News linked to both this project and an event.
According to TechFlow Research, a Bank of America research report on August 10 pointed out that NVIDIA signed a memorandum of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize over $500 billion in third-party capital through an independent platform. Previously, NVIDIA invested approximately $70 billion in equity in ecosystem partners such as OpenAI and Anthropic, accounting for only 15% of the expected free cash flow of $470 billion from 2026 to 2027, without affecting the commitment to return 50% of free cash flow to shareholders. Bank of America believes the financing structure shifts the capital burden from NVIDIA to the consortium. GPU computing power can be transferred across operators, and CUDA extends the service life, with the asset quality itself resisting depreciation. The $500 billion fund pool allows non-investment grade buyers to acquire GPUs at preferential rates, transforming AI computing power acquisition from capital-intensive purchases to financial leasing, supporting the $1.7 trillion AI system TAM by 2030. Bank of America maintains a Buy rating with a target price of $350, corresponding to 26 times the expected earnings per share in 2027. The upcoming earnings conference call is the next important catalyst.
Empery Digital sold 1,635 Bitcoin between July 1 and August 6, raising $102.2 million, with holdings reduced to 1,279 BTC. Of these, 954 BTC have been pledged as collateral for a $35 million debt, leaving only 325 BTC unrestricted, a notable decrease from 1,375 BTC on June 30. In the first half of this year, Empery Digital also sold 1,167 Bitcoin, generating $80.1 million, while spending $54 million to repurchase shares, repay $50 million under a repurchase financing facility, and another $10 million loan. The company repaid $20 million in debt after June 30, with the lender returning 585 Bitcoin, reducing the collateralized amount from 1,539 BTC to 954 BTC. Empery Digital has invested $2.9 million in EMHU, an independent real estate project managed by Texstack, and may need to contribute an additional $62.1 million if the acquisition is completed. The company has also completed a $20 million investment in Cardinal Data Power, acquiring approximately 8% equity; as of June 30, the company held $3.7 million in cash including restricted cash, with a working capital deficit of $5.7 million. (Bitcoin.com News)
Odaily News: The U.S. Securities and Exchange Commission (SEC) will hold a public meeting on August 14 to consider proposing a "Regulation Crypto" rule framework that would allow certain crypto projects to raise funds without completing full securities registration. If public comment is initiated, this would mark the SEC's first formal, long-term crypto industry rulemaking. The framework is expected to establish a pathway for exiting SEC oversight: after project developers raise funds, if they no longer actively manage the project and the project achieves decentralization, it may fall outside SEC jurisdiction. SEC Chair Paul Atkins has previously stated that the exemption period could last up to four years, though the announcement did not disclose funding amount thresholds. The U.S. Senate did not advance the Digital Asset Market Clarity Act before entering its August recess. The final rule will still take several months to complete, and the meeting will be held at 10:00 a.m. ET on August 14. (Decrypt)
HTX DeepThink columnist and HTX Research analyst Chloe (@ChloeTalk1) pointed out in her analysis that the core contradiction in the current macro market has shifted from "when the Fed will cut rates" to "whether the Fed needs to raise rates again." Warsh attempted to reduce the impact of single-month data on policy, but since his policy framework has not been fully understood by the market, July and August inflation data have instead become the key variables determining September policy expectations. If core CPI remains at 0.2% or below, the market will re-trade inflation decline and policy pause; if it consecutively exceeds expectations, the Fed will face a binary choice of "raise rates or lose credibility."
According to Cryptopolitan, Bitcoin mining company Keel Infrastructure (formerly Bitfarms) released its Q2 2026 financial report this Monday, disclosing that the company has completed the shutdown of all its US Bitcoin mining farms, and sold 1,085 BTC between April 1 and August 7, cashing out approximately $75 million, and currently still holds 1,861 BTC on its balance sheet, valued at approximately $121 million. Financially, Keel's Q2 revenue was $30 million, down 50% year-over-year, mainly dragged down by weak Bitcoin prices and the shutdown of the Moses Lake mining farm; operating loss reached $141 million (including $84 million in non-cash depreciation), net loss from continuing operations was $64 million, and adjusted EBITDA was negative $24 million. Following the announcement, KEEL stock price fell more than 11% in a single day. In terms of strategic transformation, Keel is converting its core sites in Pennsylvania, Washington State, and Quebec into high-performance computing data centers; currently, permitting approvals for the three priority sites are nearly complete, and negotiations with potential tenants are underway. The company's current liquidity is approximately $819 million, including $698 million in unrestricted cash and $121 million in Bitcoin, and during the quarter, it also raised $458 million through convertible notes.
