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Anthropic Expected to Match or Exceed SpaceX's IPO Scale, Could File Publicly by End of This Month
Odaily News, according to sources familiar with the matter, Anthropic expects its IPO scale to match or exceed the record level set by SpaceX. The company is conducting relevant calculations and preparing to publicly submit its IPO application documents as early as the end of August. SpaceX's initial IPO raised $75 billion, which reached $86.2 billion after including the overallotment option.In May of this year, Anthropic raised $65 billion at a valuation of $965 billion, and by the end of July, its revenue run rate reached $65 billion. In addition, the company is working with Morgan Stanley, Goldman Sachs, and JPMorgan to advance the IPO, and is considering adopting super-voting shares to grant CEO Dario Amodei and other co-founders greater control over the company. (BloomBerg)
Anthropic's annualized revenue exceeds $65 billion, up more than 7x since the end of last year
Odaily News: As Anthropic prepares for an IPO, its annualized revenue run rate had surpassed $65 billion (approximately 92 trillion KRW) as of the end of July, representing a more than sevenfold increase from the end of last year. The figure was disclosed in regular operating data reports shared with major investors.Anthropic's full-year 2025 revenue has already exceeded $9 billion, reaching $47 billion in May this year. Preliminary second-quarter revenue surpassed $11.5 billion, compared to $787 million in the same period last year—a roughly 15-fold increase. Adjusted operating profit is expected to turn profitable.Anthropic has hired Morgan Stanley and Goldman Sachs as lead underwriters for its IPO, with JPMorgan also participating in the transaction. Following its latest funding round, the company is valued at $965 billion, one of the highest valuations among private companies. (ETNews SW)
JPMorgan: Expects SanDisk Investor Day Revenue Guidance to Grow Over 20% YoY, LTAs/HBM/eSSD Triple Factors Reshape Storage Cycle
According to Chaoxiang Research, JPMorgan's expert commentary on August 12 noted that SanDisk will hold an Investor Day on August 13. The market expects management to provide guidance for annual revenue growth of over 20%, flat gross margin, operating leverage driving EPS growth of over 20% to 30%, and significantly reduced cyclicality. Investor communications indicate the market expects the annual buyback ratio to be around 10%. To date, SanDisk has signed 8 customers and 10 LTAs, covering over 50% of FY2027 wafer capacity, with minimum revenue commitments reaching $93.9 billion. The HBM market is moving from standardization to customization; Micron stated that HBM4E will usher in the era of "customized SKUs," and the ratio of HBM encroachment on traditional DRAM capacity has worsened from 3:1 to approximately 4:1. eSSDs now account for 48% of global NAND shipments, up from just 26% a year ago, with industry revenue increasing fivefold year-over-year. JPM judges that the combination of LTAs, HBM customization, and changes in eSSD demand structure is pushing memory chips from a commodity cycle to a structural cycle, and valuation methodologies may need adjustment. Quantinuum's quantum computer commercialization is accelerating, with CY27 revenue guidance exceeding $60 million (+34%); JPM maintains a $97 price target and Overweight rating. Super Micro Computer F4Q26 gross margin of 17.6% exceeded guidance, orders exceeded 6
JPMorgan: S&P 500 Year-End Target Raised to 8,000 Points, AI Monetization Starting to Catch Up with Spending Pace
According to TechFlow Research, JPMorgan's US stock strategy report on August 9 raised the S&P 500 year-end target price from 7,800 points to 8,000 points, the 2026 EPS forecast from $358 to $365 (+35%), and the 2027 EPS forecast to $420 (+15%). Among the 87% of companies that have disclosed earnings, 78% beat earnings expectations, with Q2 earnings growth reaching 53%. The report noted that AI capital expenditure is expected to reach $900 billion in 2026 (+85%), surpassing $1.2 trillion in 2027, with hyperscale vendors accounting for approximately 87%. However, cloud revenue realization is accelerating: AWS up 37%, Azure up 43%, Google Cloud up 82%; AWS backlog orders increased 36% quarter-over-quarter to $496 billion, and Google backlog orders increased by $55 billion to $514 billion. JPMorgan believes the order coverage ratio is improving, and monetization pace is catching up with spending pace. Excluding Google and Amazon's combined $152 billion in unrealized private equity gains (mainly from Anthropic's $65 billion financing), Q2 actual earnings growth was about 31%, and 2026 normalized EPS is about $347 (+28%). JPMorgan maintains the assumption of approximately 20x forward P/E ratio for the S&P 500 index unchanged, stating that the earnings upward revision is sufficient to
OpenAI Special Projects Lead Brad Lightcap to Depart, Core Executive Role Previously Held as COO Undergoes Multiple Adjustments
