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Asian companies raised over $83 billion in cumulative financing in July, Morgan Stanley bullish on H2 capital markets
According to Bloomberg data, Asian companies raised over $83 billion in cumulative financing in July through IPOs, targeted placements, and block trades, setting a new monthly record. Among them, South Korean chip giant SK Hynix raised $26.5 billion through a U.S. listing, becoming the largest financing deal.Equity financing activity in Asia remained active in August, with the Indian government selling shares in state-owned insurance giant LIC to raise $3.3 billion. Cathy Zhang, Head of Asia-Pacific ECM at Morgan Stanley, said: "We remain bullish on the capital markets outlook for the second half of this year, particularly in Hong Kong, Mainland China, and Taiwan." She expects multiple deals exceeding $1 billion to launch in the coming months, primarily focused on consumer internet, industrial technology, and AI-related sectors. (Bloomberg)
August
Pacific
昨日比特币现货 ETF 净流入 1.29 亿美元
According to Trader T data, yesterday's total net inflow for US Bitcoin spot ETFs was $128.69 million. Among them, BlackRock's IBIT had a single-day net inflow of $128.33 million, ranking first; Fidelity's FBTC had a net inflow of $11.2 million, and Morgan Stanley's MSBT had a net inflow of $14.94 million. In addition, Grayscale GBTC and Grayscale Mini Bitcoin Trust had net inflows of $7.48 million and $6.83 million, respectively.
Bitcoin
Grayscale
IBIT
InfinityBit
贝莱德
Morgan Stanley: Cloud Giants' Growth Rate Surges to 48%, DDOG and Others Face Test of High Expectations
According to TechFlow Research, Morgan Stanley's research report on August 6 pointed out that the combined growth rate of the three major cloud vendors in Q2 jumped from 39% to 48%, accelerating for five consecutive quarters. AWS grew 37% (fastest in 18 quarters), Azure increased 43%, and Google Cloud increased 82%. AWS's AI annualized revenue has exceeded $25 billion, with triple-digit growth. Azure's PostgreSQL revenue increased 55% (accelerating for three consecutive quarters), and Fabric paying customers exceeded 40,000, up 60%. Morgan Stanley believes AI consumption is driving core infrastructure demand, creating a positive backdrop for DDOG, SNOW, and MDB. However, expectations are also rising simultaneously. Market expectations for DDOG's Q2 growth rate are 35% to 36%, with valuation corresponding to approximately 69 times 2028 FCF; any signal below expectations could be amplified. Most of SNOW's consumption comes from AWS, and cloud acceleration is a positive signal for product revenue. MDB is unlikely to see an AI inflection point in the short term, but competitive pressure is increasing. Morgan Stanley maintains an Overweight rating on all three companies, with target prices of $300, $300, and $380 respectively. Whether demand exists no longer needs verification; the question the market needs to ask is whether demand is good enough to support current valuations.
Agentwood Studios
August
Fabric
Fabric
Fabric
Market
Morgan Stanley: Memory Chip Cycle Slows But AI Demand and LTA Reshape Long-Term Value
According to TechFlow Research, Morgan Stanley's latest research report in August indicates that the Q3 DRAM contract price quarter-over-quarter increase has fallen from an expected 20% to 15%, memory module inventory has risen to 12.5 weeks, and signs of weakness have emerged in China's consumer electronics demand. However, Morgan Stanley believes this is merely a normal cyclical slowdown, not a trend reversal. The capex growth rate of the four major cloud vendors was adjusted up from 14% to 29%, and AI demand remains strong. Samsung aims to place 60% to 70% of its capacity under long-term agreements, SK Hynix has completed LTA negotiations with approximately 10 clients, and Micron's 16 agreements cover approximately $100 billion in minimum revenue. Morgan Stanley maintains an overweight rating on Samsung and SK Hynix, with target prices of 381,000 won and 2.6 million won respectively, implying 74% to 84% upside potential. Samsung's current stock price corresponds to an expected P/E ratio of about 5x for 2026, while SK Hynix is about 5.8x. Morgan Stanley believes LTAs are changing industry earnings visibility; the market has not yet assigned a premium to LTA-supported earnings. If LTAs verify downside protection, the memory valuation system may be reshaped.