Hong Kong Television Broadcasts Limited (also known as "TVB") announced at its board meeting on August 10 that it plans to form a joint venture with Gaw Capital to provide computing power services. The joint venture's ordinary voting shares are proposed to be held 51% by TVB and 49% by Gaw Capital, respectively. The project will be implemented in phases over the coming years, with funding sources including equity investment of up to HKD 2 billion from Gaw Capital into the joint venture, project bank financing, and the Group's internal resources.
Odaily News Unitree Technology (688836.SH), the "first humanoid robot stock on the A-share market," has drawn significant market attention for its IPO subscription. The company's issuance price-to-earnings ratio has reached 219.23 times, significantly higher than the industry average of approximately 38.56 times, with the effective subscription multiple in the offline inquiry phase surpassing 2,618 times.In addition, primary market investors have already reaped considerable returns. Variable Capital invested only 2.09 million yuan in 2018, and its return multiple has now soared to over 174 times. Sequoia Capital China has injected a cumulative total of approximately 102 million yuan over the years, and based on the issuance price estimate, its shareholding market value is approaching 3 billion yuan. Meituan-affiliated entities collectively hold a 9.65% stake through multiple investment vehicles, with book gains exceeding 3.6 billion yuan.However, contrasting with the high returns in the primary market, secondary market investors will face a game between high valuations and limited floating chips. Unitree Technology will publicly issue approximately 40.44 million shares this time, with the initial online offering ratio at only about 16%, while the remaining shares are mainly allocated to institutional investors through strategic placement and offline inquiry. Based on a total share capital of approximately 404 million shares after issuance, the floating shares on the first trading day will be around 29.77 million shares, accounting for about 7.36% of total share capital, with over 90% of shares remaining locked up.Currently, Unitree Technology has not yet announced a specific listing date. Following the STAR Market's new share issuance process, the company is expected to officially begin trading as early as mid-August. (Tencent Technology)
Odaily News: DeepSeek's main entity, DeepSeek, is currently conducting a second round of financing totaling 50 billion RMB, with the first batch of signings expected to take place in Hangzhou as early as August 10. The target valuation for this round is 500 billion RMB. DeepSeek has already agreed on delivery timelines with some prospective investors, with the earliest deadline set for August 30.This round of financing has a minimum investment threshold of 5 billion RMB. The funds will primarily be allocated to computing power investments, model research, workforce expansion, and potential preparation for a domestic listing. The capital will flow through two channels: some will go directly into DeepSeek's main entity, while the rest will go into a limited partnership controlled by founder Liang Wenfeng.Earlier, DeepSeek briefly paused financing discussions at the end of July before resuming them in early August. (IPO Early Know)
Odaily News: On August 5, the minority staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs stated that the July 22 version of the CLARITY Act fails to meet five minimum standards. The bill, numbered H.R. 3633, aims to divide digital asset regulatory authority between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). The analysis suggests that the bill's two-tier system could remove certain blockchain assets from SEC oversight, allowing issuing companies to self-certify exemptions from securities regulation. Healthy Markets and five labor organizations have raised concerns over pension protections and securities law loopholes, while minority staff also noted that investors' private right of action and state and tribal enforcement powers could be weakened. Minority staff stated that DeFi-related companies could be exempt from anti-illegal financing obligations even if they earn millions of dollars from platform transactions; some crypto mixers may circumvent U.S. sanctions by exploiting the "Tornado Cash loophole." The Independent Community Bankers of America (ICBA) and the Conference of State Bank Supervisors (CSBS) warned that stablecoin yields could drain deposits from community banks, and the Systemic Risk Council has flagged related banking activities as potential bailout risks. Minority staff noted that Donald Trump alone earned over $1.4 billion from crypto businesses in 2025, with related enforcement solely under the purview of his Attorney General, and that obligations would terminate upon his departure from office. Elizabeth Warren and Richard Blumenthal, citing $3.8 billion in investor losses, have separately called on the SEC to investigate Trump memecoin. The Senate is scheduled to hold a cloture vote on September 15 on the motion to proceed, with the bill needing 60 votes to advance. (Bitcoin.com News)
