News linked to both this project and an event.
Grayscale stated HYPE's forward P/E ratio is approximately 15 to 18 times. Hyperliquid possesses real cash flow and can therefore be valued like a stock, but the valuation is based on earnings per token rather than earnings per share. Based on this, compared with fintech peers such as Coinbase, Robinhood, and Circle, HYPE still appears inexpensive. Market data shows that HYPE is currently trading at $55.32, down 1.5% in the past 24 hours.
According to official announcements, TownSquare's Sonar public sale with a $200 million valuation was completed at 9 PM Singapore time on Sunday night, ending with a 200% oversubscription. This represents the highest oversubscription performance for a Sonar public sale this year, excluding MegaETH. Due to the oversubscription, the public sale will be settled based on proportional rules and an order from small to large amounts.
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.
Coinbase Institutional and Glassnode have jointly released a market report, maintaining a neutral outlook on the cryptocurrency market for the third quarter of 2026. In the second quarter, the total market capitalization of the crypto market (excluding stablecoins) declined by approximately 12%, while stablecoin supply reached an all-time high. On-chain data suggests that Bitcoin may be transitioning from a correction phase to an accumulation phase, characterized by compressed valuations, near-multi-year lows in recent active supply, and the proportion of supply in profit breaking below historical statistical lower bounds—historically corresponding to accumulation rather than distribution zones. However, the macro liquidity environment remains tight, with the Federal Reserve maintaining a hawkish stance under Kevin Warsh's leadership, a strong U.S. dollar, coupled with geopolitical risks, selling pressure from digital asset treasuries, and net outflows from spot BTC and ETH ETFs in the first half of the year (though the pace of outflows has begun to slow), thus overall caution is advised.
: U.S. prediction market platform Kalshi experienced explosive growth during the 2026 World Cup, with platform trading volume soaring from $6.67 billion on June 22 to $24.2 billion on July 14. The single "World Cup Champion" prediction market saw trading volume exceed $1.2 billion. Kalshi stated that its growth reflects a new trend in the AI era: as the volume of AI-generated content increases substantially, authentic, real-time, and non-replicable human interaction scenarios are becoming scarcer, positioning prediction markets as a novel tool for observing public sentiment and collective judgment.Meanwhile, Kalshi is seeking to transform from a sports prediction platform into the next-generation financial trading infrastructure. The company currently holds Designated Contract Market (DCM) status recognized by the U.S. Commodity Futures Trading Commission (CFTC) and plans to expand into more prediction areas including sports, geopolitics, culture, and economics. (Fortune)
Samsung Electronics, SK Hynix, and Micron Technology, the three major memory chip companies, have all seen their stock prices decline this month, presenting an opportunity for investors to reposition themselves in the rapidly growing storage chip industry.Market concerns are rising that the current memory chip boom driven by AI demand may slow down in the coming years, potentially repeating the "expansion – oversupply – downturn" cycle commonly seen in this cyclical industry.Analysts point out that investors looking to enter the memory chip sector at this stage need to believe in the sustainability of AI-driven storage demand growth and be able to withstand the risks associated with industry cyclical fluctuations.In terms of investment strategy, one approach is to focus on companies with the lowest valuations. Samsung, currently trading at a relatively low valuation among the three major memory chip firms, could be a choice for some investors seeking exposure to the growth opportunities in the storage chip industry. (The Information)
according to the latest report data from TokenInsight, the TradFi perpetual contract market continued its rapid growth trend in Q2 2026, with the competitive landscape further concentrating. Binance ranked first with a trading volume of approximately $380 billion, holding a market share of about 59.96%; Bitget ranked second with approximately 11.01%, and OKX ranked third with approximately 10.97%. The two platforms each had a quarterly trading volume of around $69 billion, forming the core tier of the market alongside Binance.From the perspective of platform penetration rates, the proportion of TradFi perpetual contracts in the derivatives business of different exchanges still shows significant variation. Among them, Binance leads with a penetration rate of 8.65%, closely followed by Bitget at 8.61%, indicating that top-tier platforms are accelerating the integration of traditional financial assets into the crypto derivatives market.
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.
