Renowned crypto investor Harry Yeh died in a mysterious fall from a building, with scene investigations largely ruling out suicide.

Despite recent selling by institutions, some whales are still accumulating $HYPE. Over the past 5 days, 3 newly created wallets withdrew 165,425 $HYPE ($9.16M) from #FalconX.

JPMorgan Chase has lifted its year-end 2026 target for the S&P 500 index to 8,000 points, from the prior 7,800 points. (Jinshi)

Independent analyst Murphy posted a note stating that Bitcoin’s (BTC) concentration of holdings has risen to 14.8%, approaching what he calls the "high-risk zone". He noted that this risk does not mean BTC’s price will definitely rise or fall, but rather that market volatility is likely to intensify. Based on historical data, when the concentration curve starts to reverse, if BTC’s price was in an uptrend before, the probability of further upward volatility is higher; conversely, if the price was in a downtrend, the likelihood of continued downward movement is greater. However, the concentration curve is still rising, so it is temporarily impossible to determine which direction BTC is more likely to move next, but market risks are accumulating and volatility may be brewing.

Unitree Technology will launch simultaneous offline and online IPO subscription applications today. Shanghai Stock Exchange accounts with an average daily market value of RMB 60,000 or more will receive 12 subscription numbers, with a maximum top-up subscription of 6,000 shares. Institutional and retail investors have identical IPO allotment odds. According to multiple institutional forecasts, the online allotment rate per subscription number for Unitree is approximately 0.0003 (3 in 10,000), meaning the overall allotment probability for a single account with a top-up subscription of 12 numbers is around 0.36%. Unitree’s pre-IPO perpetual contract on Trade.xyz is trading at $86.4 today, equivalent to roughly RMB 582.99. The IPO offering price is RMB 150.8 per share, with the pre-IPO contract price standing at about 3.86 times the offering price. This STAR Market IPO plans to issue 40.4464 million shares, representing 10% of the total share capital post-issuance. One subscription lot consists of 500 shares, with a single lot subscription payment of approximately RMB 75,400. Calculated based on Trade.xyz’s latest price, 500 shares are valued at around RMB 291,400. After deducting the RMB 75,400 subscription payment, the potential profit per lot is approximately RMB 216,000.

Taiwan-based market research firm TrendForce (TrendForce Consulting)’s latest supply chain survey shows that while recent reports have suggested China may relax import restrictions on NVIDIA H200, opening new possibilities for the chip’s entry into the Chinese market, there remains significant uncertainty over whether H200 shipments to China can proceed smoothly. Against the backdrop of restrictions on high-end GPU imports, China’s AI industry has not slowed down; instead, it is accelerating the construction of an independent and controllable local AI supply chain. TrendForce noted that the Chinese government has this year continued to promote the application of domestically produced AI chips, with relevant policy support expected to prioritize domestic manufacturers with strong growth potential, driving their expansion in China’s high-end AI server market. Meanwhile, China’s local AI industry chain is also accelerating maturity in key areas such as advanced process technology, advanced packaging, and thermal management, providing support for the further expansion of applications of domestic high-end AI chips. As domestic chips and their supporting industry chains continue to improve, China’s AI infrastructure is gradually reducing its reliance on foreign GPUs, forming a dual-track development model of “domestic GPUs + dedicated ASICs”. TrendForce projects that domestic solutions will account for nearly 90% of China’s high-end AI chip market by 2026, indicating that the supply structure of China’s high-end AI chip market is rapidly shifting toward local alternatives.

Goldman Sachs partner and Head of US Equity Execution Services John Flood said that while US equity issuance is projected to hit an all-time high in 2026, demand for stocks will continue to outpace supply, with the S&P 500 index poised to rise further to 8,000 points. The S&P 500 closed at an all-time high of 7,757 points last Friday, marking its 26th record high so far this year. Goldman Sachs projects total US equity issuance will reach around $700 billion in 2026, with IPOs accounting for just over $225 billion and other issuances making up roughly $450 billion. Despite the record total size, this amounts to only about 1% of the Russell 3000 index’s market capitalization, roughly in line with the historical average from 2015 to 2019. The current issuance level is closer to market normalization rather than an overheated boom. Meanwhile, stock buybacks remain a key pillar supporting market demand. US companies have already authorized $989 billion in buybacks so far this year, an all-time high; Goldman Sachs forecasts full-year 2026 open-market stock repurchases will hit $1.4 trillion, significantly exceeding the roughly $700 billion in primary market issuances. Even when accounting for potential additional supply from post-IPO lock-up expirations, demand will still outpace supply. The current growth in equity issuance is primarily driven by AI investment demand, with AI-related issuances accounting for about 40% of US follow-on offerings. As mega-cap tech firms are projected to spend over $1 trillion annually on capital expenditures in the coming years, other companies may also turn to financing to support their AI investment plans. However, Goldman Sachs expects that external financing for mega-cap tech companies will remain dominated by debt, with equity financing serving a supplementary role.