Odaily News: Data released today by the Korea Exchange shows that heavyweight semiconductor stocks have recently pulled back, with capital beginning to rotate toward non-semiconductor sectors. From August 3 to 7, Samsung Electronics fell 12.00%, SK Hynix dropped 17.23%, and the KOSPI index declined 5.10% over the same period; however, sectors such as metals and machinery equipment rose against the trend.Currently, the combined market capitalization of Samsung Electronics and SK Hynix as a share of the KOSPI has fallen from 58.9% on June 25 to 46.3% on August 7. Meanwhile, the KOSPI's net profit forecast for this year, excluding these two companies, has been revised upward from 219.2 trillion KRW last week to 222.3 trillion KRW, with improving market earnings further supporting the valuation recovery of non-semiconductor sectors. KB Securities researcher Kim Min-kyu stated that the current "semiconductor pause, other sectors rising" pattern is closer to previously overlooked industries being revalued while the leading sector takes a breather, rather than a simple broad-based expansion of the market rally. (FNNews)
Odaily News: Unitree Robotics officially opened IPO subscription on the STAR Market today. According to the announcement, Unitree Robotics' offering price is set at 150.80 yuan per share, with a market capitalization of approximately 60.993 billion yuan at the time of listing, and an expected total fundraising amount of 6.099 billion yuan. The online subscription code for this offering is 787836, with an expected online issuance of 6.471 million shares. The market estimates the lottery win rate at 0.02%–0.03%. It should be noted that after the subscription period concludes, the lottery results will be announced on August 12, and successful investors must complete payment on the same day. If an investor wins the lottery three times within 12 months but fails to make full payment, they will be restricted from participating in new stock and bond subscriptions for six months.Yang Chao, chief strategy analyst at China Galaxy Securities, noted that the capital threshold for participating in this IPO subscription is relatively high, and the lottery win rate is low. Share prices are likely to experience significant volatility in the early stages of the STAR Market listing. Investors should fully assess the risks associated with the high valuation and ensure timely and full payment if selected, avoiding missed payments that could trigger subscription restrictions.
: Bitcoin mining company MARA completed two loans on August 4, pledging 18,750 BTC to secure $600 million in new debt for expanding its power generation and AI infrastructure business. The collateralized assets were valued at approximately $1.2 billion at the time of the transaction. The combined principal of the two loans totals $750 million, with Coinbase Credit providing $450 million, including a refinancing of the existing $150 million credit facility and an additional $300 million; Two Prime Lending separately provided $300 million. Both loans have been fully drawn. The Coinbase loan carries an interest rate of the midpoint of the Federal Reserve's target rate range plus 3.875 percentage points, with a maturity date of August 4, 2028; the Two Prime loan carries a fixed interest rate of 7.65%, with a maturity date of August 3, 2028. Assuming the principal remains unchanged, the annual interest expense on the two loans is approximately $56.7 million. MARA stated that the loan proceeds will be used for general corporate purposes, including part of the cash consideration for the acquisition of Long Ridge Energy & Power LLC. The transaction has an enterprise value of approximately $1.5 billion. Long Ridge owns a 505-megawatt gas-fired power plant and more than 1,600 acres of industrial land, which MARA plans to use for power generation, Bitcoin mining, and potential AI and high-performance computing campuses.
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)
Odaily News: SK Hynix's stock price has recently seen a pullback. On August 3, the stock fell 8.79%. Although it rebounded slightly by 0.64% and 5.77% on August 4 and 5 respectively, it plunged another 10.37% on August 6, closing at 1.495 million KRW; on August 7, it dropped a further 4.88%, closing at 1.422 million KRW.Against the backdrop of heightened market volatility, SK Group released an advertisement quoting founder Choi Jong-gun’s famous saying: "Despair and hope are two sides of the same coin; you can turn despair into hope as easily as flipping your palm," and adapted it to: "Unease and anticipation in the AI era are also two sides of the same coin; you can turn unease into anticipation," thereby conveying confidence in the long-term development of the AI industry.Securities institutions believe that short-term stock price fluctuations have not changed SK Hynix's fundamentals, and the market should focus on its HBM4 technology leadership and the earnings stability brought by long-term supply agreements (LTAs). Specifically:1. Hyundai Motor Securities expects SK Hynix's DRAM and NAND bit growth to reach 9.7% and 1.5% respectively in the third quarter. As HBM4 sales contributions expand, even with a higher proportion of LTAs, DRAM average selling prices (ASP) are still expected to rise 19.9% quarter-over-quarter. Companies such as OpenAI and Anthropic are advancing plans to build their own hyperscale AI data centers and intend to raise funds for related construction through IPOs. Even if some large tech companies adjust capital expenditures (Capex) in the future, this could be offset by demand from other AI infrastructure. Additionally, regarding competitive concerns over China's CXMT, given the U.S. continued tightening of semiconductor equipment export restrictions, as well as Micron's expansion of domestic U.S. investment, the likelihood of major companies like Apple adopting Chinese memory chips is relatively low.2. SK Securities is also bullish on SK Hynix's competitive advantages, believing that with its leading position in HBM, partnerships with major North American GPU companies, and AI-driven LTA demand, SK Hynix's market position remains solid. Currently, the HBM supply-demand fulfillment rate is below 70%, and the core value of LTAs lies in ensuring profit sustainability and earnings stability through a "mutual binding structure" between customers and suppliers. With value-reassessment initiatives such as an ADR listing progressing, along with dividend income from the sale of SPC assets related to Kioxia, the company's goal of achieving net cash of 100 trillion KRW may be reached earlier than expected. As shareholder return policies gradually become clearer, this will help the market re-evaluate the value of the LTA model and drive a further re-rating of SK Hynix. (Daum)