Tim Draper, founder of Draper Associates, stated that his early decision not to invest in Coinbase was due to his judgment that widespread retail crypto adoption would still take a considerable amount of time, rather than a lack of belief in Coinbase co-founder and CEO Brian Armstrong.Tim Draper revealed that at the time, he had already invested in the early Bitcoin company Coinlab, which is why he initially did not invest in Coinbase. His son, Adam Draper, disagreed with this assessment and wrote the first check to Brian Armstrong. Tim Draper subsequently participated in Coinbase's next funding round. Coinbase was later founded by Brian Armstrong and Fred Ehrsam and grew into a crypto platform, listing on Nasdaq under the ticker symbol COIN.Tim Draper stated that Coinbase has become one of the representative investments of Draper Associates Fund V, with the returns from Coinbase alone nearly doubling the overall size of the fund.
According to Odaily, Citrini analyst jukan posted on platform X that The Information reports DeepSeek's ARR is nearing $500 million, and the company has successfully raised $7.4 billion in funding. DeepSeek is designing a second funding round to allow it to raise dollar-denominated capital from overseas investors, with a particular focus on attracting investment from the Middle East. DeepSeek has also hired investment banks to prepare for an IPO on the Shanghai STAR Market, targeting a listing next year. By selling access to its latest flagship model V4, DeepSeek maintains a gross margin of over 50%.
According to monitoring by the BlockFlow KOL Opinion Aggregation Platform, Meta Platforms (META) is currently priced at $669.21. Multiple KOLs are unanimously bullish, believing that given its massive user base across multiple platforms and AI infrastructure build-out, the $1.7 trillion valuation is cheap.
Standard Chartered stated that it maintains its Bitcoin price prediction of reaching $100,000 by the end of 2026, believing that the recent market decline triggered by Strategy's (formerly MicroStrategy) related activities is not due to a deterioration in the company's balance sheet, but rather a strategic adjustment that the market has not fully understood.Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, noted in a report that Strategy's recent behavior is disrupting short-term market expectations for Bitcoin. The market had previously accepted the company's narrative of "never selling Bitcoin," but now Strategy appears to be shifting towards a more complex capital operation model. How clearly the company can communicate this change will determine when market pressure eases.Currently, Strategy holds 843,775 Bitcoins, representing approximately over 4% of the total 21 million Bitcoin supply. From 2020 to mid-2025, Strategy's mNAV (Market Value of Enterprise / Bitcoin Asset Value) was consistently above 1, allowing the company to raise funds through stock issuances to purchase Bitcoin and achieve shareholder value growth. The commitment to "never selling Bitcoin" was central to this model gaining market acceptance. However, with the current mNAV approaching 1, the leverage effect of this financing model is weakening.Kendrick believes Strategy is transitioning from a "Bitcoin accumulation tool" to a "Bitcoin credit support tool." This involves using its Bitcoin holdings as the credit basis for its perpetual preferred stock, STRC. Currently sized at approximately $10 billion, STRC is the largest financial instrument launched by Strategy, offering an annualized dividend rate of 12%, paid semi-monthly in cash, and is designed to maintain a price near its $100 par value through interest rate adjustment mechanisms.Standard Chartered indicated that STRC is currently trading around $90, while Strategy's dollar reserve for paying dividends stands at approximately $2.55 billion, covering an estimated 17.4 months of dividend expenses.Kendrick stated that Strategy's policy adjustment allowing for Bitcoin sales does not necessarily mean the company will continuously sell. He believes that as long as the market believes the new capital structure arrangement can stabilize the STRC price, Strategy may not actually need to sell Bitcoin. He compared this mechanism to a central bank's commitment to "do whatever it takes": mere restoration of market confidence may mean actual intervention never occurs. (The Block)
PPP Prediction Market Tool monitoring shows that on Polymarket, for the prediction event "Anthropic's highest valuation this year," the probability of Anthropic reaching a $1.5 trillion valuation by the end of 2026 has risen to 78%, up 47% in 24 hours; the probability of reaching $2 trillion has risen to 37%, up 19% in 24 hours.On June 1, Anthropic confidentially filed a draft S-1 registration statement with the U.S. SEC, officially initiating its IPO process in the United States. Recently, research firm SemiAnalysis released a report stating that Anthropic is expected to achieve $1 billion in GAAP operating profit in the third quarter of 2026, with an operating profit margin of 6%.Join the PPP Signal Push Community, stay one step ahead, and seize the opportunity.https://polymarket.com/zh/event/will-anthropics-valuation-hit-by-december-31
