Bitunix Analyst: Tariff Storm Strikes Again Triggering Safe Haven Rally, Bitcoin Maintains Range-bound Trading

According to market data, Binance’s ANTHROPIC Pre-IPO trading pair rose 8.47% over the past 24 hours, currently trading at $1,802, up more than 21% in the last four days, with a 24-hour trading volume of $19.57 million. Notably, earlier the Financial Times interviewed six Anthropic investors, who noted that Claude’s demand and revenue are growing so rapidly that Anthropic could double its valuation from $965 billion in May to nearly $2 trillion. Based on Binance’s Pre-IPO contract current quote of ~$1,802 USDT and its reference share capital of 1 billion shares, Anthropic’s implied valuation stands at approximately $1.802 trillion. If using some investors’ expected IPO valuation of $2 trillion as a benchmark, the contract still holds around 11% theoretical upside potential. Investors’ top priority is revenue growth: Anthropic announced in May its annualized revenue exceeded $47 billion, and these investors project it will hit $100 billion to $120 billion by year-end. One investor even estimated Anthropic could be valued at $3 trillion using a 30x revenue multiple. However, these figures are only the investors’ own projections. Multiple investors added that Anthropic’s executives have not yet privately finalized an IPO valuation target.

According to on-chain analyst Ai Yi (@ai_9684xtpa), the address 0x639…73da4 spent just $121.4 two days ago to open a position in the meme coin "Niu Lai" at an average price of $0.0006339. The coin is currently trading at $0.02568. The address has now sold 47.8% of its holdings, leaving an unrealized profit of roughly $258,000, with a cumulative profit of approximately $284,000, translating to a return of 231,572%.

Harvard University’s endowment fund’s latest 13F filing shows that as of June 30, its holdings of BlackRock’s spot Bitcoin ETF (IBIT) remained at 3.0446 million shares, valued at approximately $101.4 million — matching the exact number held at the end of the first quarter, ending two consecutive quarters of reductions. Harvard had cut its IBIT position by 21% in Q4 2025, followed by a 43% reduction in Q1 2026. Currently, IBIT accounts for roughly 2.4% of Harvard’s disclosed $4.26 billion U.S. equity portfolio. Its gold-related product holdings are worth more: as of the end of Q2, its combined positions in the iShares Gold Trust (IAU) and SPDR Gold Trust (GLD) total approximately $171.2 million. Harvard previously liquidated its BlackRock spot Ethereum ETF holdings worth $86.8 million, and added no new Ethereum-related positions in the second quarter. Harvard’s largest holding is SpaceX, with 12,935,100 shares valued at $2.21 billion, making it the largest single stock position disclosed in the filing. The total U.S. equity assets Harvard disclosed in this filing are approximately $4.3 billion, meaning SpaceX’s stake accounts for 52% of that total. Among other institutions, Abu Dhabi sovereign wealth fund Mubadala and the Abu Dhabi Investment Council each maintained their IBIT positions unchanged at 14.7219 million shares and 8.2187 million shares respectively, for a combined value of approximately $764 million. JPMorgan Chase increased its IBIT holdings from roughly 8.3 million shares to 10.4 million shares; Morgan Stanley cut its IBIT position from 17.3 million shares to approximately 16.5 million shares, a 4.5% reduction.

According to Bloomberg, bond investors are monitoring roughly $700 billion in potential off-balance-sheet guarantee obligations at major AI firms. As financing for AI chips expands, these so-called "residual value support" arrangements could grow further. Following NVIDIA’s announcement this week of a $500 billion financing partnership, it may also provide tens of billions of dollars in residual value support for related debt transactions. Such financing typically uses special purpose vehicles (SPVs) to borrow funds for chip purchases, repaying debt with cash flow from user contracts. If clients stop payments, the assets are re-leased or sold to settle the debt; if a shortfall remains, the guarantor covers the gap. NVIDIA CEO Jensen Huang stated the company can provide residual value support for up to 25% of a given project, tailored to individual deals. CreditSights analysts note this is effectively a "put option sold" by NVIDIA: costs are low during the AI boom, but if the sector suddenly enters a severe downturn, clients default, and hardware values drop, the importance of these guarantees will rise sharply. Rating agencies have also begun treating some of these arrangements as debt-like contingent liabilities. Earlier, Meta used a similar structure for roughly $27 billion and $13 billion in data center debt financing; Broadcom provided most of the residual value support for a $35 billion AI chip financing tied to Anthropic. Moody’s warned that a surge in such transactions in the near term could limit Broadcom’s financial flexibility and pressure its credit profile.

According to Barron's, one of the factors driving the recent rebound in storage stocks is SanDisk (SNDK)’s strong long-term outlook for the NAND market. KeyBanc forecasts DRAM prices will rise 15% to 20% quarter-over-quarter in Q3 2026, with another 15% gain in Q4. For NAND, prices are expected to jump 30% to 40% QoQ in Q3, followed by a 15% increase in Q4. Calculated via simple compound interest, DRAM’s cumulative rise from Q2 levels will reach roughly 32% to 38% by year-end, while NAND’s cumulative increase will hit 50% to 61%. Although storage prices have already surged sharply, the rally is continuing beyond market expectations, making whether DRAM and NAND price hikes will persist into Q4 a key variable for the storage sector recently. On the valuation side, UBS analyst Timothy Arcuri set a $1,625 price target for Micron Technology (MU). Given current supply shortages keeping near-term earnings elevated, UBS did not use 2027-2028 earnings; instead, it based its valuation on 2029 expected EPS, applying a roughly 11x price-to-earnings ratio. UBS believes that even if the storage industry normalizes or enters a downturn cycle by 2029, Micron’s long-term profitability is likely to remain higher than in past cycles. UBS also noted that a rising proportion of long-term supply agreements (LTAs) could reduce the earnings volatility the storage industry has historically experienced due to overexpansion, oversupply, and price declines. FactSet data shows that Wall Street analysts’ average price target for Micron is $1,549, above its August 14 closing price of $970.20.

Citrini analyst Jukan said in a research note that NVIDIA’s $500 billion financing guarantee deal with Wall Street will help prevent an impact on GPU sales when hyperscale cloud providers face tightening cash flow and can no longer purchase GPUs entirely via advance payments. He noted that the arrangement will also accelerate the expansion of the GPU market’s Total Addressable Market (TAM), and is not a form of "circular financing". A notable shift is that Wall Street is increasingly regarding GPUs as collateral that can be monetized to unlock value.