News linked to both this project and an event.
Odaily News: According to market reports, Databricks has completed a $5 billion funding round, bringing its valuation to $190 billion.
Bitcoin analyst Plan B stated on the X platform that the core of Bitcoin's long-term value lies in scarcity, not short-term price fluctuations.Plan B believes that many people focus on Bitcoin's price charts, while the S2F model he uses focuses on the degree of asset scarcity. This model measures scarcity through "existing supply ÷ annual new production," where the S2F for gold is approximately 60. Due to Bitcoin's fixed total supply of 21 million coins and its predictable issuance schedule, its S2F is currently around 120 and continues to rise over time.The Bitcoin halving mechanism is an important driver of the S2F model. Approximately every four years, the Bitcoin network reduces the block reward by half, decreasing new supply and roughly doubling the S2F level, making it the core supply-side event observed by the model.Plan B emphasized that the S2F and its upgraded version, the S2FX model, predict long-term average value rather than precisely forecasting market tops or bottoms. Bitcoin's price typically fluctuates around the model's estimated value, and investors should focus on multi-year cycle averages rather than single-day price highs. Additionally, Plan B believes that as scarcity increases, Bitcoin is undergoing different stages of development, including proof of concept, payment network, "digital gold"/store of value asset, and institutional-grade financial asset. Each increase in scarcity could bring new market narratives and capital inflows.However, Plan B also reiterated that "all models are wrong, but some are useful." He stated that the S2F model is merely a tool for long-term understanding of Bitcoin's scarcity, not a trading signal or a "crystal ball" for price prediction. Although the model has withstood major events such as the COVID-19 pandemic and China's mining ban, it still has limitations.
Strategy Executive Chairman Michael Saylor confirmed that the company's Variable Rate Series A Perpetual Preferred Stock STRC will maintain a Stretch Dividend Rate of 12.00% in August 2026. STRC was launched in July 2025 with an initial rate of 9%, and has since seen seven consecutive monthly increases. STRC's dividend adjustment mechanism stipulates that when its trading price falls below $95, the dividend rate increases by 0.5%, and once triggered, the increase is irreversible even if the price recovers. Strategy resets this rate monthly to drive STRC's price closer to its $100 par value, and issues new shares through its ATM program to raise funds for Bitcoin purchases. STRC closed at $89.46 on July 31, down from the previous closing price of $89.50, approximately 10% to 11% below its $100 par value. The stock touched a low of $71.25 in June and has not returned to par value since mid-May. Strategy has paused new STRC issuance through its ATM program, limiting its ability to use this funding channel to increase its Bitcoin holdings. The company maintains a liquidity buffer covering approximately 26 months of dividend and interest obligations, and in late June, authorized a $2 billion preferred stock and common stock buyback and Bitcoin monetization program through the Digital Credit Capital Framework.
Brokerage firm TD Cowen lowered Sharplink's target price from $16 to $13, as it reduced its Ethereum price forecast for the end of 2026 to $2,371. However, TD Cowen still maintains a "Buy" rating on Sharplink, stating that the company recently completed a $75 million financing, purchased 10,000 ETH, and initiated a 2.13 million share buyback, indicating that its capital reserve execution continues to advance.
South Korean AI chip companies Rebellions, FuriosaAI, and DeepX have adjusted their IPO-related plans. Rebellions has rescheduled its listing on the Korea Composite Stock Price Index (KOSPI) to the first half of next year, FuriosaAI is planning for the second half of 2028, and DeepX is targeting 2027 to 2028.The three companies are currently pursuing Pre-IPO and Series D funding rounds respectively. Based on valuations, Rebellions is valued at 3.4 trillion won, FuriosaAI at approximately 3 trillion won, and DeepX at around 2.85 trillion won.Last year, the three companies recorded revenues of approximately 32 billion won, 5.7 billion won, and 3.3 billion won respectively. Related mass production and customer orders include Rebellions' Rebel 100, Renegade and other next-generation chips.