chip company Changxin Technology has received approval from the China Securities Regulatory Commission for registration and has officially initiated its IPO issuance procedures on the STAR Market. The company plans to raise 29.5 billion RMB through this issuance. Based on the fundraising amount and the number of shares issued, the estimated issuance price is approximately 4.41 RMB per share, and the estimated total market capitalization after listing will be close to 295 billion RMB.The company expects to achieve revenue of 110 billion to 120 billion RMB in the first half of 2026, with net profit ranging from 66 billion to 75 billion RMB, marking a turnaround from losses to profitability growth.According to the issuance arrangements, the initial strategic placement ratio is 50%, and the offline placement follows the "3+7" rule, with 70% of the shares distributed to offline investors locked up for 6 months. Calculations show that approximately 78% of the issued shares will be under restricted trading on the first day of listing, corresponding to an estimated tradable market capitalization of about 6.5 billion RMB for new shares on that day.Additionally, online investors are required to have STAR Market trading permissions and meet the Shanghai market value requirements. Some major shareholders have committed to a lock-up period of 36 months. The lead underwriter, CICC, has a 15% over-allotment option, allowing it to conduct price stabilization operations within 30 calendar days after listing.
Jeremy Grantham, renowned investor, co-founder, and chief investment strategist at GMO, stated that the market might look back on the SpaceX listing in 50 years with a sense of "mockery," calling it "the most outrageous IPO in human history."Grantham believes that SpaceX’s grand vision of "making humanity a multi-planetary species," coupled with the market’s current strong enthusiasm for the company, could be viewed by investors in the future as excessive optimism. "Everyone is lining up to tell you to buy the most outrageous IPO in human history. 50 years from now, people will quote paragraphs from the prospectus and laugh about it," he said.Since SpaceX joined the Nasdaq-100, it has garnered significant institutional attention, but its stock price has faced pressure recently. Currently, SpaceX’s stock is down about 7% from its one-month high, hovering around $150, only slightly above its IPO target price of $135.Wall Street institutions are divided on SpaceX’s future valuation. Morgan Stanley reportedly has given it a $300 price target, while Goldman Sachs analysts estimate a target of around $205. JPMorgan Chase believes that Elon Musk’s goal of achieving $1 trillion in revenue by 2031 is "theoretically achievable" but would require extremely strong execution capabilities.Grantham also pointed out that one of SpaceX’s biggest risks is its heavy reliance on Musk’s personal leadership. He noted that Musk holds approximately 82% of the voting control, which serves as both a key driver of SpaceX’s culture and innovation capability, and a source of risk related to governance structure and leadership changes.However, Grantham acknowledged that SpaceX’s inclusion in the Nasdaq index could generate additional buying pressure. He said that as a large amount of funds tracking the Nasdaq index are forced to allocate to SpaceX stock, market demand may exceed supply, thereby pushing the stock price up.Nevertheless, he believes that in the long run, SpaceX still faces significant challenges. If the valuation logic for the company ultimately holds, the future world could undergo drastic changes driven by the development of artificial intelligence and automation technologies. Conversely, if expectations fail to materialize, this IPO would also become a landmark event in financial history. (Fortune)
the boom in AI infrastructure investment is cooling, and the market has begun to reassess the sustainability of spending on chips and data centers. As investors re-evaluate whether investment in AI infrastructure can be sustained, the "AI trade," which encompasses the semiconductor, memory chip, and data center industry chain, is showing signs of slowdown.Recently, AI-related chip stocks such as Micron Technology (MU) and SanDisk (SNDK) have come under pressure. Meanwhile, Samsung Electronics reported record-breaking second-quarter results, but its revenue fell short of market expectations. Its stock price still fell nearly 7%, dragging the entire AI chip sector lower.Market concerns are growing that as major cloud computing providers (Hyperscalers) may slow down their AI infrastructure investments, the current AI boom cycle, driven by GPUs, High Bandwidth Memory (HBM), and data center construction, could face a repricing. Concurrently, South Korean memory chip giant SK hynix's stock price has fallen about 25% from its all-time high ahead of its US listing, and its IPO is also attracting some funds away from existing chip stocks.Analysts point out that after SpaceX's massive IPO inflated valuations of AI-related assets, investors are reassessing the growth logic for the next phase of the AI rally. If the intensity of AI investment declines further, some capital might flow back from the AI industry chain to other risk assets, including crypto assets. (CoinDesk)