August
Long
Memory
Yesterday, US Bitcoin spot ETFs recorded a net inflow of $244 million.
According to Trader T data, the total net inflow for US spot Bitcoin ETFs yesterday was $244.42 million. Among them, BlackRock IBIT ranked first with a net inflow of $196.83 million; Ark ARKB had a net inflow of $37.63 million, Fidelity FBTC $11.28 million, Bitwise BITB $10.56 million, and Morgan Stanley MSBT $2.79 million.
Ark
Ark
Bitcoin
Bitwise
IBIT
InfinityBit
Morgan Stanley: US Plans to Restrict Chinese Optical Module Components, Coherent and Other Non-Chinese Suppliers Face Substitution Window
According to TechFlow Research, Reuters reported on August 4 that the Trump administration and the FCC are preparing to restrict Chinese data center components from entering the US, with optical modules specifically mentioned. Morgan Stanley pointed out in a research report on the same day that Zhongji Innolight and Eoptolink collectively account for approximately 50% of the optical module market share; if the ban is implemented, this portion of demand will shift to non-Chinese suppliers. Coherent (COHR) is the biggest beneficiary, Lumentum (LITE) indirectly benefits from the continued tight supply of EMLs, and Applied Optoelectronics (AAOI) and Fabrinet (FN) also have the capacity to absorb the demand. Morgan Stanley believes the short-term implementation of the ban faces two major bottlenecks: non-Chinese manufacturers' capacity cannot quickly fill the demand gap; Indium Phosphide (InP) substrates rely on China's AXTI, with Lumentum having just signed a new supply agreement last week and one of the purposes of Coherent's CEO visiting China several months ago being to secure InP supply. The ban will cause a supply shock in the short term but is beneficial for the restructuring of the non-Chinese supply chain in the long term.
August
Coherent
EML Protocol
Fishcake
Freechat
Yesterday Ethereum Spot ETF Net Inflow Was $53.75 Million
According to monitoring data from Trader T (@thepfund), Ethereum spot ETFs recorded a net inflow of $53.75 million yesterday, with BlackRock's ETHA leading at $42.46 million, Fidelity's FETH seeing an inflow of $9.34 million, Bitwise's ETHW seeing an inflow of $1.34 million, and Morgan Stanley's MSSE seeing an inflow of $0.61 million; all other products recorded no net inflows for the day.
Bitwise
ETHA Lend
Ethereum
EthereumPoW
Inflow
Inflow
Yesterday, Bitcoin spot ETFs recorded a net inflow of $211.5 million.
According to monitoring data from Trader T (@thepfund), Bitcoin spot ETFs recorded a net inflow of $211.5 million yesterday. BlackRock's IBIT led with $170.4 million, Fidelity's FBTC saw an inflow of $19.58 million, Ark's ARKB saw an inflow of $9.17 million, Bitwise's BITB saw an inflow of $8.72 million, and Morgan Stanley's MSBT saw an inflow of $3.68 million; products from Invesco, Franklin, Valkyrie, VanEck, WisdomTree, and Grayscale recorded no net inflows on the day.
Ark
Ark
Bitcoin
Bitwise
Franklin
Grayscale
Korea Launches AIDC Alliance, Plans to Build 18.4GW AI Data Center Infrastructure
Odaily News The Ministry of Science and ICT and other relevant government agencies, together with industry players, established the AIDC Alliance on July 29, with plans to cultivate Korea's AI data center ecosystem as a national strategic industry. The initiative includes building 18.4GW of AIDC infrastructure, cross-ministerial financial support, and the formation of a working group to promote packaged exports for global industrialization. Morgan Stanley recently defined AI infrastructure as a system comprising seven value chain segments: semiconductor processes, NPUs, CXL and memory server components, server integration, networking, internal power and liquid cooling, and external power and grid infrastructure. The Korean proposal suggests placing government-funded research institutions at the center of AIDC full-stack technology development and comprehensive pilot projects, with organizations such as KIST, ETRI, KISTI, KIMM, KERI, and KIER covering areas including semiconductors, AI chips, supercomputing, liquid cooling, power grids, and distributed power generation. The proposal also recommends designating the "K-AIDC Full-Stack Integrated Pilot Project" as the first national strategic research task following the abolition of the PBS system, aiming to develop a liquid-cooled, NPU-integrated, grid-connected modular AIDC reference system with over 50% domestic NPU adoption within three years, while establishing a nationally certified pilot center.