Odaily News: Brad Lightcap, Special Projects Lead and former Chief Operating Officer (COO) at OpenAI, is set to leave the company. Over the past year, Lightcap's responsibilities at OpenAI have been adjusted multiple times, with his most recent role being in charge of "special projects."Lightcap has long been a core member of OpenAI's management team. Earlier in 2026, during a company executive reshuffle, he transitioned from the COO position to lead special projects, overseeing cross-company matters including complex deals and strategic investments, reporting directly to CEO Sam Altman. His departure comes at a time when OpenAI is continuously expanding its commercialization efforts, advancing enterprise business, and pursuing strategic partnerships. Previously, the company had undergone multiple rounds of organizational restructuring, including transferring some COO responsibilities to other executives.Brad Lightcap joined OpenAI in 2018, having previously worked at Y Combinator and JPMorgan. He has been one of the key operations and business leaders during OpenAI's transformation from a research institution into a commercial AI company. (The Information)
Gate Ventures: Market risk appetite warms, institutional-grade blockchain applications and stablecoin infrastructure continue to heat up
Odaily News According to Gate Ventures' latest weekly report, global risk assets have shown a clear recovery over the past week, with major US stock indices collectively hitting new all-time highs. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average rose 3.58%, 5.19%, and 2.96%, respectively. The crypto market also rebounded in tandem, with BTC up 2.1% on the week and ETH up 1.4%, bringing the total cryptocurrency market cap up 1.4%. On the capital flows front, BTC spot ETFs recorded net inflows of $853 million for the week, while ETH spot ETFs saw net inflows of $244.9 million, indicating further improvement in institutional demand.In terms of industry developments, the integration of traditional finance and blockchain continues to advance. BlackRock has appointed JPMorgan to push forward the tokenization of a European money market fund, exploring 24/7 transfer of blockchain-based fund shares. Grayscale has filed an S-1 registration statement for the first US Worldcoin ETF, further deepening the connection between digital assets and traditional financial markets. Stablecoin infrastructure also remained active, with Yellow Card completing a $40 million strategic funding round and planning to expand its stablecoin account and payment infrastructure into Latin America and the Asia-Pacific markets.On the investment and financing front, eight deals were completed last week, with total disclosed funding reaching $90.64 million, focused on the infrastructure track. Overall, market risk appetite has seen some recovery, with institutional-grade blockchain infrastructure, stablecoins, and asset tokenization remaining key areas of continued industry focus.
JPMorgan terminated Polymarket banking services last year due to regulatory concerns, still seeking IPO underwriting opportunities
According to Reuters, people familiar with the matter said that JPMorgan Chase terminated banking services for prediction market platform Polymarket last October due to regulatory concerns, asking it to seek another banking institution. Despite this, both parties still maintain business relations, and JPMorgan Chase is also interested in pursuing Polymarket's future IPO underwriting opportunities.
JPMorgan: Semiconductor Buy-Side Expectations Above Guidance, 9 Stocks Including onsemi Face Earnings Test
According to TechFlow Research, a buy-side survey by JPMorgan on August 3 showed that for most of the nine semiconductor and hardware companies, buy-side expectations were higher than company guidance. onsemi (ON) Q2 revenue buy-side average was $1.61 billion (guidance $1.59 billion), gross margin 39.5% (guidance 39.0%), EPS $0.75 (guidance $0.71), and FY2027 EPS average $3.57 (guidance $3.11). Approximately 60% of respondents expect ON to slightly raise its 2026 AI revenue target (currently around $500 million). After a stock price drawdown of approximately 25%, ON has shifted from net short to slightly net short, with earnings implied volatility at 7.5%. For the eight companies AMAT, AMD, ANET, COHR, CSCO, LITE, SNDK, and WDC, buy-side average revenue, gross margin, and EPS were all higher than company guidance. JPMorgan believes that July AI momentum unwinding led to a significant drawdown in the semiconductor sector, but buy-side expectations for earnings are not low, creating a contrast between buy-side expectations and stock price pessimism. AMAT earnings implied volatility of 18% is significantly higher than the historical average, indicating the bar for beating expectations is rising. ON is an exception; AI expectations are extremely low, instead leaving room for earnings to beat expectations.
