BREAKING: $435 million has been liquidated from the cryptocurrency market in the past 12 hours.

Jefferies cut SanDisk (SNDK)’s price target from $3,000 to $1,750 while retaining its "Buy" rating. Analyst Blayne Curtis noted that the company delivered strong execution in its June quarter, but its September quarter guidance only met expectations, which may weigh on investor sentiment in the near term. SanDisk expects its NAND revenue year-over-year growth to slow in the September quarter compared to the June quarter, with bit shipment and average selling price (ASP) growth both moderating. Management also lowered its gross margin guidance, as lower gross margins from long-term agreements offset the benefits of price improvements. The edge business remained the largest contributor to growth in the June quarter, with revenue surging nearly 400% year-over-year and accounting for 61% of total revenue. Jefferies believes this may involve aggressive inventory building, which could translate into near-term pressure on bit shipment growth in the coming quarters. Consumer segment revenue fell 32% quarter-over-quarter to $556 million, mainly due to price hikes weighing on market demand. The data center segment will be SanDisk’s key growth driver going forward. The company’s new business model has expanded to 8 clients in the data center and edge segments, with customer commitments secured for over 50% of its planned bit production in fiscal 2027 and around 67% in fiscal 2028.

According to market data from BIT (bit.com), U.S. stocks opened: the Dow Jones Industrial Average rose 0.14%, the S&P 500 was nearly flat, and the Nasdaq fell 0.3%. The storage sector came under pressure, with SanDisk (SNDK) down 13%, Western Digital (WDC) down 19%, and SK Hynix (SKHY) down 7.8%.

U.S. initial jobless claims remained roughly flat last week, marking the third consecutive week they came in below 200,000, highlighting the labor market's resilience. Data released by the U.S. Department of Labor on Thursday showed that for the week ending August 1, initial jobless claims edged up to 199,000, pushing the four-week moving average to its lowest level since September 2022. Meanwhile, continuing jobless claims rose to 1.8 million last week, in line with expectations. Economists forecast that the July non-farm payrolls report, set to be released on Friday, will show healthy employment growth, as consumer spending continues to underpin economic activity. (Source: Jinshi)

JPMorgan said Hyperliquid (HYPE) ETF led non-Bitcoin crypto fund inflows in May and June, but demand for the product largely stalled in July and early August, reflecting rising market concerns over its competitive outlook. Analysts led by Nikolaos Panigirtzoglou pointed out that decentralized platforms like Hyperliquid face significant market share pressure. After the launch of U.S.-regulated crypto perpetual futures products, some trading activity may shift from overseas decentralized platforms to compliant centralized exchanges, which hold advantages in licensing, compliance and investor protection. JPMorgan also noted that Hyperliquid is expanding its prediction market business, though competition in this sector is also intensifying. While HYPE has become the fourth-largest asset in corporate crypto treasuries, trailing only BTC, ETH and SOL, it remains uncertain whether it can continue to capture market share from larger ecosystems like Solana and XRP. Currently, the assets under management (AUM) of BTC and ETH ETFs stand at roughly $77 billion and $10 billion respectively, while other crypto ETFs including SOL, XRP and HYPE combined only have a total size of around $2 billion to $3 billion. HYPE has fallen more than 3% in the past 24 hours, trading at approximately $55.30.

Independent Wall Street investment research firm Yardeni Research stated that the Federal Reserve should adopt a more hawkish policy stance, as current inflation risks outweigh concerns over slowing economic growth. The firm noted that U.S. consumer spending rose 3.3%, business investment increased 8.4%, and AI-driven capital expenditure continues to expand, indicating the economy remains strong with no signs requiring a significant easing of monetary policy. Market pricing is gradually aligning with the stance of Fed hawks. Inflation remains sticky, with services prices staying elevated, further supporting the Federal Reserve’s move toward a tighter policy stance.

ByteDance is in discussions to train a model with over 5 trillion parameters, which would surpass Alibaba’s Qwen3.8-Max (2.4 trillion parameters) and Moonshot AI’s K3 (2.8 trillion parameters), making it the largest known model by parameter scale in China. Generally, larger models tend to exhibit higher intelligence, though the plan remains in early stages and does not guarantee the final model will be launched. The new model will be led by Xiang Liang, head of SeedFoundation, in collaboration with Shen Ke, who oversees large language model (LLM) pre-training data. For this initiative, Seed is reorganizing its structure, clarifying responsibilities, and allocating resources. (LatePost)