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Street creates a framework where startups can tokenise equity without it being a security and without giving up control over the company.
Coinbase misses Q2 expectations, Wall Street split on its growth strategy
Odaily News - After Coinbase's Q2 results fell short of market expectations, the stock briefly dropped to a roughly two-and-a-half-year low on Friday morning before paring losses to around $150. Over the past year, the stock is still down approximately 57%.Wall Street generally believes Coinbase underperformed this quarter, but opinions differ on the cause: some analysts attribute it mainly to a weak crypto market environment, while others have begun to question whether the company's growth strategy beyond its trading business can deliver.JPMorgan stated that Coinbase's results reflect a "challenging crypto environment," with new products contributing limited value to the income statement. The bank lowered its December 2026 price target for Coinbase from $196 to $148, while maintaining an "Overweight" rating. JPMorgan believes the company faces pressure across multiple business lines, with weak trading volumes dragging down transaction revenue and subscription and services revenue also under strain.Bernstein, on the other hand, believes Coinbase's long-term strategy remains attractive, but investors want to see more compelling execution, particularly in new business areas such as prediction markets and tokenized stocks.Mizuho warned that Robinhood is emerging as the mainstream alternative for retail crypto trading. Overall, Coinbase is still viewed as an important representative of U.S. crypto compliance infrastructure, but its valuation recovery increasingly depends on proving it is more than just a crypto exchange reliant on trading cycles.
Decline in AI concept stocks triggers margin pressure; Wall Street banks require some hedge funds to post additional collateral
According to the UK's Financial Times, AI concept stocks have recently continued to correct, and Wall Street banks have required some hedge funds with concentrated positions and high leverage to post additional collateral to maintain existing financing levels. The Nasdaq 100 Index fell by as much as 10% from its early June highs, while the Philadelphia Semiconductor Index has cumulatively dropped about 25% since the end of June. Against the backdrop of sharp declines in related individual stocks, long-short and multi-strategy hedge funds recorded significant single-day drawdowns, reflecting that risks from crowded AI trades and leverage are being exposed at an accelerated pace.
Swiss digital asset bank AMINA partners with Cantor to evaluate listing path, current focus is strategic growth financing
According to CoinDesk, Swiss digital asset bank AMINA is partnering with Wall Street firm Cantor to evaluate potential listing options. Sources familiar with the matter said the company had explored paths such as mergers with special purpose acquisition companies, but currently favors entering the public market through a reverse acquisition by a digital asset treasury company. However, AMINA stated that relevant discussions are still ongoing and no final decision has been made; the core goal at this stage is to raise capital to support strategic growth, rather than pushing for a rapid listing.
AI chip startup Etched completes $300M Series C funding, valuation reaches $10.3 billion
AI chip startup Etched announced the completion of a $300 million Series C funding round, valuing the company at $10.3 billion. The round was led by Sequoia Capital, with participation from Andreessen Horowitz (a16z), SK Hynix, Jane Street, and Diffusion Capital.Founded in 2022 by three Harvard dropouts, Etched was valued at approximately $5 billion when it raised $500 million in December 2025, meaning its valuation has doubled in just about seven months. Etched stated that it focuses on building specialized chip systems for AI model inference. The company has recently completed mass production of its self-developed chips and begun having customers test the first complete systems, while also securing approximately $1 billion in orders. (TechCrunch)
贝莱德牵头至少 120 亿美元债务融资，支持 Meta 得州大型数据中心项目
According to people familiar with the matter cited by The Wall Street Journal, BlackRock is leading a debt financing deal of at least $12 billion to fund a large-scale data center project in El Paso, Texas, jointly supported by BlackRock and Meta Platforms.
Analysis: Kimi Sparks Wall Street Concerns Over "Second DeepSeek Shock", Funds Flowing Out of High-Valuation Tech Stocks
According to The Wall Street Journal, following Moonshot AI's release of the low-cost, high-performance large model Kimi K3, Wall Street has once again seen concerns about a "DeepSeek-style shock," with the AI chip sector facing selling pressure. Morgan Stanley stated that the market may experience AI industry turbulence similar to that triggered by DeepSeek in early 2025, where the rise of low-cost, high-performance AI models could challenge top U.S. model developers such as OpenAI and Anthropic, while simultaneously weakening demand for the large-scale compute infrastructure underpinning the U.S. AI investment boom.
