction fees, covering about 56,000 users. Within the channel, Phantom remains the highest-grossing Builder, while Invo has surpassed it in terms of user numbers.

Phantom contributed approximately $374,300 in transaction fees over the past seven days, accounting for 26.7% of Builder's total revenue, maintaining its leading position; MetaMask ranked second with approximately $198,100; and Invo ranked third with approximately $117,600.

Invo gained approximately 15,000 users in the past 7 days, accounting for 26.1% of Builder's total users, surpassing Phantom's approximately 9,000 users; during the same period, Invo's user base grew by approximately 35.2%, while Phantom's user base declined by approximately 5.3%.

According to BlockBeats, on July 2nd, Goldman Sachs' market strategy team believes that the rise in US stocks remains inseparable from AI infrastructure. While the S&P 500 continues to hit new highs, the forces driving the index forward are uneven, with AI-related sectors remaining the most important engine.

In a client note, Goldman Sachs' Tony Pasquariello stated that if the S&P 500 closes above 7530 points at the end of the year, it will achieve four consecutive years of double-digit gains. This is extremely rare in index history; the last time a similar performance was seen was during the tech bull market of 1995-1999.

However, this rally is highly concentrated in a specific sector. Goldman Sachs data shows that the strongest performing sector this year is primarily AI infrastructure. Related stocks such as memory chips, data centers, and AI semiconductors have significantly outperformed the broader market. This indicates that the market is not experiencing a broad-based rally, but rather is driven by a group of stocks most directly related to AI capital expenditure.

This structure has two sides. On the positive side, as long as AI orders, profits, and capital expenditure expectations continue to materialize, the market will still have upward support. AI infrastructure is not only driving up tech stocks but also spreading to sectors such as power equipment, industrials, materials, and data center real estate. On the negative side, the more the index relies on a few key themes, the more sensitive the market will be to changes in AI expectations.

Goldman Sachs believes that AI remains the core driver of US stock market growth, but also a potential source of volatility. If investors continue to believe that AI capital expenditures will translate into profits, the concentrated rally can continue; if the market begins to question returns, the most crowded AI infrastructure stocks may be the first to come under pressure, dragging down overall market risk appetite.