Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

Morgan Stanley stated that the rise of open-weight AI models such as Kimi K3, Qwen, and Llama will accelerate the popularization of AI by reducing costs, rather than undermining the competitive advantage of industry leaders. The bank holds that lower-cost AI will drive broader corporate adoption of AI technology, citing the "Jevons Paradox" as its basis—where improved technical efficiency leads to greater overall demand. Morgan Stanley projects that open-weight models and closed-source models will coexist in the long term, with 63% of enterprises already using both types currently. Furthermore, the bank pointed out that regardless of which AI model architecture eventually dominates, Nvidia will be the largest beneficiary, as demand for AI computing infrastructure will continue to grow.

August 4 Update: #Bitcoin ETFs: 1D NetFlow: +1,600 $BTC(+$102.33M)?? 7D NetFlow: +1,241 $BTC(+$79.36M)?? #Ethereum ETFs: 1D NetFlow: -6,558 $ETH(-$12.27M)?? 7D NetFlow: -16,270 $ETH(-$30.44M)??

Bank of America (BofA) has reaffirmed its "Buy" rating on Micron Technology, with a target price of $1,550, and described the recent sell-off as an "enhanced buying opportunity." The bank forecasts memory prices will start normalizing in 2027–2028, while Micron’s fundamentals remain strong. BofA projects Micron’s fiscal 2028 earnings per share (EPS) to be around $150, and $100 in a bear case—still far higher than the previous cycle’s peak of roughly $12.

According to a Bloomberg report, Blackstone Group has held preliminary discussions with investors to gauge their interest in a second massive debt financing plan, designed to fund Anthropic PBC’s use of chips from Alphabet’s Google. Per people familiar with the matter, the preliminary proposal involves at least $36 billion in debt, which would exceed the $35 billion debt package agreed by Apollo Global Management Inc. and Blackstone roughly two months ago. This potential new financing round comes after Anthropic secretly filed its initial public offering (IPO) application with the U.S., as the company aims to go public ahead of its rival OpenAI.

Official announcements from Binance Alpha clarify the reward distribution plan for MarsCoin holders, as follows: For Binance Wallet holders: Rewards will be automatically disbursed to users’ on-chain Binance Wallet addresses via Flap in line with its allocation rules. For Alpha 2.0 (CEX) holders: Since Flap’s rewards will be sent to the Binance Alpha Treasury Contract address, Binance Alpha will calculate rewards based on users’ average monthly holdings, with a daily random snapshot taken. Eligible users must maintain an average monthly holding of at least 10,000 MarsCoin. Last month’s rewards will be distributed to eligible users’ spot accounts in the form of SPCXB at the start of next month. Reward eligibility is subject to applicable products and jurisdictions, including whether users are eligible to access bStocks on Binance. The reward distribution is set by the token deployer in the token contract, leveraging infrastructure from standard token issuance platform Flap. Binance only acts as a distribution coordinator for eligible holders on its platform.

US Secretary of State Rubio said there is no final resolution to the Strait of Hormuz issue, but he expressed hope that an agreement will be reached soon.