Coinbase misses Q2 expectations, Wall Street split on its growth strategy
Odaily News - After Coinbase's Q2 results fell short of market expectations, the stock briefly dropped to a roughly two-and-a-half-year low on Friday morning before paring losses to around $150. Over the past year, the stock is still down approximately 57%.Wall Street generally believes Coinbase underperformed this quarter, but opinions differ on the cause: some analysts attribute it mainly to a weak crypto market environment, while others have begun to question whether the company's growth strategy beyond its trading business can deliver.JPMorgan stated that Coinbase's results reflect a "challenging crypto environment," with new products contributing limited value to the income statement. The bank lowered its December 2026 price target for Coinbase from $196 to $148, while maintaining an "Overweight" rating. JPMorgan believes the company faces pressure across multiple business lines, with weak trading volumes dragging down transaction revenue and subscription and services revenue also under strain.Bernstein, on the other hand, believes Coinbase's long-term strategy remains attractive, but investors want to see more compelling execution, particularly in new business areas such as prediction markets and tokenized stocks.Mizuho warned that Robinhood is emerging as the mainstream alternative for retail crypto trading. Overall, Coinbase is still viewed as an important representative of U.S. crypto compliance infrastructure, but its valuation recovery increasingly depends on proving it is more than just a crypto exchange reliant on trading cycles.
900 trillion USD annual trading volume of perpetual futures enters Wall Street, major banks remain cautious
Odaily reports: After perpetual futures entered the regulated US market, Wall Street institutions are still taking a wait-and-see approach. Bank of America estimates that the global annual trading volume of perpetual futures is approximately 90 trillion USD; within a week of Kalshi launching perpetual futures in June, trading volume exceeded 1 billion USD. Perpetual futures are similar to standard futures but have no expiration date, meaning traders do not need to close or roll over positions monthly or quarterly. Instead, periodic funding rates keep the contract price close to the underlying asset. On May 29, the US Commodity Futures Trading Commission (CFTC) approved Kalshi to offer such contracts, and Coinbase also received approval to list regulated perpetual futures in the US. Insiders say that large financial institutions are still studying these products, with proprietary trading firms, market makers, and emerging clearing firms likely to be the first to participate. Large banks face stricter capital rules, client obligations, and reputational risks, and typically wait for years of data, clear regulatory treatment, and stable infrastructure. Perpetual futures may also be used to manage weekend risk, but market depth remains a concern. Industry insiders note that regulatory disagreements are emerging over whether certain contracts should be classified as futures or swaps, and CME has already challenged the CFTC's handling of Kalshi's Bitcoin perpetual contract.
SEC and Coinbase Reach Settlement in Lawsuit from Gensler Era
the U.S. SEC and Coinbase reached a settlement on Wednesday, ending a multi-year legal dispute over the handling of record requests during the Gensler era.According to court filings, the SEC agreed to pay $150,000 in legal fees to History Associates and release two documents that had been previously withheld. Additionally, the SEC will review its record management procedures, as well as the retention methods for communications such as text messages.The case originated from Coinbase suing the SEC and FDIC separately in 2024 through the consulting firm History Associates, accusing both regulatory agencies of failing to comply with Freedom of Information Act (FOIA) requests. Coinbase stated that these record requests were related to whether regulators were attempting to cut off the crypto industry's connection with the banking system.In a Wall Street Journal op-ed, Coinbase Chief Legal Officer Paul Grewal stated that former SEC Chairman Gary Gensler had launched a “litigation campaign” against the crypto industry. During Gensler's tenure, the SEC sued Coinbase and several other crypto companies, alleging they failed to comply with federal securities registration requirements.Grewal noted that the settlement has long-term implications, as the FDIC and SEC are rewriting disclosure and record-keeping practices, which could enhance regulatory transparency and limit the ability of regulators to overreach behind closed doors in the future.
a16z Crypto: Tokenized Stocks Market Cap Surpasses $1.7 Billion, Up Over 5x in One Year
According to a post by a16z crypto researcher Robert Hackett and data advisor Ryan Holloway, the tokenized stock market is experiencing explosive growth. As of June 2026, the total market capitalization of tokenized stocks reached approximately $1.7 billion, representing a more than fivefold increase from $329 million a year earlier, making it one of the fastest-growing categories among tokenized assets. On-chain data shows that monthly transfer volume surged from $53 million last June to $9.22 billion this June, a year-over-year increase of more than 170 times. The market structure has also changed significantly: the proportion of crypto-related products dropped from 79% to 21%; the AI and chip category jumped from nearly zero to a market share of 15.5%; tech giants rose from 0.6% to 10.6%; and ETFs and indices increased from 4.5% to 17.3%. At the institutional level, DTCC has completed the first live trades of tokenized Treasury bonds and stocks on Digital Asset's Canton network, with full services planned to launch in October, which will open access for Wall Street to approximately $114 trillion in DTC custodied assets. Meanwhile, Robinhood has launched its own chain, NYSE's parent company announced a joint venture with OKX (pending regulatory approval), and Coinbase and Binance have also sequentially launched offerings for non-U.S. users.