According to Chaoxiang Research, CXMT listed on the STAR Market on July 27, surging 471% at opening, with market capitalization briefly exceeding 3.3 trillion yuan. Nomura Securities released its initiation report on the same day, granting a Buy rating with a target price of 116 yuan, corresponding to a 20x P/E ratio based on 2028 EPS of 5.8 yuan, implying over 12x upside based on an issue price of 8.66 yuan. Nomura noted that AI is driving a structural surge in DRAM demand, with AI memory demand CAGR exceeding 60% from 2026 to 2030, while global supply growth rate is only 30% to 40%, and the supply-demand gap will continue to widen. As the world's fourth-largest DRAM manufacturer, CXMT currently holds a global share of about 10%, expected to rise to 18% by the end of 2028, approaching Micron's scale. Q1 2026 revenue was 50.8 billion yuan (YoY +719%), and net profit attributable to shareholders of the parent company was 24.76 billion yuan (YoY +1688%), with quarterly profit already exceeding the full year 2025. Nomura believes CXMT should enjoy a "China premium," with the 20x PE valuation based on the midpoint between Micron's 10x historical average and the 1 to 3x valuation gap between Chinese and US semiconductor equipment stocks. Northeast Securities gave a valuation range of 3.2 to 5.7 trillion yuan on the same day, while Nomura's 7.76 trillion yuan is relatively optimistic; the core divergence lies in CXMT's long-term market share ceiling.
According to TheStreet, economist Peter Schiff stated that the recent decline in SpaceX (SPCX) stock price could be a warning signal from the market regarding rising risks in high-valuation AI stocks and crypto assets. He believes that SpaceX's correction is not a single-company issue, but may reflect a trend of cooling investor enthusiasm for hot assets.
Morgan Stanley analysts stated that if SpaceX's stock price falls to $100 per share, it implies the market's valuation of its AI business has dropped to zero. SpaceX launched an IPO valued at $86 billion in mid-June, and this week it fell to a low of $110.85, down 18% from the offering price. Analysts assigned a target price of $300 per share to the stock, with more than half derived from the AI business valuation. Previously, SpaceX entered the AI infrastructure sector leveraging its Starlink satellite network, providing low-latency data transmission services for large model training.
Odaily Equity Research raised its target price for Hut 8 to $195 from $165 on Wednesday, citing the full commercialization of the company's Beacon Point AI data center campus in Texas.This is the second time Benchmark has raised its target price for Hut 8 this month. Last week, analyst Mark Palmer had already incorporated the first phase of the Beacon Point project into his valuation, raising the target from $85 to $165. The new target implies approximately 75% upside from Hut 8's stock price of around $111 on Wednesday.Hut 8 has now signed contracts for 949 megawatts of AI data center capacity, indicating its business is further pivoting from traditional Bitcoin mining towards AI infrastructure and power-driven data center models. Benchmark believes the company is evolving into a "power-first data center REIT," an infrastructure platform centered around power resources and data center assets.Hut 8's stock rose about 2% on Wednesday, bringing its year-to-date gains to nearly 120%. As demand for AI computing power continues to grow, the market is reassessing the value of the substantial power and data center resources held by Bitcoin mining companies.
According to the Financial Times, investors are increasingly betting on a decline in SpaceX's stock price, with the stock price falling below the offering price for the first time just weeks after its listing. The report states that SpaceX's initial valuation incorporated high expectations for future growth, such as Starlink satellite internet expansion, commercialization of space business, and AI-related potential. Although previously favored by the market due to its rocket business, satellite internet, and artificial intelligence positioning, attracting significant capital attention during the early listing period, the retreat in stock price has led some traders to begin betting on further declines through short selling or other bearish strategies. Currently, SpaceX has not yet responded to this market trading situation.