JPMorgan: Probability of Clarity Act Passing This Year Drops to 37%, Some Provisions May Inhibit Institutional Participation
According to The Block, the JPMorgan analyst team (led by Managing Director Nikolaos Panigirtzoglou) released a report on July 30 stating that the probability of the "Clarity Act" (Crypto Market Structure Act) passing in the US Senate within the year has dropped to a historic low. The Kalshi prediction market shows a passing probability of only 37%, while Polymarket is even lower at 26%. Analysts pointed out that disagreements on core issues such as ethical provisions, enforcement standards, stablecoin yields, decentralized finance, and illicit finance remain unresolved. Voting is expected to be difficult to complete before the Senate summer recess, and may be postponed until after senators return in mid-September.
JPMorgan: Probability of Clarity Act Passing Within the Year Decreases, Potentially Undermining Crypto Market Prospects
analysts at JPMorgan stated that the probability of the U.S. crypto market structure bill, the Clarity Act, passing the Senate by the end of this year has decreased, posing a headwind for the cryptocurrency market. Analysts pointed out that prediction markets show the likelihood of the bill passing this year has dropped to its lowest point of the year, with Kalshi at 37% and Polymarket at 26%.JPMorgan noted that the Senate prioritized other legislative matters before the summer recess. Additionally, unresolved issues such as ethical clauses, enforcement authority, stablecoin yields, DeFi, and illicit finance have made the bill's advancement prospects more uncertain. The bank had previously viewed the Clarity Act as a potential positive catalyst for the crypto market, as it would establish a clearer regulatory framework for the digital asset industry: digital commodities would be regulated by the CFTC, while digital securities would continue to fall under the SEC's jurisdiction.Analysts believe that if the bill is ultimately passed, it would help develop more institutionalized market infrastructure, ease regulatory restrictions on DeFi and stablecoin issuers, boost domestic liquidity and trading volumes in the U.S., and lower the barriers to entry for brokerages, exchanges, market makers, custodians, and bank-related platforms seeking to participate in the crypto industry.
JPMorgan: Decreased Likelihood of Clarity Act Passing This Year Hampers Crypto Market Prospects
JPMorgan has stated the decreased probability of the Clarity Act passing this year poses an obstacle to the crypto market and institutional adoption. JPMorgan indicated that the legislation would provide regulatory clarity, encouraging banks and asset management firms to expand into the digital asset space. Related delays could shift tokenization towards traditional financial infrastructure rather than public blockchain networks.
高盛 CEO 力挺 Clarity Act，与华尔街主流立场分歧
据 Decrypt 报道，高盛董事长兼 CEO 大卫·所罗门公开表态支持加密货币市场结构法案（Clarity Act），称其有助于"建立公平竞争环境、提升市场稳定性并推动创新"。此举与摩根大通 CEO 杰米·戴蒙及多家银行业协会的立场明显相左——后者强烈反对法案中允许稳定币提供收益的条款，认为此举将吸走传统银行存款。 目前，参议院共和党人正在流传最新法案草案，新增了限制总统及其家人参与加密业务的伦理条款，但该限制将于 2029 年到期且不适用于特朗普之子，遭民主党批评力度不足。法案能否在八月休会前完成参议院投票，前景仍不明朗。
Gate Ventures: Market risk appetite warms, institutional-grade blockchain applications and stablecoin infrastructure continue to heat up
Odaily News According to Gate Ventures' latest weekly report, global risk assets have shown a clear recovery over the past week, with major US stock indices collectively hitting new all-time highs. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average rose 3.58%, 5.19%, and 2.96%, respectively. The crypto market also rebounded in tandem, with BTC up 2.1% on the week and ETH up 1.4%, bringing the total cryptocurrency market cap up 1.4%. On the capital flows front, BTC spot ETFs recorded net inflows of $853 million for the week, while ETH spot ETFs saw net inflows of $244.9 million, indicating further improvement in institutional demand.In terms of industry developments, the integration of traditional finance and blockchain continues to advance. BlackRock has appointed JPMorgan to push forward the tokenization of a European money market fund, exploring 24/7 transfer of blockchain-based fund shares. Grayscale has filed an S-1 registration statement for the first US Worldcoin ETF, further deepening the connection between digital assets and traditional financial markets. Stablecoin infrastructure also remained active, with Yellow Card completing a $40 million strategic funding round and planning to expand its stablecoin account and payment infrastructure into Latin America and the Asia-Pacific markets.On the investment and financing front, eight deals were completed last week, with total disclosed funding reaching $90.64 million, focused on the infrastructure track. Overall, market risk appetite has seen some recovery, with institutional-grade blockchain infrastructure, stablecoins, and asset tokenization remaining key areas of continued industry focus.
