JPMorgan: Inflation alone is not enough to end the long-term uptrend of U.S. stocks.

Renowned trader CryptoD posted on social media that after reviewing recent community messages, he found the entire Meme ecosystem has grown highly fragmented. The Chinese and foreign language markets are gradually forming separate ecosystems, preventing effective capital concentration. Adding to the challenge, the crypto market has been stuck in a prolonged bear market with no significant increase in capital; instead, more blockchains have emerged, leading to increasingly fragmented liquidity. However, CryptoD noted that he believes the overall crypto market is approaching its bottom, and Q3 and Q4 will likely be the last window before the next bull market to make deliberate, well-timed investments. Previous reports have stated that CryptoD earned over $10 million solely from trading the Meme coin TRUMP.

Morgan Stanley has overtaken Goldman Sachs to become one of the top three underwriters for stock offerings in ex-Japan Asia last month. So far this year, total issuance in the market has risen 55% year-on-year. According to compiled data, companies raised $162 billion via stock offerings in July, compared with $104.8 billion in the same period last year. Morgan Stanley’s market share climbed to 6.07%, surpassing Goldman Sachs’ 5.62%; China International Capital Corporation (CICC) remained firmly atop the underwriting rankings with a 13.1% share. ChangXin Memory Technologies completed a $9.84 billion fundraising in July, marking the largest single stock offering of the month.

UBS has released a research report stating that it has lowered SK Hynix’s target price from 3.2 million Korean won to 3 million Korean won, while maintaining its "Buy" rating. The valuation is based on a forecasted price-to-book ratio of 3.65x (previously 3.67x), corresponding to a projected long-term return on equity (ROE) of 40.2% (previously 42.3%) and a cost of equity of 11.5%.

According to Hyperinsight’s monitoring data, over the past 24 hours, the open interest (OI) value of Micron (MU) on Hyperliquid decreased by approximately $39.372 million to $173 million; SK Hynix (SKHX) OI fell by about $64.124 million to $352 million. The two combined saw an OI outflow of roughly $103 million, with declines of 18.5% and 15.4% respectively. Over the same period, SanDisk (SNDK) OI rose from around $88.122 million to $120 million, an increase of $32.114 million or 36.4%, making it the only stock among the Big Three memory chip makers to record OI expansion. SNDK gained approximately 0.6% in the past 24 hours, MU rose around 0.3%, while SKHX dropped about 1.1%; SNDK outperformed MU by roughly 0.3 percentage points and SKHX by around 1.7 percentage points respectively. Position changes of large-balance addresses show: - SNDK: New positions currently lean long. Over the past 24 hours, one address added ~$2.515 million worth of SNDK longs, with no single address reducing longs by over $1 million or adding new shorts. - MU: Two addresses added a total of $3.428 million in longs, while two others cut longs by $2.587 million, resulting in a net long addition of ~$841,000; over the same period, two addresses added ~$2.858 million in new shorts, with incremental volume leaning bearish. - SKHX: No new addresses added, existing whales continue deleveraging. Million-dollar-level addresses net reduced longs by $6.811 million; shorts net decreased by $9.208 million. Top funds are leaning defensive: - MU has 14 long addresses and 18 short addresses, with long positions worth ~$46.108 million and short positions ~$66.543 million; - SKHX has 37 long addresses and 42 short addresses, with long positions worth ~$104 million and short positions ~$136 million; - SNDK has 12 long addresses and 10 short addresses, with long positions worth ~$37.441 million, still lower than short positions of $46.782 million.

According to Bitget’s market data, Nanfang’s 2x long SK Hynix product dropped 15.1%, while its 2x long Samsung Electronics product fell 12.55%.

According to mempool data, at 10:11:00 today, an independent Bitcoin miner successfully mined block 960804, earning a block reward of 3.157 BTC, worth approximately $199,300.