Goldman Sachs strategist advises investors to appropriately increase allocations to cloud service providers and reduce holdings in semiconductor stocks.

According to Bitget market data, Brent crude oil has surpassed $86 per barrel for the first time since July 31, climbing 5.53% intraday. WTI crude oil is currently up 5.3%.

Goldman Sachs' latest report confirms that storage components are expected to account for roughly 62% of the bill of materials (BOM) for NVIDIA's next-generation "Vera Rubin" superchip. Citing Goldman Sachs' analysis, ZeroHedge reports that in the Vera Rubin platform, the cost share of the SOCAMM2 memory module on the CPU side is significantly higher than that of the HBM4 high-bandwidth memory on the GPU side. Goldman Sachs previously noted in May that as demand for AI infrastructure continues to grow, memory has become a key component of AI server hardware cost structures. This latest report further underscores the importance of the storage segment in the AI chip supply chain, especially as demand for high-performance memory for next-generation AI computing platforms surges rapidly.

August 3–August 9, 2026 #LookonchainWeeklyReport ?? Overview Stablecoin supply grew by $931.4M last week, DEX spot volume fell and perp volume fell, while public companies shed 66 BTC. ?? Stablecoin Market The total stablecoin market cap increased by $931.4M. ?? Spot & Perps Trading Volume on DEXs DEX spot volume fell 11.95% and perp volume fell 25.00% WoW. ?? Protocol Revenue Protocol revenue slipped 2.14% WoW, while Pyth led weekly revenue growth with a 3320% increase. ?? Last week, 5 compa...

According to disclosures from The Data Nerd, bitcoin mining firm MARA sold far more bitcoin in the first half of this year than earlier market reports indicated. Data shows MARA sold a total of 23,093 BTC in H1 2026, valued at roughly $1.6 billion, with an average selling price of about $70,631 per coin. As of press time, MARA still holds 35,577 BTC, worth approximately $2.3 billion at current market value. The Data Nerd noted that prior market focus has centered more on MARA’s bitcoin reserve growth, but its actual selling volume is also substantial. This move reflects that mining companies, amid high capital expenditures and shifting market conditions, are adjusting their capital structures by selling a portion of their BTC holdings.

Grayscale Research Head Zach Pandl stated in a new report that global investors are gradually reducing their reliance on traditional stocks and bonds, with alternative assets emerging as a key component of investment portfolios—a trend that could drive long-term growth for crypto assets. The report notes that since the 2008 global financial crisis, the global alternative assets market has grown nearly sevenfold. Private equity, private credit, hedge funds, physical assets, and crypto assets have seen their share in global investment portfolios continue to rise. In terms of generational allocation preferences, younger investors show a more pronounced interest in alternative assets. A Bank of America survey of high-net-worth investors found that those aged 21 to 43 allocate an average of 53% of their portfolios to assets outside traditional stocks and bonds, compared to just 26% for investors aged 44 and above. Grayscale projects that over $100 trillion in wealth will transfer to the younger generation in the coming years, and this alternative asset-preferring investment habit could serve as a key long-term support for the crypto market. The report identifies lower investment thresholds as a key driver of alternative asset growth: with the emergence of new financial products and trading platforms, investors no longer need to rely on complex infrastructure or specialized expertise to participate in alternative asset investments. The crypto market has undergone a similar evolution, with regulated Bitcoin ETFs/ETPs and institutional-grade market infrastructure offering investors more convenient and familiar allocation channels. Grayscale concludes that the rising allocation of alternative assets among younger investors, especially their growing acceptance of crypto assets, could fuel further expansion of the crypto asset class.

As of August 7, the S&P 500’s Shiller Price-to-Earnings Ratio (CAPE) rose to 42.39 times, far exceeding its long-term average of 17.40 times. It is only lower than the historical peak of 44.19 times during the dot-com bubble and surpasses the 32.56 times valuation level before the 1929 Great Crash. Currently, the CAPE has entered the extreme range where it exceeds 40 times for only the second time in history. Analysts note that the CAPE metric is primarily used to measure long-term investment return expectations, not to predict short-term market tops. Almost all historical cases where the CAPE exceeded 40 times were concentrated in the 1999-2000 dot-com bubble period, so one cannot simply infer that U.S. stocks will inevitably enter a "lost decade" in the next ten years based on a single bubble cycle. However, high valuations mean the long-term valuation buffer of U.S. stocks is shrinking. Future market returns will depend more on corporate earnings consistently exceeding expectations, rather than further valuation expansion. Market participants believe that productivity gains, margin improvements and corporate earnings growth brought by the artificial intelligence (AI) wave could help sustain high valuations for a longer period. But if AI earnings fall short of expectations or real interest rates continue to rise, the high valuation environment could amplify market correction pressures. The core signal from the CAPE is that U.S. stocks’ expected returns over the next decade may face downward pressure, but this metric does not directly mean U.S. stocks are about to peak, nor can it infer that actual returns over the next ten years will definitely be negative. (Jinshi)