Truth Social will offer authorized data services to Wall Street
Trump Media & Technology Group interim CEO Kevin McGurn stated that the company will launch a set of backend interfaces allowing financial services firms to pay for access to Truth Social’s real-time data. McGurn indicated that this marks the company's first expansion of its media business into the data licensing field. The newly launched Truth API will provide clients with real-time access to content published by the platform's top ten most popular accounts.McGurn added that clients willing to pay a higher fee in the future can obtain data access rights to more accounts. These accounts include key decision-makers who influence policy-making and geopolitical trends, such as U.S. President Donald Trump, the White House, FBI Director Kash Patel, White House Deputy Chief of Staff Dan Scavino, and Secretary of Health and Human Services Robert F. Kennedy Jr. (Axios)
DeepSeek to Debut on Shanghai STAR Market as Early as Q2 2027
DeepSeek is preparing for an initial public offering on the Shanghai Stock Exchange's STAR Market, with plans to submit its application by the end of this year and potentially complete the listing as early as the second quarter of 2027.DeepSeek has initiated discussions with investors and banks regarding its IPO plans. The funds raised from the offering are intended for model research and development, talent acquisition, and computing infrastructure construction. The relevant timeline may still be subject to adjustments, and the listing plan will require regulatory approval. (The Wall Street Journal)
Coinbase misses Q2 expectations, Wall Street split on its growth strategy
Odaily News - After Coinbase's Q2 results fell short of market expectations, the stock briefly dropped to a roughly two-and-a-half-year low on Friday morning before paring losses to around $150. Over the past year, the stock is still down approximately 57%.Wall Street generally believes Coinbase underperformed this quarter, but opinions differ on the cause: some analysts attribute it mainly to a weak crypto market environment, while others have begun to question whether the company's growth strategy beyond its trading business can deliver.JPMorgan stated that Coinbase's results reflect a "challenging crypto environment," with new products contributing limited value to the income statement. The bank lowered its December 2026 price target for Coinbase from $196 to $148, while maintaining an "Overweight" rating. JPMorgan believes the company faces pressure across multiple business lines, with weak trading volumes dragging down transaction revenue and subscription and services revenue also under strain.Bernstein, on the other hand, believes Coinbase's long-term strategy remains attractive, but investors want to see more compelling execution, particularly in new business areas such as prediction markets and tokenized stocks.Mizuho warned that Robinhood is emerging as the mainstream alternative for retail crypto trading. Overall, Coinbase is still viewed as an important representative of U.S. crypto compliance infrastructure, but its valuation recovery increasingly depends on proving it is more than just a crypto exchange reliant on trading cycles.
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.
Intel Corporation reported second-quarter revenue of $16.13 billion, a 25% increase year-over-year
Intel Corporation's second-quarter revenue was $16.13 billion, up 25% year-over-year, compared to estimates of $14.43 billion. Second-quarter Data Center and AI revenue was $6.26 billion, surpassing analyst estimates of $5.54 billion. Second-quarter adjusted earnings per share (EPS) was $0.42, exceeding analyst estimates of $0.21. The company expects third-quarter revenue between $15.8 billion and $16.8 billion, compared to analyst estimates of $15.06 billion. The company anticipates third-quarter adjusted EPS of $0.38, exceeding analyst estimates of $0.27. (Wall Street CN)According to MSX.COM data, Intel shares surged in after-hours trading, rising as much as 13% before gains narrowed to 3%.