South Korean memory chip giant SK Hynix is set to list on the Nasdaq this Friday, becoming another highly anticipated large-cap tech company to debut in the US, following SpaceX. It is reported that SK Hynix plans to raise approximately $28 billion through an American Depositary Receipt (ADR) offering. As one of Nvidia's key suppliers, SK Hynix primarily produces High Bandwidth Memory (HBM), DRAM, and NAND flash products, with its business benefiting from the growing storage demand driven by the expansion of AI infrastructure.Market analysts believe that SK Hynix's US listing will serve as a crucial test of investor appetite for the next wave of AI technology IPOs. Over the past 12 months, its shares listed in South Korea have surged approximately 770%, outperforming rival Micron Technology's roughly 700% gain during the same period. SK Hynix's listing reflects the AI industry's investment fever spreading from large-scale models and computing chips to the storage and semiconductor supply chain. The market expects the second half of 2026 could see more waves of major IPOs from AI and tech companies. (Fortune)
on July 6 that according to the Shanghai Stock Exchange official website, the IPO review status for Unitree Technology Co., Ltd. on the STAR Market has been changed to "Registration Effective."It is reported that for this IPO, Unitree Technology plans to publicly issue no less than 40.4464 million new shares, accounting for no less than 10% of the total share capital after issuance, with a planned total fundraising amount of 4.202 billion yuan. According to the prospectus data, from 2023 to 2025, the company's operating revenue was 159 million yuan, 393 million yuan, and 1.699 billion yuan respectively, while net profit was -11.1451 million yuan, 95.4747 million yuan, and 278 million yuan respectively, making it one of the few high-performance general-purpose robot companies in the world to achieve profitability. (Bianews)
AI data center Crusoe Energy Systems is in talks for a new round of financing worth approximately $3 billion. Upon completion of this round, the company's valuation is expected to roughly triple from the previous round, reaching the $30 billion range.Founded in 2018, Crusoe initially started with crypto-related businesses before transitioning into an AI infrastructure and data center service provider. It is currently categorized as one of the "neocloud" firms, a new type of cloud computing company focused on providing computational power support for generative AI. The company has signed compute supply contracts with tech giants including Meta and Oracle. As demand for AI infrastructure construction surges, the scale of its compute business continues to expand.According to previously public information, Crusoe completed a funding round of approximately $1.38 billion last year, with a valuation exceeding $10 billion. If this new round is successfully completed, it would become another large-scale capital move in the AI infrastructure sector.Market sources estimate that the final valuation for this round could be around the $30 billion level, but the deal is still in progress and has not yet been finalized. (Reuters)
Odaily News, CryptoQuant analyst Darkfost stated on platform X that currently, active Bitcoin investors are floating at a loss of about 20% on average, and market sentiment is in a "devaluation" phase, but has not yet reached the deep pressure levels typical of historical bear markets.Darkfost pointed out that the True Market Mean (TMM) is currently around $76,700. This indicator reflects the average cost basis of active circulating BTC supply (excluding coins that have been dormant for a long time, potentially lost, or illiquid). Historically, this level acted as a significant resistance zone in May, where some investors chose to exit the market without incurring losses or with minor losses. Meanwhile, the AVIV Ratio (Active Value to Investor Value) is currently around 0.8, meaning active investors are down approximately 20% from their cost basis. In contrast, during historical bear markets, this indicator typically drops to 0.5–0.6, corresponding to a deeper drawdown of about 40%–50%.Analysis suggests that in this cycle, the entry of institutional funds and ETFs has not changed Bitcoin's cyclical nature; the market continues to operate within its own structural framework. Although significant devaluation pressure is already evident, it may not necessarily need to fall to historical bear market extreme levels to trigger a rebound. Overall, cautious judgment regarding cyclical fluctuations remains necessary.