JPMorgan: Probability of Clarity Act Passing This Year Drops to 37%, Some Provisions May Inhibit Institutional Participation
According to The Block, the JPMorgan analyst team (led by Managing Director Nikolaos Panigirtzoglou) released a report on July 30 stating that the probability of the "Clarity Act" (Crypto Market Structure Act) passing in the US Senate within the year has dropped to a historic low. The Kalshi prediction market shows a passing probability of only 37%, while Polymarket is even lower at 26%. Analysts pointed out that disagreements on core issues such as ethical provisions, enforcement standards, stablecoin yields, decentralized finance, and illicit finance remain unresolved. Voting is expected to be difficult to complete before the Senate summer recess, and may be postponed until after senators return in mid-September.
JPMorgan: Probability of Clarity Act Passing Within the Year Decreases, Potentially Undermining Crypto Market Prospects
analysts at JPMorgan stated that the probability of the U.S. crypto market structure bill, the Clarity Act, passing the Senate by the end of this year has decreased, posing a headwind for the cryptocurrency market. Analysts pointed out that prediction markets show the likelihood of the bill passing this year has dropped to its lowest point of the year, with Kalshi at 37% and Polymarket at 26%.JPMorgan noted that the Senate prioritized other legislative matters before the summer recess. Additionally, unresolved issues such as ethical clauses, enforcement authority, stablecoin yields, DeFi, and illicit finance have made the bill's advancement prospects more uncertain. The bank had previously viewed the Clarity Act as a potential positive catalyst for the crypto market, as it would establish a clearer regulatory framework for the digital asset industry: digital commodities would be regulated by the CFTC, while digital securities would continue to fall under the SEC's jurisdiction.Analysts believe that if the bill is ultimately passed, it would help develop more institutionalized market infrastructure, ease regulatory restrictions on DeFi and stablecoin issuers, boost domestic liquidity and trading volumes in the U.S., and lower the barriers to entry for brokerages, exchanges, market makers, custodians, and bank-related platforms seeking to participate in the crypto industry.
US spot Ethereum ETFs total net inflows exceed $11.23 billion; Ethereum Foundation undergoes organizational restructuring
During the 11th year of Ethereum, the Ethereum Foundation underwent organizational restructuring, including leadership departures, layoffs, the introduction of a new CROPS mandate, and the spin-off of EthLabs, Ethereum Systems, and Ethereum Institutional as independent entities. The Ethereum Foundation seeks to further decentralize its role within the ecosystem. Concurrently, Ethereum continued to advance its technology and institutional adoption, launching the Fusaka upgrade and attracting participation from Wall Street institutions such as BlackRock and JPMorgan; cumulative inflows into US spot Ethereum ETFs have exceeded $11.23 billion.