Analysis: Kimi Sparks Wall Street Concerns Over "Second DeepSeek Shock", Funds Flowing Out of High-Valuation Tech Stocks
According to The Wall Street Journal, following Moonshot AI's release of the low-cost, high-performance large model Kimi K3, Wall Street has once again seen concerns about a "DeepSeek-style shock," with the AI chip sector facing selling pressure. Morgan Stanley stated that the market may experience AI industry turbulence similar to that triggered by DeepSeek in early 2025, where the rise of low-cost, high-performance AI models could challenge top U.S. model developers such as OpenAI and Anthropic, while simultaneously weakening demand for the large-scale compute infrastructure underpinning the U.S. AI investment boom.
Trump Media Group Launches Paid Data Service "Truth API", Selling Fastest Access to Trump Posts to Trading Firms
In response to this, Senator Ron Wyden, the senior Democratic member of the Senate Finance Committee, criticized the move, stating that it would benefit the Trump family and "make Wall Street traders rich." Legal experts, however, stated that tiered distribution of information by tech platforms does not violate federal securities laws.
DTCC Digital Assets Head Says Process $4000 Trillion in Settlements Annually, Collaborating with Canton, Stellar and Others
Odaily News: Bloomberg ETF analyst Eric Balchunas posted on X platform, stating that DTCC Digital Assets head Nadine Chakar said on the Trillions podcast that DTCC processes $4000 trillion in settlements annually. No blockchain can currently handle this scale, so they are collaborating with Canton, Stellar, and several other parties to advance Wall Street tokenization projects.
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)
DeFi asset management and risk analysis company Gauntlet secures $125 million financing from Japanese financial giant SBI Holdings
According to Fortune, DeFi asset management and risk analysis company Gauntlet completed a $125 million financing round, exclusively invested by Japanese financial group SBI Holdings. The financing was completed in June this year, and the specific valuation was not disclosed. This is Gauntlet's largest financing round since its establishment in 2018, far exceeding its $24 million Series B round in 2022 led by Ribbit Capital at a $1 billion valuation. Gauntlet was founded by former Wall Street quantitative trader Tarun Chitra. It initially focused on providing stress testing and vulnerability analysis services for DeFi protocols. Later, as the DAO governance model waned, it gradually transitioned to a "treasury curation" business—assessing yield strategy risks through quantitative analysis to help institutional investors manage digital asset allocation. Currently, its clients include asset management giant Apollo, Coinbase, and stablecoin issuer Circle.
CoinEx Emerges as Key Hub for Iran Sanctions Evasion, Involving Over $3.8 Billion in Funds
According to The Wall Street Journal, blockchain public-chain data analysis shows that Iranian entities have conducted over $3.84 billion in transactions via the cryptocurrency exchange CoinEx to circumvent U.S. economic sanctions. Investigators traced funds linked to two digital wallets controlled by the Central Bank of Iran and found connections to the $1.5 billion stolen by North Korean hackers from the Bybit exchange. After flowing through complex, multi-layered transaction paths, these funds ultimately entered CoinEx—making it one of the central channels through which Iran uses cryptocurrencies to bypass sanctions.
Anthropic Model Safety Controversy Escalates, Amazon Accused of Being the "Hidden Force" Triggering Regulatory Intervention
the U.S. government's export controls and access restrictions on Anthropic's models, Fable 5 / Mythos 5, were partly driven by Amazon's cybersecurity research and AWS CEO Andy Jassy's communications with the White House.It is understood that research submitted by Amazon indicated that through a series of prompt tests, researchers could induce Fable 5 to output sensitive information potentially usable for cyberattacks, raising security concerns. Subsequently, Andy Jassy reported these findings to the U.S. government level, prompting the White House to implement further restrictions, including banning foreign users from accessing the model.Meanwhile, former U.S. Commerce Department official Kate Koren revealed that the White House's existing policy stance towards Anthropic may have also influenced this decision. This is because Anthropic has disagreements with the White House over the boundaries of AI safety, including refusing to use its models for mass surveillance or lethal autonomous weapons systems. Although the two sides had eased tensions and expanded cooperation earlier this year, this incident could reignite strained relations between them. (The Wall Street Journal)
Resolv Foundation announces recovery plan and launches RWA business line Vault Street
The Resolv Foundation has announced its recovery plan following the protocol security incident. USR/wstUSR tokens held and snapshot-recorded prior to the incident will be redeemed for USDC at a 1:1 ratio, while USR/wstUSR acquired after the incident will be redeemed at a 1:0.5 ratio. RLP holdings will be restored at a core redemption rate of 0.71 USDC per token, with additional RESOLV token allocations based on a reference price of $0.03. The Foundation stated that eligible users may claim their recovery funds between May 26, 2026, and August 26, 2026.