According to TechFlow Research, Morgan Stanley pointed out in its TMT webcast on July 14 that Asian memory stocks have pulled back 15% to 25% over the past month, while the chip sector overall traded sideways. Fundamentals have not reversed; it is the valuation framework that is shifting. Three key variables determine the direction: CSP capital expenditure expectations are 30% to 37% above consensus, with the end of July earnings season serving as the first validation window; LTAs are easing fears of a cyclical downturn, with price floors raised after more than half of contracts are locked; Yangtze Memory Technologies Fab4 and Fab5 each plan approximately 100kwpm capacity. If capital expenditure discipline is maintained, tight NAND supply and demand can continue until 2028; if capacity expansion accelerates, it becomes the biggest oversupply risk. Morgan Stanley assesses that the pricing logic for memory stocks is shifting from cyclical high volatility to structural mid-to-high returns; companies that can prove they possess sustainable profitability will command a valuation premium.
Odaily News According to pre-market quotes from market makers, as of 9:56 AM Eastern Time this Friday, the expected opening price of SK Hynix American Depositary Receipts (ADR) has reached approximately $175, about 17% higher than the IPO price of $149. SK Hynix previously completed a $26.5 billion ADR offering, setting a record for the highest fundraising amount by a foreign company in the U.S. market. Its listing performance could become an important indicator for global investors observing the AI semiconductor boom. If the stock maintains a strong performance after listing, it may also further enhance the appeal of Asian tech companies raising capital through the U.S. capital markets. (Bloomberg)
According to TechFlow Research, Bank of America reaffirmed its Buy rating for NVIDIA in a July 7 research report, with a price target of $350 versus the current $195.55, implying 79% upside. NVIDIA is currently trading at 15.7x expected 2027 P/E ratio, the lowest in seven years, representing a 30-35% discount to tech peers. BofA believes the market has overestimated risks such as HBM cost pressure and custom ASIC competition. Vera Rubin inference performance per watt is 10x higher than Blackwell, and gross margin is expected to remain at 75%. NVIDIA's sales to hyperscale customers increased 115% year-over-year, nearly twice the growth rate of cloud capex. Crowded positioning and $65 billion in ecosystem investment are risks but have been priced into the valuation.
Grayscale Research stated that Strategy sold a portion of Bitcoin last week, which may help reduce financing risk and support Bitcoin price stability. This sale of approximately $216 million increased its USD reserves, expected to cover dividend payment needs for approximately 17 months. Meanwhile, the STRC price rebounded, indicating investors reacted relatively positively to this decision.
Odaily News: Bitcoin News posted on X platform, stating that the paper "A Mechanistic Derivation of the Bitcoin Price Power Law: Network Adoption Dynamics and Generalised Metcalfe Scaling" authored by @Giovann35084111 and @moneyordebt has been officially published in Elsevier’s *Nonlinear Science* journal after peer review. The paper argues that Bitcoin’s long-term price power law can be derived from network adoption dynamics and generalized Metcalfe scaling, providing a theoretical foundation for one of Bitcoin’s most debated valuation models.