JPMorgan: Semiconductors Nearly Oversold, Suggest Phased Allocation in Summer
According to Chaoxiang Research, JPMorgan's equity strategy report on July 20 noted that AI-related stocks have suffered heavy selling over the past few weeks. The Korean stock market has fallen 25% from its highs, the Philadelphia Semiconductor Index has dropped 20%, and individual stocks such as Samsung and Micron have declined between 20% and 50%. The report believes the core drivers of this decline are technical factors and position clearing, with no deterioration in fundamentals. The gap between semiconductor relative prices and relative earnings trends continues to widen, but the tight supply-demand balance for DRAM and NAND will persist until 2028. DRAM spot prices remain high, and Micron has also raised its earnings guidance, judging that supply-demand tightness will last at least until 2027. The RSI of the Philadelphia Semiconductor Index has approached the oversold zone, and momentum gains accumulated year-to-date have been largely erased. JPMorgan judges that once oversold signals are confirmed, a rebound window will open, suggesting investors build semiconductor positions in tranches during the summer. The proportion of Q2 earnings reports beating expectations reached 97%, and S&P 500 companies beating expectations outperformed the market by an average of 1.7 percentage points on the day of their earnings releases. In terms of allocation, JPMorgan has increased equity allocation from 60% to 65%, and the Eurozone allocation from 8.7% to 11%. At the industry level, it overweights semiconductors, mining, capital goods, automobiles, insurance, and banks, and underweights software, commercial services, media, and other "AI Cannibalization Group" sectors. Regarding geopolitical conflicts, the report believes that the "buy the dip" strategy since the end of March remains effective.
JPMorgan: AI Sector Crowding Remains at High Levels, Models Signal It's Not Yet Time to Bottom-Fish
According to TechFlow Research, JPMorgan's quantitative report on July 16 noted that the Philadelphia Semiconductor Index has cumulatively declined by approximately 19% since its high on June 22, but quantitative models indicate that the unwinding of crowding in AI-related sectors is not yet complete. The "AI Bubble Interest Score" tracked by the model remains in the historical highest range; at this level, the probability of SOX falling another 8% or more in the short term exceeds 50%. JPMorgan provided a quantifiable entry signal: only when the score falls out of the historical highest range is it truly time to consider scaling in. Before this, every rebound may be pressed back by panic narratives. For US stock investors, now is not the time to add positions; it is recommended to wait for the window in mid-August, or use put options and defensive sectors to hedge. For A-share investors, the volatility of the domestic AI sector is higher; the same logic can be applied, waiting for clearer right-side signals, with the August earnings period being the key window.
The on-chain tokenized asset market is expected to reach $4 trillion by the end of 2028, while Standard Chartered projects Chainlink will hit $200 by the end of 2030
Odaily News: Standard Chartered initiated coverage on Monday of blockchain oracle project Chainlink, projecting LINK to reach $200 by the end of 2030 — roughly 25 times its current price of around $8. The bank's phased targets are $13 by the end of this year, followed by $41, $82, and $133. Standard Chartered estimates that the on-chain tokenized asset market will reach $4 trillion by the end of 2028, with DeFi-deployed assets hitting $2.7 trillion by 2030 — a 37-fold increase from current levels. The bank expects Chainlink fees to grow approximately 25-fold over the same period, assuming token prices track fee growth. Chainlink secures over $110 billion in total value, covering approximately 70% of the value that global DeFi relies on from oracles, with a share exceeding 80% on Ethereum; Aave V3 accounts for 44% of that. Swift, DTCC, Euroclear, JPMorgan, Mastercard, UBS, Fidelity, and S&P Global are all listed as institutions using its services. Chainlink still lags behind LayerZero in cross-chain interoperability. Following the $292 million attack in April, over $7 billion in token value has migrated to Chainlink CCIP, with second-quarter transaction volume reaching $4.9 billion — up 353% year-over-year. Risks include slowing institutional tokenization, pilots not converting to production processes, and technical failures impacting confidence. (Decrypt)
Bank of America CEO joins ranks of banking leaders warning about 'Mythos' AI risk
