Former Treasury Secretary Downplays Economic Recession Concerns, Calls Stock Market Pullback a Natural Phenomenon

Snap reported second-quarter revenue of $1.6 billion, up roughly 19% year-over-year and beating market expectations, driven mainly by World Cup ad spending and stronger activities from key North American clients. According to market data from BIT (bit.com), its after-hours share price surged 13% at one point. CEO Evan Spiegel sidestepped questions about pre-order demand for the Specs smart glasses—priced at $2,195 and set to launch in Los Angeles on September 16. The company’s daily active users (DAUs) rose to 493 million, though user counts in North America and Europe declined.

NTT Data plans to invest at least $9 billion (approximately 1.5 trillion yen) by 2033 to raise Japan’s data center computing capacity to 1 gigawatt, adding around 750 megawatts to meet AI demand. The firm, Japan’s largest data center operator, may adjust the investment scale based on price and demand fluctuations, with costs for AI accelerators such as NVIDIA excluded. This move underscores intense competition and supply tightness in Japan’s AI infrastructure.

According to Reuters, people familiar with the matter said that Changxin Memory Technologies is considering building a second 12-inch DRAM fab in Beijing’s Yizhuang district, and is in talks with the Beijing Economic-Technological Development Area (BDA) and several state-owned tech firms for financing. The company is seeking at least 60 million yuan (about $8.9 million) in support, but negotiations are still in the early stages, and the financing scale and structure may be adjusted. The planned fab will be located on the site of Changxin’s existing DRAM fab in Beijing. The project’s planned production capacity and total investment have not been finalized, while building a fab capable of manufacturing advanced DRAM typically requires more than $10 billion. Currently, Changxin operates two 12-inch DRAM fabs in Hefei and one in Beijing, each with a monthly production capacity of about 100,000 wafers. The company is also constructing new fabs in Shanghai and Hefei; once these projects are fully operational, its monthly production capacity could double to over 600,000 wafers. The expansion comes as demand for storage chips enters an upward cycle, driven by AI infrastructure, data centers and consumer electronics. Last month, Changxin completed an $8.6 billion IPO, the largest semiconductor listing on the Chinese mainland, and its share price has risen 13% since the debut. Changxin is currently the world’s fourth-largest DRAM manufacturer, but Samsung Electronics, SK Hynix and Micron still held a combined nearly 90% of the global market share in the first quarter. Beijing and Shanghai are also providing financing and other support to Changxin to capture the economic and strategic benefits brought by its expansion.

According to HTX market data, GRAM dropped more than 5% in a short time amid news that Telegram has been removed from Apple's App Store, and is now trading at $1.332.

Former hedge fund manager and CNBC host Jim Cramer said he plans to sell all his Bitcoin holdings over concerns that quantum computing could threaten BTC’s security. His comments stemmed from an interview with IBM Chairman and CEO Arvind Krishna, who warned investors to watch for quantum computing’s challenge to modern cryptography in the next 3 to 4 years. Cramer believes quantum computing could pose a threat to the Bitcoin network around the same timeframe. However, no independent confirmation has been made of how much BTC Cramer holds, or whether he has already completed the sale. Following his remarks, Bitcoin continued trading normally near $63,764, with some market participants once again viewing his comments as a "reverse Cramer" signal. Bitcoin uses the ECDSA signature scheme based on the secp256k1 curve; in theory, a sufficiently powerful quantum computer could use Shor’s algorithm to derive private keys from public keys. The risk is concentrated primarily on addresses with exposed public keys, including reused addresses, early wallet formats, and the short time window after a transaction is broadcast before confirmation. Researchers estimate that roughly 6 million to 7 million BTC, or about 30% of the total supply, fall into this category. Google Quantum AI estimated in March this year that cracking the relevant cryptographic mechanisms could require fewer than 500,000 physical qubits, a roughly 20-fold reduction from prior projections. However, current quantum systems typically only have hundreds to thousands of physical qubits, with far fewer logical qubits that offer higher reliability. Most researchers expect that a quantum computer capable of breaking cryptographic codes will likely not emerge until the 2030s or even the 2040s, making Cramer’s 3-year timeline far earlier than most technical projections.

James Wynn(@JamesWynnReal) has been liquidated 4 times in just 12 hours. His #SP500 short has now been liquidated 26 times and still holds a short position of 28.88 xyz:SP500 ($219.5K). New liquidation price: $7,619.84