Odaily News Ark Invest, the asset management firm founded by Cathie Wood, disclosed that on August 6, it purchased 267,676 shares of Block stock, valued at approximately $21 million; on the same day, it increased its holdings by 20,318 shares of SpaceX, valued at approximately $2.3 million. Block, formerly known as Square, was renamed by Jack Dorsey in 2021. It has held Bitcoin on its corporate balance sheet since 2020 and offers BTC buy/sell services to retail customers via Cash App. In recent months, Block has also expanded related operations through its Bitkey hardware wallet and its Bitcoin mining hardware division, Proto. SpaceX listed on Nasdaq in June under the ticker SPCX, with an issue price of $135, raising approximately $75 billion and reaching a valuation of nearly $1.8 trillion. Ark's purchase came about two months after SpaceX's listing.
According to TechFlow Research, JPMorgan's August 6 research report cites LightCounting's latest forecast that the data communication market CAGR from 2025 to 2030 will reach 28%, with the scale increasing from $20 billion to over $70 billion. 1.6T products are the largest growth driver, with a CAGR of about 120%, contributing about $40 billion by 2030. After the NPO/CPO market is included in the addressable market calculation, it will exceed $18 billion by 2030, accounting for more than 25% share of the data center communication market. The telecom and data center interconnect market CAGR is 18%, reaching $9 billion by 2030. In terms of short-term financial reports, JPMorgan believes COHR has the highest earnings certainty, with revenue and profit margins expected to continue improving; market concerns over LITE are excessive, with valuation corresponding to only 22x 2028 EPS, leaving room to exceed expectations; FN needs September quarterly guidance to boost confidence. In terms of customer landscape, Google is expected to become the largest optical component purchaser by 2030, and Meta will lead NPO/CPO deployment. For Nvidia, short-term share rebounds to 25% due to 1.6T, but long-term share is expected to drop from 18% to 12%.
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.
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.
According to TechFlow Research, Goldman Sachs' August 3 position tracking report shows that the volume of long sales for global information technology stocks last week reached the highest level since 2014, with the total selling volume over two consecutive days ranking second highest in nearly a decade. Hedge funds' total leverage gave back half of its year-to-date gains, and net leverage turned negative year-to-date. Retail margin balances in South Korea and Japan began to reverse after reaching historical extremes, while US retail investors are also reducing semiconductor stock holdings. Speculative net shorts in VIX futures have largely been cleared. Goldman Sachs believes the intensity of deleveraging may have peaked, but the inertia of capital outflows persists. Individual stock implied volatility rose to the highest level since 2020, index correlation fell to low levels, and the market is shifting from trading the AI sector broadly to differentiated pricing of individual stocks. Bond funds and money market funds are the main drivers of capital inflows this year; equity funds saw inflows of $34 billion in July, with an absolute scale far smaller than that of the bond market. Goldman Sachs judges that the stock selection environment is improving, but sector beta trading still faces pressure.
Odaily News: U.S. Senate Digital Assets Subcommittee Chair Cynthia Lummis stated that the Senate will hold a vote on the CLARITY Act before lawmakers begin their August recess. The bill aims to divide federal crypto regulatory responsibilities and covers ethics, enforcement, consumer protection, and market certainty. Lummis said negotiations around the bill have been ongoing for 11 months, with Democrats proposing more than 300 pages of amendments. Current negotiations still involve sections related to the Commodity Futures Trading Commission (CFTC), enforcement provisions, and ethics rules for senior federal officials. On August 5, Democratic staff on the Senate Banking Committee listed five unresolved areas, including securities protection, illicit finance, national security, and presidential conflicts of interest. Donald Trump has received a bipartisan counter-proposal that would allow state attorneys general to enforce federal crypto ethics rules. Under the CLARITY Act, the CFTC and the U.S. Securities and Exchange Commission (SEC) would share regulatory oversight, establishing distinct pathways for qualifying digital commodities and securities. CFTC Chairman Michael S. Selig and SEC Chairman Paul Atkins both support advancing clearer digital asset regulatory legislation.