Bank of America CEO Brian Moynihan has joined a group of Wall Street leaders in expressing serious concerns about artificial intelligence models such as "Mythos" developed by Anthropic. "This marks a significant shift in workload, as well as the speed at which these tools can impact system vulnerabilities, and how quickly we must respond," Moynihan stated. In recent months, the rapid evolution of AI models has prompted the financial industry and the U.S. government to begin assessing potential threats.Anthropic claims that the Mythos model, launched earlier this year, has demonstrated excellent performance in identifying system vulnerabilities. Bank of America is among the Wall Street institutions authorized to use Mythos, employing the model to test its own systems and share information with peers. Currently, the model has not been made available to the public; JPMorgan Chase CEO Jamie Dimon warned earlier this week that broadly opening the system to the public would be as dangerous as "giving a ballistic missile to an individual." (Bloomberg)
JPMorgan: Frequent DeFi hacks and stagnant TVL continue to suppress institutional participation
According to The Block, JPMorgan analysts noted in their latest report that ongoing DeFi security vulnerabilities and stagnant growth in total value locked (TVL) continue to constrain institutional enthusiasm for the DeFi sector. Recently, Kelp DAO’s cross-chain bridge suffered a major attack, during which the attacker minted $292 million worth of uncollateralized rsETH tokens and borrowed real ETH on Aave, resulting in approximately $230 million in bad debt. This caused DeFi TVL to evaporate by roughly $20 billion within several days. LayerZero and blockchain security researchers have attributed this attack to the North Korean hacker group Lazarus Group; some of the stolen funds have been frozen, while the rest remain in circulation. Analysts also pointed out that DeFi TVL denominated in ETH has remained range-bound for an extended period, raising market concerns about whether DeFi can achieve organic growth sufficient to support institutional adoption. Furthermore, following each security incident, users tend to shift funds into USDT as a safe-haven asset—yet this trend has not yet significantly driven USDT’s market capitalization growth.
JPMorgan: Semiconductor Equipment and Materials Demand Broadly Upgraded, WFE Outlook and LTAs Accelerating in Tandem
According to TechFlow Research, JPMorgan Chase's August 17 research report pointed out that chip manufacturers' capital expenditures continue to be raised, and equipment vendors' WFE outlooks are revised upward in tandem. TSMC raised its 2026 capital expenditure to $60 billion to $64 billion (+52%), Intel raised it to $20 billion (+11%), and SK Hynix plans 40 trillion Korean won (+45%). Tokyo Electron raised its 2026 WFE outlook to over $150 billion and over $190 billion in 2027, with gross margin expected to reach 50% by early fiscal 2027. Screen Holdings expects 2026 WFE growth to exceed 20% (at least $140 billion). AXT is shifting InP substrate capacity to 6-inch, having received requests for five-year contracts from customers and significant prepayments, with prices expected to rise from 2026 to 2027. Storage LTA coverage is accelerating; Samsung plans to bring 60% to 70% of capacity under LTA, SK Hynix has signed 10 contracts, and SanDisk has signed 8 contracts. The research report concludes that signals from four directions all point to the semiconductor equipment and materials cycle shifting from volume expansion to a dual drive of volume and price. Japanese semiconductor and technology material companies are expected to become major beneficiaries.
Mitsubishi UFJ Financial Group Plans to Test Blockchain Real-Time Settlement of Japanese Government Bond Transactions
According to CoinDesk, Mitsubishi UFJ Financial Group (MUFG) announced plans to utilize the Canton network to conduct a proof of concept for on-chain trading of Japanese Government Bonds (JGB) to achieve real-time 24/7 settlement, replacing the traditional settlement process requiring 1 to 3 days. MUFG stated that this move aims to enhance the operational and capital efficiency of repo transactions, noting that European and American financial institutions have already expanded proof of concept projects in this field, with JPMorgan Chase's Kinexys network having supported blockchain-based intraday US Treasury repo operations since 2020. MUFG pointed out that Japanese Government Bonds are widely used as collateral for repo transactions by domestic and international market participants due to their high credit ratings and liquidity, and the trend towards on-chain adoption is accelerating. Additionally, MUFG has previously partnered with Sumitomo Mitsui Financial Group (SMBC) and Mizuho Financial Group to explore the joint issuance of stablecoins by March 2027; this JGB on-chain settlement test is a significant component of its blockchain strategic layout.
