[Daily News Picks] SK Hynix's earnings report fell short of expectations, and US stocks plummeted 9% after the market; the AI boom drove data storage demand, and Seagate Technology's fourth fiscal quarter profit soared; CryptoQuant: Crypto exchange TradFi perpetual contracts became a highlight of growth and doubled to more than 2 billion US dollars in February; an unofficial cease-fire came to an end, Iran launched missiles at US military bases this morning, and crude oil surged 4%

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AI · Dynamic

[SK Hynix's earnings report fell short of expectations; US stocks plummeted 9% after the market]

Comparatively, SK Hynix (SKHY.O) announced financial results on Wednesday. Affected by tech giants increasing investment in AI data centers and strong demand for advanced memory chips, the company's second-quarter operating profit soared 557% to 60.5 trillion won (US$41.62 billion), setting a new historical record. It was 9.2 trillion won in the same period last year. However, this figure is lower than the market's forecast of 64 trillion won, mainly due to the fact that high-end memory chips (HBM) account for a higher share of competitors, but have not fully benefited from the strong price increase cycle of conventional memory chips in this round. This has heightened concerns that the AI boom driving the semiconductor industry may be slowing down. SK Hynix's revenue also fell short of expectations. Financial reports showed that its second-quarter revenue was 79 trillion won, and market expectations were 84 trillion won.

Affected by financial reports, SK Hynix closed down 9% on Tuesday, then fell 9% after the market. SanDisk (SNDK.O) and Micron Technology (MU.O) also fell by more than 4%, erasing the boost brought by Seagate Technology (STX.O) earnings.

【The AI boom boosts data storage demand, and Seagate's fourth fiscal quarter profit soared]

Comparing news, Seagate Technology (STX.O) reported that profits rose in the fourth fiscal quarter due to a surge in storage demand driven by artificial intelligence. The company's net profit for the fourth fiscal quarter was US$1.29 billion, or US$5.58 per share, far higher than US$488 million and US$2.24 per share in the same period last year. Adjusted earnings per share were $5.71, and analysts had previously expected $5.10 per share. Revenue increased from $2.44 billion to $3.629 billion, and Wall Street had previously estimated $3.5 billion. The company expects revenue for the first fiscal quarter to be $4.1 billion, fluctuating up and down $100 million; adjusted earnings per share are $7.30, fluctuating 20 cents up and down.

As the AI boom exacerbates supply shortages, the revenue and profits of hard drive makers such as Seagate have soared. Production capacity continues to be limited, causing customers from all walks of life to face higher prices and boosting producers' net profit. CEO Dave Mosley said, “As AI accelerates data generation and increases in value, the market has an enduring long-term demand for high-capacity storage.” US stocks of Seagate Technology (STX.O) rallied after the market, rising more than 10% at one point.

[The scope of the OpenAI jailbreak proxy attack was expanded, and another company customer account was revealed to have been hacked]

In comparison, according to an executive of the technology company Modal Labs and a person familiar with the matter, the “rogue agent” that escaped from OpenAI and carried out a frenzied hacker attack on the artificial intelligence company Hugging Face for several days also hacked into a Modal Labs customer. According to a timeline published by Hugging Face on Tuesday, the malicious agent first hacked a sandbox “hosted on a third-party service provider's infrastructure” (that is, an isolated test environment) and then used it as a springboard to launch a broader attack. The name of the third-party service provider was not revealed in the blog post, but Modal CTO Akshat Bubna confirmed that one of its customers had been hacked.

Crypto · Marketplace

[CryptoQuant: Crypto exchange TradFi perpetual contracts became a highlight of growth, doubling to over $2 billion in February]

In comparison, according to a report released by Julio, head of research at CryptoQuant, the current volume of unclosed cryptocurrency perpetual contracts is about US$65 billion, down about 20% from the peak of about US$80 billion in September 2025 and the beginning of 2026, reflecting partial deleveraging rather than additional capital inflows. The market is highly concentrated. Binance is dominated by a market share of about 39%. The top three platforms total about 63%, the top five total about 81%, and the capital remains high on leading exchanges.

Meanwhile, the report said that at the same time, TradFi perpetual contracts for metals, crude oil and stocks have become a growth highlight. The 24-hour all-weather product has doubled in size to more than $2 billion since the end of May, making crypto trading profits compete directly with traditional trading venues, but its volume is currently only about 3% of the crypto perpetual market. TradFi continues to be dominated by leading platforms, with Binance, Gate and Bybit at the top, showing that platforms with mature infrastructure and liquidity are extending their advantages to traditional asset circuits.

[Fidelity Q3 Report: The net unrealized profit and loss of BTC, ETH, and SOL are all at historically low levels, and many indicators are close to the capitulation range]

Comparatively, according to the 2026 third quarter signal report released by Fidelity Digital Assets (Fidelity Digital Assets), the prices and market sentiment indicators for the three major assets of BTC, ETH, and SOL are generally at historically low levels. Many indicators are close to the capitulation range. Fidelity believes that the current valuation level may correspond to attractive long-term entry conditions.

[Ondo Finance abandons Layer 1 plan and launches Ondo Network, a private high-speed transaction network]

Compared to news, tokenized asset issuer Ondo Finance has abandoned traditional Layer 1 blockchain plans and launched Ondo Network instead. The platform is positioned as a trading network for institutional needs and is used to support private and high-speed transaction execution.

Ondo Network's first app, Ondo Perps, will allow users to trade perpetual futures using tokenized assets as collateral, and separate fast and private transaction execution from public chain settlement. Ondo Finance has issued tokenized US Treasury bonds and stocks, and is advancing the construction of a broader trading infrastructure against the backdrop of Wall Street's growing interest in tokenization and 24/7 markets.

Macro · Organization

[An unofficial cease-fire broke down. Iran fired missiles at US military bases this morning, and crude oil surged 4%]

Comparative news. According to foreign media reports, US officials said that Iran fired ballistic missiles at a US military base in Jordan, and the missiles were intercepted by Jordan. Notably, this attack is the first time that Iran has launched a missile attack on an American base in the region since the US suspended attacks on Iran last Friday. The US Central Command later confirmed that at 5:45 p.m. EST (5:45 this morning Beijing time), Iran launched multiple ballistic missiles in an attempt to raid the US military stationed in the Middle East. All Iranian missiles have been successfully intercepted. The US Central Command said that the US military is on alert and is on high alert. Affected by the news, WTI crude oil continued to rise at the beginning of the Wednesday session, and the intraday increase extended to 4%.

[2026 Fortune 500 announced: Amazon tops the list, Alphabet becomes the most profitable company in the world]

Comparatively, the 2026 “Fortune” Fortune 500 list was released on July 28. The total revenue of the listed companies was about 43.1 trillion US dollars, more than one-third of global GDP, and an increase of about 3.2% over the previous year. Amazon reached the top for the first time, ending Walmart's record of leading for 12 consecutive years; the National Grid ranked third. Alphabet took the title of “World's Most Profitable Company” from Saudi Aramco with a net profit of US$132.17 billion. Nvidia ranked second in the profit list, and TSMC was the only Chinese company to enter the top ten profit list.

A total of 141 companies are listed in the US, 122 from China (including Taiwan), and 40 from Japan. The total revenue of listed companies in China is about 10.4 trillion US dollars, and the average profit is 4.5 billion US dollars, which is about 40% of the average profit of US companies (11.24 billion US dollars). JD (41st) ranked first among private companies in mainland China, while Alibaba (56th), Tencent (97th, entering the top 100 for the first time), Pinduoduo (255), and Meituan (311th) all improved their rankings.

This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

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