Bernstein maintains its outperform rating on Circle, with a target price of $140.

Unitree has set its IPO price at 150.8 yuan per share. The pre-IPO perpetual contract for Unitree on Trade.xyz is currently priced at $74.62, equivalent to approximately 503.7 yuan, translating to a post-listing market capitalization of around $301.8 billion, or roughly 2.037 trillion yuan. Based on the IPO price of 150.8 yuan per share, a 3.34x return on new share subscriptions is expected after trading opens. Unitree’s STAR Market IPO plans to issue around 40.45 million shares, representing 10% of its total share capital post-listing. Each share is priced at 150.8 yuan, with each new share lot consisting of 500 shares; the estimated subscription payment per successful lot is around 75,000 yuan. Calculated based on Trade.xyz’s pricing, the opening price is projected to deliver a 3.34x return, with each 500-share lot valued at 252,000 yuan, resulting in a profit of approximately 176,000 yuan after deducting the subscription payment.

Alphabet Inc. (GOOG), the parent company of Google, has launched a 10-tranche U.S. dollar investment-grade bond offering.

Unitree Technology has disclosed its strategic placement list. Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd. (DeepSeek) and Shanghai Qishan Investment Co., Ltd., a Tencent subsidiary, were selected as "large enterprises or their affiliates that have strategic cooperation relationships or long-term cooperation prospects with the issuer's business". The batch of strategic placement investors also includes China National Petroleum Corporation Kunlun Capital Co., Ltd., China Southern Power Grid Industrial and Financial Holding Group Co., Ltd., and other companies.

SpaceX faces lock-up expirations for up to 911.5 million shares today, equivalent to over 140% of its current public float, which could heighten short-term stock price volatility. Following the company’s prior earnings release, its stock dropped 12% despite revenue exceeding forecasts and its AI business unexpectedly posting a profit. Additional share unlocks are scheduled for August 12 and 20 days later. By the end of this year, more than 4 billion shares are projected to become tradable, potentially exerting sustained selling pressure on the stock, though market focus remains on the company’s long-term fundamentals.

Serenity noted in a report that Unitree Robotics’ implied market cap in the derivatives market stands at roughly $29.3 billion. Citing the performance of pre-IPO perpetual contracts for Cerebras and SpaceX, Serenity added that their related prices were relatively close to the respective listing opening prices. Based on Unitree’s projected IPO target valuation of $5.7 billion to $6.2 billion this month, the current derivatives implied valuation is about 370% to 414% higher, equivalent to 4.7 to 5.1 times the target. If Unitree can maintain this valuation post-listing, it could drive growth in the robotics sector. It cited robotics supply chain firms including Leaderdrive (Green Harmonic), Harmonic Drive, and Ouster, noting that industry leaders typically boost valuations of other peers in the same sector after listing, while stressing this does not constitute investment advice. Unitree is expected to proceed with its listing later this month, with the subscription period likely on August 10, and final issuance results to be announced on August 14. Agility Robotics may advance its related plans in the fourth quarter.

According to a report by the Financial Times, even after his decision to withhold too many details about interest rate strategy triggered a sharp sell-off in U.S. Treasuries, Federal Reserve Chair Walsh has stuck to his usual concise communication style. People close to Walsh say he has acknowledged making some mistakes in his first 10 weeks leading the world’s most important central bank, including failing to reinforce his core message on price stability and sowing confusion over whether his long-term plans to overhaul the Fed would impact near-term policy decisions. However, they insist these mistakes are not enough to derail Walsh’s reform agenda for the Federal Reserve. Insiders also revealed that if inflation data released in the coming weeks comes in strong and market expectations for higher borrowing costs rise accordingly, Walsh is prepared to raise interest rates at the September policy meeting. Insiders added that while the Fed chair has raised the possibility of shrinking the central bank’s $6.7 trillion balance sheet to tighten monetary policy, interest rates remain the primary tool for now, and will be used at upcoming meetings if needed.