The on-chain tokenized asset market is expected to reach $4 trillion by the end of 2028, while Standard Chartered projects Chainlink will hit $200 by the end of 2030
Odaily News: Standard Chartered initiated coverage on Monday of blockchain oracle project Chainlink, projecting LINK to reach $200 by the end of 2030 — roughly 25 times its current price of around $8. The bank's phased targets are $13 by the end of this year, followed by $41, $82, and $133. Standard Chartered estimates that the on-chain tokenized asset market will reach $4 trillion by the end of 2028, with DeFi-deployed assets hitting $2.7 trillion by 2030 — a 37-fold increase from current levels. The bank expects Chainlink fees to grow approximately 25-fold over the same period, assuming token prices track fee growth. Chainlink secures over $110 billion in total value, covering approximately 70% of the value that global DeFi relies on from oracles, with a share exceeding 80% on Ethereum; Aave V3 accounts for 44% of that. Swift, DTCC, Euroclear, JPMorgan, Mastercard, UBS, Fidelity, and S&P Global are all listed as institutions using its services. Chainlink still lags behind LayerZero in cross-chain interoperability. Following the $292 million attack in April, over $7 billion in token value has migrated to Chainlink CCIP, with second-quarter transaction volume reaching $4.9 billion — up 353% year-over-year. Risks include slowing institutional tokenization, pilots not converting to production processes, and technical failures impacting confidence. (Decrypt)
JPMorgan Tokenizes ETF Holdings via DTCC Pilot
Odaily News: Major U.S. financial institutions continue to advance on-chain operations. JPMorgan is tokenizing ETF holdings through a production pilot with the Depository Trust & Clearing Corporation (DTCC), with over 50 companies including BlackRock and Goldman Sachs already connected to the same infrastructure for tokenizing equities and U.S. Treasuries. BlackRock's CEO stated that tokenization is a way to "update the plumbing of the financial system." Bullish Exchange's Head of Clearing and Group Risk, Randi Abernethy, testified before the U.S. House Financial Services Subcommittee regarding the CLARITY Act in July 2026.
JPMorgan: Optical Module CAGR Reaches 28%, NPO/CPO to Account for One Quarter by 2030
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%.
HashKey Exchange Receives JPMorgan Approval to Open Client Fund Accounts
Hong Kong-licensed cryptocurrency exchange HashKey Exchange has received approval from JPMorgan to open client fund accounts. HashKey Holdings stated that the account will support client fund segregation and settlement through JPMorgan's banking infrastructure. HashKey Exchange activated a client fund account with Singapore's DBS Bank on June 30, supporting fiat currency deposits, withdrawals, and settlement services. HashKey Holdings merged the previously independent HashKey Exchange and HashKey Global applications into a single entry point one week ago. HashKey Holdings was listed in Hong Kong in December last year, having raised $206 million through an oversubscribed initial public offering.
Related news
Anthropic Expected to Match or Exceed SpaceX's IPO Scale, Could File Publicly by End of This Month
Odaily News, according to sources familiar with the matter, Anthropic expects its IPO scale to match or exceed the record level set by SpaceX. The company is conducting relevant calculations and preparing to publicly submit its IPO application documents as early as the end of August. SpaceX's initial IPO raised $75 billion, which reached $86.2 billion after including the overallotment option.In May of this year, Anthropic raised $65 billion at a valuation of $965 billion, and by the end of July, its revenue run rate reached $65 billion. In addition, the company is working with Morgan Stanley, Goldman Sachs, and JPMorgan to advance the IPO, and is considering adopting super-voting shares to grant CEO Dario Amodei and other co-founders greater control over the company. (BloomBerg)
JPMorgan: Semiconductor Equipment and Materials Demand Broadly Upgraded, WFE Outlook and LTAs Accelerating in Tandem
According to TechFlow Research, JPMorgan Chase's August 17 research report pointed out that chip manufacturers' capital expenditures continue to be raised, and equipment vendors' WFE outlooks are revised upward in tandem. TSMC raised its 2026 capital expenditure to $60 billion to $64 billion (+52%), Intel raised it to $20 billion (+11%), and SK Hynix plans 40 trillion Korean won (+45%). Tokyo Electron raised its 2026 WFE outlook to over $150 billion and over $190 billion in 2027, with gross margin expected to reach 50% by early fiscal 2027. Screen Holdings expects 2026 WFE growth to exceed 20% (at least $140 billion). AXT is shifting InP substrate capacity to 6-inch, having received requests for five-year contracts from customers and significant prepayments, with prices expected to rise from 2026 to 2027. Storage LTA coverage is accelerating; Samsung plans to bring 60% to 70% of capacity under LTA, SK Hynix has signed 10 contracts, and SanDisk has signed 8 contracts. The research report concludes that signals from four directions all point to the semiconductor equipment and materials cycle shifting from volume expansion to a dual drive of volume and price. Japanese semiconductor and technology material companies are expected to become major beneficiaries.
