US Stock Futures Dive Further

According to a Politico report, a U.S. Senate Democratic tax lawmaker said Wednesday that Meta may have abused a common corporate tax incentive, and demanded the company detail why it claimed research and development (R&D) tax credits while building data centers. Lawmakers are seeking to confirm whether Meta—owner of Facebook and Instagram—improperly claimed this tax break. The policy was originally designed to support research and experimental technologies, not to subsidize routine business spending. The joint letter follows a New York Times report that Meta used these credits to slash its tax bill by billions of dollars. Ron Wyden, the top Democratic senator on the Senate Finance Committee from Oregon, and six other Democratic members of the committee wrote to Meta CEO Mark Zuckerberg: “The federal R&D tax credit is an effective, necessary tool to support America’s innovation economy and cutting-edge research, but subsidizing your artificial intelligence (AI) data center construction clearly does not meet that standard.” Lawmakers added: “If Meta attempts to qualify its AI data center expansion projects for the R&D tax credit, this could constitute a significant improper application of federal tax law, warranting further investigation.” The letter was signed by Wyden and six other Senate Finance Committee Democrats. One signatory, Vermont Senator Peter Welch, also wrote to IRS Commissioner Frank Bisignano last week, requesting the tax agency provide information on how Meta and other large tech firms use research and experimentation (R&E) tax credits.

According to multiple sources cited by Axios, venture capital firm Andreessen Horowitz has laid off the majority of its 34-member portfolio recruiting team. The team was primarily responsible for helping the firm’s portfolio companies hire talent. Andreessen Horowitz will reassign the remaining members of its "full-stack talent team" to specialized investment divisions including growth investing and crypto. The move is intended to allow each investment division to build its own recruiting teams to meet its specific needs, rather than relying on a centralized recruiting team.

According to Bitget market data, Hong Kong-listed storage concept stocks are declining. Southern’s 2x Long SK Hynix product has dropped over 22%, Southern’s 2x Long Samsung Electronics has fallen more than 20%, Montage Technology is down over 9%, and GigaDevice has slid more than 6%. Earlier, South Korea’s KOSPI index slumped 7%, SK Hynix fell 10%, and Samsung Electronics declined nearly 8%.

The whale who went long on $ETH just before the market rallied has closed his position for an $8.93M profit. He opened a 20,000 $ETH ($48.4M) long on Aug 19 and held it for over 56 days, with unrealized profit peaking at $17M.

According to Lookonchain’s monitoring, a whale that went long on ETH ahead of the market rally has closed its position, locking in $8.93 million in profits. The whale opened a long position of 20,000 ETH (valued at approximately $48.4 million) on August 19, holding the position for over 56 days, during which its unrealized profit once reached $17 million.

According to monitoring by Onchain Lens, Arthur Hayes has transferred 8,012 ETH, valued at approximately $19.41 million, to a new wallet.