Center
Stack
Stack
Yesterday, Ethereum spot ETFs recorded a net outflow of $11.42 million.
According to Trader T data, US Ethereum spot ETFs recorded a total net outflow of $11.42 million yesterday. Among them, BlackRock ETHA had a net outflow of $9.03 million, Grayscale ETHE a net outflow of $7.84 million, and Fidelity FETH a net outflow of $930,000; meanwhile, BlackRock Staked ETHB recorded a net inflow of $5.78 million, and Morgan Stanley's MSSE a net inflow of $600,000, while fund inflows and outflows for other products remained roughly balanced.
ETHA Lend
Ethereum
Grayscale
Staked
贝莱德
Morgan Stanley Downgrades Circle Internet to Underweight, Cuts Price Target to $38
Odaily News: Morgan Stanley downgraded stablecoin issuer Circle Internet to Underweight and cut its price target from $106 to $38. The bank also lowered its supply forecast for Circle Internet's USDC stablecoin through 2028, citing weaker reserve income and an increasing share of low-margin revenue. Analysts noted that intensifying competition from tokenized cash products and new stablecoin models could pressure Circle Internet's profitability.
Circle
Price
Yesterday, Ethereum spot ETF net inflow was $7.39 million.
According to data from Trader T (@thepfund), Ethereum spot ETFs recorded a net inflow of $7.39 million yesterday, showing a significant recovery compared to the previous day (July 29 net outflow of $18.6 million). Among them, BlackRock ETHA led with an inflow of $16.24 million, Bitwise ETHW saw an inflow of $1.37 million, 21Shares TETH an inflow of $380,000, and Morgan Stanley MSSE an inflow of $410,000; Fidelity FETH had an outflow of $2.87 million, BlackRock staked ETHB an outflow of $5.9 million, VanEck ETHV an outflow of $700,000, and Grayscale ETHE an outflow of $1.55 million, with net inflows for other products at zero for the day.
21Shares
Bitwise
ETHA Lend
Ethereum
EthereumPoW
Grayscale
昨日比特币现货 ETF 净流入 2.3315 亿美元
According to data from Trader T (@thepfund), yesterday's Bitcoin spot ETF net inflow was $233.15 million, a significant increase compared to the previous day (July 29 net inflow of $32.1 million). Among them, BlackRock IBIT led with an inflow of $183.41 million, Bitwise BITB had an inflow of $20.74 million, Fidelity FBTC had an inflow of $15.5 million, Morgan Stanley MSBT had an inflow of $7.42 million, VanEck HODL and Grayscale Mini BTC each had an inflow of $2.29 million, Ark ARKB had an inflow of $1.5 million, and the net inflow for other products was zero for the day.
Ark
Ark
Bitcoin
Bitwise
Grayscale
IBIT
Amazon will announce its second-quarter earnings after the US stock market closes, with AWS cloud business and capital expenditure becoming market focuses
Amazon will announce its second-quarter 2026 earnings after the US stock market closes. According to LSEG data, the market expects the company's revenue to be $196.47 billion, with earnings per share of $1.82. Among this, AWS cloud business revenue is expected to reach $40.54 billion, and advertising business revenue is estimated at $19.43 billion.The market is also closely watching Amazon's AI infrastructure investment progress. The company previously maintained its 2026 capital expenditure guidance of approximately $200 billion, but after Alphabet raised its full-year capital expenditure expectations, multiple institutions anticipate that Amazon may also increase its full-year capital expenditure target. Morgan Stanley estimates that Amazon's capital expenditure will reach $218 billion this year, and is optimistic about AWS maintaining long-term growth driven by collaborations with OpenAI, Anthropic, and others.