Odaily Wall Street investment bank TD Cowen has lowered its price target for Bitcoin treasury company Strategy (STRC) from $400 to $260, a reduction of approximately 35%, while maintaining a "Buy" rating. The firm noted that the company's newly launched digital credit capital framework is constructive, with continuous improvements in credit transparency and capital flexibility.Analysts explained that this valuation adjustment is unrelated to the new capital framework, but is primarily driven by lowered Bitcoin price expectations: the BTC price forecast for end-2026 has been reduced from $140,000 to $100,000, and the end-2027 forecast from $190,000 to $135,000. Even after the adjustment, the $260 price target still implies over 200% upside from the closing price of $92.68. The investment bank also acknowledged that this valuation differential appears relatively high.On the capital front, Strategy has rebuilt $2.55 billion in USD reserves. Last week's issuance of 12 million common shares was not used to increase Bitcoin holdings. Existing cash can cover more than 17 months of interest and preferred stock dividends, and combined with BTC monetization capacity, can cover 26 months of expenses. The company has received approval for $1 billion in common stock buybacks and $1 billion in preferred stock buybacks, marking a shift from one-way equity issuance to proactive capital structure optimization. The $1.25 billion in Bitcoin monetization proceeds will replenish cash reserves, while the preferred stock dividend rate has been raised from 11.5% to 12%, alleviating the previously significant 26% discount issue. (TheBlock)
GreyScale Research’s report states that as the valuation framework for crypto assets gradually aligns with traditional financial analysis, decentralized finance (DeFi) protocols with clear cash flows and robust token value-capture mechanisms are attracting increased attention. Using Aave as an example, the report notes that Aave—the leading on-chain lending protocol—generates revenue primarily from lending spreads, treasury yields, and GHO-related activities (GHO being its native stablecoin). Following continuous improvements to its governance mechanism, the linkage between the protocol’s economics and the value accruing to AAVE token holders has strengthened.
Odaily Seer Channel monitoring shows that the probability on Polymarket for "Will Anthropic's valuation reach $1.1 trillion before June 30" has risen to 67%, up 30% in 24 hours.This event will be settled based on Anthropic's private market valuation data released by Nasdaq Private Market (NPM). If Anthropic's NPM Price reaches or exceeds the specified amount between the market creation and June 30, 2026, the event will be settled as "Yes"; otherwise, it will be settled as "No".Anthropic's latest funding round was completed on May 28, achieving a post-money valuation of $965 billion after its $65 billion Series H round, just one step away from common short-term thresholds like $1 trillion. With this prediction market set to settle on June 30, traders are monitoring secondary market liquidity and whether any new primary financing or tender offer activity could push its implied valuation higher within the remaining window. Recent estimates show Anthropic's annualized revenue run rate is approaching $47 billion, continuing to support investor demand. However, no new funding announcements have emerged since late May, and IPO preparations remain longer-term.Odaily Seer Channel continues to follow prediction markets, seeing changes before pricing.
"New Stock God" Serenity posted on X platform, reminding investors to pay attention to financing structures and the dynamics of outstanding shares, as these are crucial for investment returns, and provided examples:IREN: The financing method approaches infinite dilution, with each rebound met by selling pressure—essentially a "bad stock."NBIS: Up 153% year-to-date, thanks to an optimized financing structure (such as direct offerings, convertible bond combinations, etc.).CRWV: High debt interest; the company uses usurious loans for GPU financing, which erodes free cash flow over the long term.Serenity pointed out that if a company has strong fundamentals, one could consider going long after the original shareholding has been diluted to near zero. However, for equity value appreciation, one should stay away from companies with "toxic" financing structures or crushing debt. The risk is especially high for small-cap companies, such as $SLNH adding a $500 million ATM while its market cap is only $250 million; $BKKT continuously diluting stock for executive compensation. Essentially, these companies are transferring investor funds to the enterprise, masked by media hype or influencer promotion.Serenity emphasized that investors must carefully analyze equity structure, dilution risk, and hidden costs when screening targets, to avoid focusing solely on profits while seeing their actual equity shrink.
SpaceX, the company led by Elon Musk, disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday that it plans to fix the offering price at $135 per share (consistent with the price disclosed by sources) before officially commencing its IPO roadshow. SpaceX stated that the company plans to issue 555.6 million shares, thereby raising $75 billion. Typically, at this stage of the IPO process, issuers set a price range to test market demand sensitivity at different price levels. However, SpaceX has adopted a more unique pricing strategy. Calculated at $135 per share, SpaceX's valuation would reach $1.77 trillion. This valuation would make SpaceX the seventh-largest publicly traded company in the US by market capitalization, surpassing Tesla, which currently has a valuation of approximately $1.6 trillion. SpaceX plans to officially list on the Nasdaq Stock Exchange on June 12. (Jin Shi)