Trump insists on diplomatic solution to Iran issue, Netanyahu strongly opposes
According to the Wall Street Journal, US President Donald Trump had a tense and heated phone call with Israeli Prime Minister Benjamin Netanyahu on Tuesday evening. According to sources, Netanyahu strongly criticized the agreement aimed at ending the war with Iran during the call, while Trump defended the diplomatic process. Israel has long been skeptical about whether Iran will adhere to any agreement to dismantle its nuclear program and halt attacks on regional countries. According to insiders, Netanyahu reiterated these positions to Trump during calls on both last Sunday and Tuesday. However, Trump was not convinced. He told Netanyahu that he would continue to push for an agreement to prevent Iran from acquiring nuclear weapons. Trump also stated that if Iran fails to show greater flexibility in negotiations, it may face a new round of strikes. (Golden Ten)
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.
Robinhood's Q2 Crypto Revenue Dropped 38% YoY to $100 Million, After-Hours Share Price Fell 4%
online brokerage Robinhood's Q2 adjusted earnings per share were $0.62, with revenue reaching $13.1 billion, surpassing Wall Street expectations and setting a record high; its share price fell 4% in after-hours trading. Robinhood's Q2 crypto trading revenue decreased by 38% year-over-year to $100 million, offset partially by increased activity in options, stocks, and prediction markets. The company has launched Robinhood Chain in Europe for tokenized US stocks and rolled out an Agentic Trading AI tool that automates investments while retaining user control.
Microsoft, Meta Earnings Reports Approaching, Market Patience on AI Spending Waning
According to Bloomberg, Microsoft and Meta will release their earnings reports after the US market closes on Wednesday. The market focus is not on revenue growth, but rather on the two companies' continuously rising AI capital expenditures and shrinking cash reserves. Previously, Alphabet's stock price still recorded the largest single-day drop in over a year despite announcing better-than-expected results, as it experienced negative cash flow for the first time since its listing due to a surge in capital expenditures. Analysts point out that the uncertainty surrounding returns on AI investments by large tech companies is accelerating the erosion of Wall Street's patience, and Microsoft and Meta's earnings reports may become a new round of stress tests for market sentiment.
Zuckerberg: Superintelligence Should Empower Everyone, Not Be Concentrated in a Few Institutions
Meta CEO Mark Zuckerberg published a public article titled "The AI Future Is for Everyone" in The Wall Street Journal, outlining his philosophy on the development of superintelligence and advocating that future AI should broadly empower individuals rather than be centrally controlled by a few institutions.
Ondo Finance Abandons Layer 1 Plan, Launches Private High-Speed Trading Network Ondo Network
: Tokenized asset issuer Ondo Finance has abandoned its traditional Layer 1 blockchain plan and instead launched the Ondo Network. The platform is positioned as a trading network tailored to institutional needs, designed to support private, high-speed trade execution. The network's first application, Ondo Perps, will allow users to trade perpetual futures using tokenized assets as collateral, separating fast, private trade execution from public chain settlement. Ondo Finance has already issued tokenized U.S. Treasury bonds and stocks, and is advancing broader trading infrastructure development against the backdrop of rising Wall Street interest in tokenization and 24/7 markets.
900 trillion USD annual trading volume of perpetual futures enters Wall Street, major banks remain cautious
Odaily reports: After perpetual futures entered the regulated US market, Wall Street institutions are still taking a wait-and-see approach. Bank of America estimates that the global annual trading volume of perpetual futures is approximately 90 trillion USD; within a week of Kalshi launching perpetual futures in June, trading volume exceeded 1 billion USD. Perpetual futures are similar to standard futures but have no expiration date, meaning traders do not need to close or roll over positions monthly or quarterly. Instead, periodic funding rates keep the contract price close to the underlying asset. On May 29, the US Commodity Futures Trading Commission (CFTC) approved Kalshi to offer such contracts, and Coinbase also received approval to list regulated perpetual futures in the US. Insiders say that large financial institutions are still studying these products, with proprietary trading firms, market makers, and emerging clearing firms likely to be the first to participate. Large banks face stricter capital rules, client obligations, and reputational risks, and typically wait for years of data, clear regulatory treatment, and stable infrastructure. Perpetual futures may also be used to manage weekend risk, but market depth remains a concern. Industry insiders note that regulatory disagreements are emerging over whether certain contracts should be classified as futures or swaps, and CME has already challenged the CFTC's handling of Kalshi's Bitcoin perpetual contract.
