He Yi: I have no bias against memes, don’t view my interactions as a trend indicator

The U.S. Commodity Futures Trading Commission (CFTC) announced it has invoked emergency authority to order prediction market platform Kalshi to continue operating in New York State, directly opposing the New York State government’s lawsuit seeking to shut down the platform. New York State Attorney General Letitia James sued Kalshi in late July, accusing the platform of offering sports-related prediction markets in violation of state law, and charging it with operating without a license and evading required taxes. A federal judge had previously rejected Kalshi’s request to block New York State’s lawsuit. CFTC Chairman Mike Selig made clear that Congress did not intend for derivatives trading platforms to be regulated by fragmented state rules, noting that prediction markets are federally regulated swap products and fall under interstate financial markets, so New York State has no authority to intervene with its own state laws. Selig criticized New York State for attempting to kill event contract derivatives before a final court ruling. This conflict further intensifies the long-running battle over regulatory authority for prediction markets between the federal and state governments. States argue that at least sports-related prediction markets fall under state law regulation, while the CFTC insists it holds comprehensive jurisdiction.

According to market data from BIT (bit.com), ahead of today’s CPI release, markets remained cautious and on the sidelines. The three major U.S. stock indexes closed lower across the board: the Nasdaq fell 0.6%, the Dow Jones dropped 0.34%, and the S&P 500 declined 0.32%. The S&P 500 has held an extremely narrow intraday range for four consecutive trading days, with the market described as "calm with price consolidation". Large-cap tech stocks weakened for the second straight day, with the so-called "Magnificent Seven" collectively weighing on the index; the Nasdaq 100 closed hovering just above its 50-day moving average. There was clear divergence within the AI sector: rotation occurred between software infrastructure and optical network segments, while AI semiconductors edged higher, though their gains fell short of market expectations for the $500 billion financing framework. Earlier, Nvidia partnered with six major Wall Street financial firms including Blackstone and Goldman Sachs to set up a $500 billion financing platform for AI infrastructure development. The announcement failed to garner market optimism, instead sparking concerns over "circular financing". Google fell 3.84%, logging its largest single-day drop in nearly six months. Oracle dropped 3.71%, Cloudflare declined 1.20%, and Amazon fell 2.09%. The U.S. storage sector advanced: SK Hynix rose over 4%, SanDisk and Seagate Technology gained more than 2%, and Micron climbed 0.87%.

US AI-focused dedicated cloud computing service provider CoreWeave announced its Q2 results: revenue reached $2.575 billion, up 112% year-over-year, exceeding the expected $2.56 billion. The company’s core metric, revenue backlog, stood at approximately $104 billion, rising further from $99.4 billion at the end of Q1. Its CEO noted that the expected profit margin of contracts signed in Q2 is 5 to 10 percentage points higher than that of new contracts in recent quarters. According to market data from BIT (bit.com), CoreWeave closed 2.42% higher, and its shares surged more than 16% in after-hours trading.

U.S. optical communications leader Lumentum released its fiscal 2026 fourth-quarter results, reporting revenue of $1.01 billion, a year-on-year increase of 109.3%. Adjusted earnings per share (EPS) came in at $3.23, beating the consensus estimate of $2.97, while adjusted gross margin reached 50.4%, exceeding expectations of 48.8%. For full fiscal 2026 results: Net revenue totaled $3.01 billion, with a U.S. GAAP net loss of $6.9 billion, or a diluted loss per share of $92.96. The GAAP net loss was mainly driven by the equity conversion of some convertible bonds in the fourth quarter, which resulted in a one-time non-cash debt extinguishment loss of $7.8 billion. Non-GAAP net profit for fiscal 2026 stood at $782.3 million, or diluted EPS of $8.67. As of the end of fiscal 2026 Q4, the company held total cash, cash equivalents and short-term investments of $2.7 billion, up $1.9 billion from the end of fiscal 2025. According to market data from BIT (bit.com), Lumentum closed 0.87% higher, and rose an additional 2.2% in after-hours trading.

As the Crypto Market Structure Act (dubbed the CLARITY Act) stalls in the U.S. Congress, the U.S. Securities and Exchange Commission (SEC) is preparing to roll out two major initiatives in the coming days that could further boost the U.S. crypto industry. The SEC announced it will hold a public meeting on Friday to "establish a customized issuance mechanism for certain investment contracts involving crypto assets". Additionally, the SEC plans to soon unveil an "innovation exemption" initiative allowing trading of tokenized securities. This move could reshape the U.S. stock market landscape and pave the way for 24/7 trading of stock tokens on blockchain.

SpaceXAI has announced that its Grok chatbot is now in the testing phase, and starting today, it is available to desktop and iOS users who subscribe to the SuperGrok Heavy, Cursor Ultra, and Cursor Teams Premium plans.