Agentwood Studios
昨日以太坊现货 ETF 净流出 1860 万美元
According to data from Trader T (@thepfund), Ethereum spot ETFs saw a net outflow of $18.6 million yesterday. Breaking down by product, Morgan Stanley's new product MSSE recorded a net inflow of $14.3 million on its first day, and BlackRock's ETHA had a net inflow of $5.2 million; Fidelity's FETH saw a net outflow of $16.1 million, Grayscale's ETHE had a net outflow of $9.7 million, Grayscale Mini ETH had a net outflow of $8.1 million, 21Shares' TETH had a net outflow of $2.8 million, and Bitwise's ETHW had a net outflow of $1.4 million.
21Shares
Bitwise
ETHA Lend
Ethereum
EthereumPoW
Grayscale
昨日比特币现货 ETF 净流入 3210 万美元
据 Trader T（@thepfund）数据，昨日比特币现货 ETF 净流入 3210 万美元。分产品来看，贝莱德（BlackRock）旗下 IBIT 净流入 8980 万美元，为当日最大买入方；富达（Fidelity）旗下 FBTC 净流出 4308 万美元；方舟（Ark）旗下 ARKB 净流出 1462 万美元；Bitwise、Invesco、Franklin、Valkyrie、VanEck、Morgan Stanley、WisdomTree及 Grayscale 旗下各产品当日净流量均为零。
Ark
Ark
Bitwise
Franklin
Grayscale
IBIT
Morgan Stanley: China's Humanoid Robot Industry Faces Growth Headwinds
According to CNBC, Morgan Stanley stated that the Chinese humanoid robot industry faces multiple headwinds that could slow growth, prompting analysts to downgrade their optimistic expectations for the sector.
Morgan Stanley: AI Infrastructure ROIC Can Reach Up to 46%, Maintains Overweight Rating on Hyperscalers
According to TechFlow Research, Morgan Stanley released a research report on July 27, quantifying for the first time the Incremental Return on Invested Capital (ROIC) of Generative AI investments. The report constructed three estimation frameworks: the ROIC for hyperscale cloud service providers' GPU leasing business is approximately 31%, the ROIC for proprietary infrastructure model API business is approximately 46%, and the ROIC for third-party compute API business is approximately 25%. Under base case assumptions, a single 1 gigawatt (GW) data center is configured with approximately 410,000 NVIDIA GB300 GPUs, with a utilization rate of 75% and an hourly leasing price of $8.5. The combined capital expenditure of the three major cloud giants is expected to exceed $1.4 trillion. Morgan Stanley maintains an Overweight rating on Microsoft, Amazon, Meta, and Google. The report points out that as AI moves from the training phase to the inference phase, demand for GPU compute power will continue to grow. Providers with self-built compute infrastructure will achieve considerable profits by leveraging their pricing power in an ecosystem where compute is scarce. If Morgan Stanley's calculations hold true, the hundreds of billions of dollars in AI capital expenditure will shift from being perceived as "costs" to "growth assets".
GPU.Net
Node AI
NVIDIA
Reach
Reach
Return
Morgan Stanley Launches Ethereum and SOL ETP
Morgan Stanley launches Ethereum Trust (ticker: MSSE) and SOL Trust (ticker: MSOL). Previously, Morgan Stanley launched a Bitcoin Trust product; currently, its assets under management exceed $381 million.
Bitcoin
Ethereum
Solana
Fees reduced to the lowest in class, Morgan Stanley launches Ether and Solana ETFs today
Bloomberg ETF analyst Eric Balchunas stated on X that the Morgan Stanley Ether ETF and Solana ETF went live today, both with a fee rate of 0.14%, making them the lowest-fee ETFs in their respective categories. Although its Bitcoin ETF was launched in the midst of winter, it has reached a scale of $400 million within four months.
Bitcoin
Solana