Wu Jihan: The market share of Bitmain’s mining machines is declining, Ketuan Zhan doesn’t love technology, he only loves vanity

Odaily: Some US VCs are still making trips to China to meet with tech founders. Last month, three partners from Peter Thiel's Founders Fund — Sean Liu, John Luttig, and Joey Krug — visited tech companies in Beijing, Shanghai, and Shenzhen. It is understood that the rising technological influence of Chinese AI startups, particularly DeepSeek, is prompting some US investors to refocus on the Chinese tech market. (The Information)

Odaily News: According to market sources, the New York Stock Exchange (NYSE) and Blockchain.com are exploring the launch of crypto versions of US-listed stocks, i.e., providing tokenized stock trading in blockchain form.

Odaily News: MoonPay has announced the acquisition of North Capital Investment Technology, a Utah-based brokerage services firm that provides custody, secondary market trading, and tokenization services for assets including debt and equity. MoonPay did not disclose the transaction amount, but people familiar with the matter revealed that the deal was an all-stock transaction valued at over $60 million. North Capital holds multiple U.S. Securities and Exchange Commission (SEC)-related licenses, including those for broker-dealers, alternative trading systems (ATS), transfer agents, and investment advisors. MoonPay plans to leverage these to expand into businesses such as tokenized stocks. (Fortune)

Odaily News: According to market sources, Powerlaw is considering a strategic sale of part of its SpaceX shares to raise funds for dividend distributions, tax allocations, and new private market investments.

Odaily News: Gold prices drifted lower within a rangebound trading pattern, as a stronger dollar and hawkish remarks from Federal Reserve officials further reinforced market expectations of monetary policy tightening. The dollar rose to a two-month high, making dollar-denominated gold more expensive for investors holding other currencies.Ole Hansen, Head of Commodity Strategy at Saxo Bank, said: "Gold continues to trade within the established narrow range of $4,300 to $4,400. Fed officials' remarks and their impact on U.S. interest rates, bond yields, and the dollar, along with oil price movements, are collectively providing the main directional cues for short-term traders." Richmond Fed President Barkin said on Tuesday that interest rate hikes and the threat of further increases could dampen businesses' inflation expectations and cool price increases without actually weighing on economic activity.

Odaily News: As market concerns grow that rising inflation and interest rates will erode corporate profits, stock analysts have turned net bearish on the U.S. corporate earnings outlook for the first time in months. A Citigroup index shows that the number of analysts cutting earnings estimates has exceeded the number raising them for the first time in 23 weeks, ending the longest streak of earnings upgrade revisions since September 2021. Morgan Stanley strategist Michael Wilson warned earlier this week that if stock valuations continue their recent downward trend while further increases in energy prices prompt tighter monetary policy, the S&P 500 could face a decline of as much as 7%.