Anthropic's annualized revenue exceeds $65 billion, up more than 7x since the end of last year
Odaily News: As Anthropic prepares for an IPO, its annualized revenue run rate had surpassed $65 billion (approximately 92 trillion KRW) as of the end of July, representing a more than sevenfold increase from the end of last year. The figure was disclosed in regular operating data reports shared with major investors.Anthropic's full-year 2025 revenue has already exceeded $9 billion, reaching $47 billion in May this year. Preliminary second-quarter revenue surpassed $11.5 billion, compared to $787 million in the same period last year—a roughly 15-fold increase. Adjusted operating profit is expected to turn profitable.Anthropic has hired Morgan Stanley and Goldman Sachs as lead underwriters for its IPO, with JPMorgan also participating in the transaction. Following its latest funding round, the company is valued at $965 billion, one of the highest valuations among private companies. (ETNews SW)
JPMorgan terminated Polymarket banking services last year due to regulatory concerns, still seeking IPO underwriting opportunities
According to Reuters, people familiar with the matter said that JPMorgan Chase terminated banking services for prediction market platform Polymarket last October due to regulatory concerns, asking it to seek another banking institution. Despite this, both parties still maintain business relations, and JPMorgan Chase is also interested in pursuing Polymarket's future IPO underwriting opportunities.
Mitsubishi UFJ Financial Group Plans to Test Blockchain Real-Time Settlement of Japanese Government Bond Transactions
According to CoinDesk, Mitsubishi UFJ Financial Group (MUFG) announced plans to utilize the Canton network to conduct a proof of concept for on-chain trading of Japanese Government Bonds (JGB) to achieve real-time 24/7 settlement, replacing the traditional settlement process requiring 1 to 3 days. MUFG stated that this move aims to enhance the operational and capital efficiency of repo transactions, noting that European and American financial institutions have already expanded proof of concept projects in this field, with JPMorgan Chase's Kinexys network having supported blockchain-based intraday US Treasury repo operations since 2020. MUFG pointed out that Japanese Government Bonds are widely used as collateral for repo transactions by domestic and international market participants due to their high credit ratings and liquidity, and the trend towards on-chain adoption is accelerating. Additionally, MUFG has previously partnered with Sumitomo Mitsui Financial Group (SMBC) and Mizuho Financial Group to explore the joint issuance of stablecoins by March 2027; this JGB on-chain settlement test is a significant component of its blockchain strategic layout.
JPMorgan: Expects SanDisk Investor Day Revenue Guidance to Grow Over 20% YoY, LTAs/HBM/eSSD Triple Factors Reshape Storage Cycle
According to Chaoxiang Research, JPMorgan's expert commentary on August 12 noted that SanDisk will hold an Investor Day on August 13. The market expects management to provide guidance for annual revenue growth of over 20%, flat gross margin, operating leverage driving EPS growth of over 20% to 30%, and significantly reduced cyclicality. Investor communications indicate the market expects the annual buyback ratio to be around 10%. To date, SanDisk has signed 8 customers and 10 LTAs, covering over 50% of FY2027 wafer capacity, with minimum revenue commitments reaching $93.9 billion. The HBM market is moving from standardization to customization; Micron stated that HBM4E will usher in the era of "customized SKUs," and the ratio of HBM encroachment on traditional DRAM capacity has worsened from 3:1 to approximately 4:1. eSSDs now account for 48% of global NAND shipments, up from just 26% a year ago, with industry revenue increasing fivefold year-over-year. JPM judges that the combination of LTAs, HBM customization, and changes in eSSD demand structure is pushing memory chips from a commodity cycle to a structural cycle, and valuation methodologies may need adjustment. Quantinuum's quantum computer commercialization is accelerating, with CY27 revenue guidance exceeding $60 million (+34%); JPM maintains a $97 price target and Overweight rating. Super Micro Computer F4Q26 gross margin of 17.6% exceeded guidance, orders exceeded 6