Market news: OpenAI to launch new enterprise-focused software OpenAI Presence

Benchmark has cut its second-quarter performance forecast for Coinbase ahead of the crypto exchange’s upcoming earnings report next week, citing weak trading activity in the crypto market, while retaining a "Buy" rating and a $270 price target. Based on Coinbase’s Wednesday price of roughly $172, this target implies approximately 57% upside potential. Benchmark analyst Mark Palmer lowered Coinbase’s Q2 revenue estimate from $1.51 billion to $1.38 billion, and trimmed its full-year 2026 revenue forecast from $6.33 billion to $6 billion. Spot trading volumes on centralized crypto platforms fell around 28% in Q2, while the total crypto market cap dropped roughly 13%, leading the firm to project Coinbase’s transaction revenue will decline by more than 5%. Still, early stabilization signs emerged in June: spot trading volumes rose back above $1 trillion for the first time since March, which may partially offset the Q2 softness. Benchmark argues that the eventual passage of the CLARITY Act could serve as a more meaningful stock catalyst than quarterly results, with Coinbase positioned as one of its primary potential beneficiaries. Trump previously agreed to relevant ethics provisions, removing a key hurdle for the bill’s advancement.

Amazon (AMZN) on Wednesday carried out layoffs in its General Artificial Intelligence (AGI) division, the latest in a series of small-scale job cuts at the company following the mass layoffs in January. "We have been building large AI models for many years, and this remains one of our most important ongoing efforts," an Amazon spokesperson said. "We are focusing on projects that matter most to customers to accelerate progress in key areas. This focus means making some tough decisions, including cutting some positions in the AGI organization."

According to on-chain analyst Yu Jin's monitoring, a whale that went long on MU and made a profit of $1.71 million yesterday has now shifted its bullish focus to Alphabet's earnings report. Over the past half hour, the whale opened a long position in GOOGL worth $10.66 million, with an average entry price of $349.7. Alphabet will release its earnings report after U.S. market hours at 4 a.m. Beijing time. In addition to Google's shareholders, investors in AI-related stocks will also closely follow the earnings data.

According to market data from BIT (bit.com), the Dow Jones Industrial Average and S&P 500 have turned positive, the Nasdaq’s decline narrowed to 0.1%, and the Philadelphia Semiconductor Index rose more than 1%. Among tech stocks, Nvidia surged nearly 3%, Super Micro Computer’s gain expanded to 24%, Marvell Technology and AMD rose over 2%, SanDisk gained nearly 1%, and Micron Technology turned positive after falling nearly 3% earlier.

Bitcoin rose above $65,800, hitting a new high in over a month. U.S. spot Bitcoin ETFs recorded net inflows for the sixth consecutive trading day, with $203 million flowing in on Tuesday, bringing the cumulative inflow since July 13 to roughly $779 million; spot Ethereum ETFs saw a net inflow of $37.5 million on the same day, marking the third straight day of inflows. Bitfinex analysts note $68,000 is Bitcoin’s next key level, where the cost basis of short-term holders and the Q2 opening price converge. Investors who bought in the past five months and are still in the red may sell when prices return to their cost lines, so the first test of this level could trigger significant selling pressure. K33 Research Head Vetle Lunde said Bitcoin remains in a seasonal low-volume phase: as of July 19, its 30-day spot trading volume was only 62.4% of the full-year average. CME Bitcoin open interest for July has stayed below 100,000 BTC, hitting its lowest since October 2023, indicating weak institutional participation. ETF inflows have improved in the same period, but are mainly driven by BlackRock’s IBIT. Capital.com analyst Daniela Hathorn views $63,000 as the near-term support level. If Bitcoin holds above this level and reclaims the $65,000–$66,000 range, it could boost upward momentum for further tests; if it breaks below support, a new round of profit-taking may be triggered.

According to Iran's Tasnim News Agency, citing Iranian military sources, Iran has warned that if the U.S. targets Iranian bridges or power plants, Tehran will retaliate by striking infrastructure and bridges across the Middle East, including energy facilities with U.S. ties. This is a direct response to Donald Trump’s latest threat, in which the U.S. president warned Iran that for every vessel Iran attacks in the Strait of Hormuz, the U.S. would destroy one Iranian bridge or power plant. The source stated: "If vessels transiting the Strait of Hormuz coordinate with Iran and follow its arrangements, they can pass safely; otherwise, Iran will not abandon its firm will to control the strait, which it deems in the long-term interest of the strait’s security." (Jinshi)