Related news
Coinbase misses Q2 expectations, Wall Street split on its growth strategy
Odaily News - After Coinbase's Q2 results fell short of market expectations, the stock briefly dropped to a roughly two-and-a-half-year low on Friday morning before paring losses to around $150. Over the past year, the stock is still down approximately 57%.Wall Street generally believes Coinbase underperformed this quarter, but opinions differ on the cause: some analysts attribute it mainly to a weak crypto market environment, while others have begun to question whether the company's growth strategy beyond its trading business can deliver.JPMorgan stated that Coinbase's results reflect a "challenging crypto environment," with new products contributing limited value to the income statement. The bank lowered its December 2026 price target for Coinbase from $196 to $148, while maintaining an "Overweight" rating. JPMorgan believes the company faces pressure across multiple business lines, with weak trading volumes dragging down transaction revenue and subscription and services revenue also under strain.Bernstein, on the other hand, believes Coinbase's long-term strategy remains attractive, but investors want to see more compelling execution, particularly in new business areas such as prediction markets and tokenized stocks.Mizuho warned that Robinhood is emerging as the mainstream alternative for retail crypto trading. Overall, Coinbase is still viewed as an important representative of U.S. crypto compliance infrastructure, but its valuation recovery increasingly depends on proving it is more than just a crypto exchange reliant on trading cycles.
Reddit Q2 Earnings Beat Expectations, but AI Impact on Search Traffic Triggers Sharp Stock Price Decline
According to TechCrunch, Reddit announced its Q2 2026 financial results, with total revenue of $805 million, up 61% year-over-year; net income of $253 million, up 183% year-over-year, both exceeding Wall Street expectations, and Q3 revenue guidance was also higher than expected. However, CEO Steve Huffman warned in a letter to shareholders that referral traffic from search engines fluctuated significantly this quarter; coupled with market concerns regarding the substitution effect of AI search, Reddit's after-hours stock price plummeted by over 10%. Data shows that Reddit's U.S. daily active users declined slightly quarter-over-quarter, dropping from 53.5 million in Q1 to 53.2 million. Additionally, there is uncertainty regarding whether the AI training data licensing contract between Reddit and Google can be renewed; Huffman stated he would ensure "maximizing Reddit's value", but did not provide a clear answer.
Tesla Considers Selling China Business to Pave the Way for Potential SpaceX Merger
According to The Wall Street Journal, Tesla is considering selling or spinning off its China business due to geopolitical tensions between China and the US. Musk has previously instructed Tesla executives to establish a clear "firewall" between US and China operations to ensure that the US business can survive independently should relations between the two countries deteriorate. This sale or spin-off plan is also believed to be related to the potential merger process between Tesla and SpaceX, as divesting China assets may clear obstacles for the merger. Currently, Tesla's China business is centered in Shanghai, which is its second-largest market globally.
Citadel has acquired the majority of the equity portfolio of funds under Situational Awareness
According to The Wall Street Journal, sources familiar with the matter revealed that Ken Griffin's investment firm Citadel has acquired the majority of the stock portfolio of AI hedge fund Situational Awareness.
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.
Microsoft Q4 Revenue Hits $90 Billion, Exceeding Expectations; Azure Cloud Revenue Surpasses $100 Billion for the First Time
Odaily Microsoft (MSFT.O) reported strong growth in its cloud business, with an increase in the number of AI paying users. Meanwhile, investors remain focused on whether the tech giant's spending on data centers will yield returns. Microsoft's fourth-quarter earnings per share were $4.81, up from $3.65 in the same period last year and above Wall Street's estimate of $4.24. Quarterly revenue reached $90 billion, surpassing the expected $87.6 billion, representing an 18% year-over-year increase. Azure remains one of the most closely watched metrics by investors, serving as a bellwether for overall AI demand. Microsoft CEO Satya Nadella stated: "Azure revenue surpassed $100 billion for the first time, and paid seats for Microsoft 365 Copilot exceeded 30 million, reflecting that customers trust us to power their AI transformation." Microsoft's Azure cloud business generated $39.3 billion in revenue in the fourth fiscal quarter, with a growth rate of 43%, exceeding the expected 40% growth. Microsoft's stock rose as much as 4% in after-hours trading. So far this year, Microsoft's stock has accumulated a decline of about 18%. (Jin Shi)