日本 · 5256

Goldman Sachs: AI deal recreates July-style deleveraging, storage and data center segments are the most attractive

Comparing the news, Goldman Sachs believes that this week's market trend is a typical deleveraging market, similar to the underlying logic of the July sell-off. Goldman Sachs's high beta momentum portfolio fell 12% this week, and the AI hedging portfolio fell 10% on the 5th. Although leverage levels in the AI sector have fallen from extremely high levels, inertial funds are still driving rapid and indiscriminate bargain purchases. Goldman Sachs said that AI trading is not over, but the stage of relying on the overall rise in the sector to obtain excess income is changing. Currently, the focus should be on finding opportunities for a clear divergence between stock prices and earnings per share. Among them, the storage and data center sector has the most prominent valuation gap, and profit recovery has not been fully reflected in stock prices, so it is the most tactically attractive. Nvidia's second quarter earnings report and September industry conference will be the next catalyst. At the same time, the momentum factor is being readjusted. Software has replaced semiconductors as the maximum weight for the three-month momentum multi-head combination, while semiconductor/AI complexes have entered the short mix. Goldman Sachs said that capital is still shifting to areas previously overlooked, such as the Bank of Europe and Japan, gold miners, and copper stocks.

1m ago

Founder of Qiaoshui Fund: The risk of US bonds is rising. It is recommended to reduce bond holdings, increase gold holdings, and a small amount of Bitcoin

Comparing news, the founder of the Bridgewater Fund, Ray Dalio wrote that recent events such as the Japanese government's sale of some US bonds, record high yields on US long-term treasury bonds while weakening the US dollar, and the US Treasury's announcement to buy treasury bonds are highly similar to the “classic debt restructuring template” proposed by the US Treasury. Dalio believes that when the growth rate of government debt exceeds the growth rate of revenue, interest expenses will continue to squeeze fiscal space; if the supply of treasury bonds exceeds market demand, it may push yields to rise further and force the central bank to stabilize the market by purchasing treasury bonds and increasing the money supply, thereby weakening the value of money. In this context, Dalio proposed reducing bond allocations, increasing non-debt assets such as gold, and allocating a small amount of Bitcoin.

22h ago
Dalio's latest warning: the US debt crisis may explode within three years. The antidote is...

Dalio's latest warning: the US debt crisis may explode within three years. The antidote is...

Author: Ray Dalio, founder of Qiaoshui Foundation Original title: How Countries Go Broke: The Dynamic Behind What is Incurable Now Compiled and organized by: bitPushNews In “How Countries Go Bankrupt: The Big Cycle,” I detailed an analytical framework to describe dynamic processes that are highly likely to occur due to unsustainable imbalances between debt supply and demand. Recently, three things happened at the same time: 1) The Japanese government sold part of its US Treasury holdings to return capital to Japan to support the yen and the Japanese capital market, and reduce exposure to US Treasury bonds while avoiding being forced to raise interest rates beyond its wishes in order to support the yen; 2) US bond yields hit new highs under long-term leadership, while the dollar weakened. The reasons include not only the current and anticipated supply of huge debt, but also weak demand for US bonds; 3) Treasury Secretary Bessent announced this week that the US Treasury would buy US Treasury bonds and be able to buy other US Treasury bonds The amount of capital used is limited, and many people ask me : Do these events fit the classic template I set out in my book? The answer is yes. To anticipate what might happen next, let's first review this operating mechanism. The operating mechanism explains in detail that the central government's debt dynamics are the same principles as the debt dynamics of individuals or companies. The only difference is that the central government has a central bank that can print money (this will depreciate the currency), and it can obtain funds from the public through taxation. Because of this, if you imagine how the debt dynamic would work if you or the business you run could print money, or get capital from people through taxation — then you can understand this process. But remember, your goal is for the entire system to work well, not only for yourself, but for all citizens. In my opinion, the credit/market system is like the human body's circulatory system, delivering nutrients to every corner that makes up the market and economy. If credit is used effectively, it can generate productivity and income to repay debt and interest on debt, which is a healthy state of affairs. However, if credit is not properly used to generate sufficient income to repay debts and interest, debt payments will continue to pile up like plaques in blood vessels, squeezing other expenses. When debt payments become very large, debt repayment problems arise, and eventually evolve into debt rollover problems — because debt holders are unwilling to continue to roll over and instead want to sell. Naturally, this will lead to a shortage of demand and sell-off of debt instruments such as bonds; when demand is scarce relative to supply, it either causes a) interest rates to rise, thereby suppressing the market and economic downturn, or b) the central bank “prints money” and buys debt, which will reduce the value of the currency, thereby driving up inflation (compared to the original level). Banknote printing also artificially lowers interest rates and harms lenders' returns. Both options are bad. When debt sell-offs are too large and difficult to contain, and the central bank has already purchased large amounts of debt, rising interest rates can cause the central bank to lose money and damage its cash flow. If this continues, the central bank will fall into a situation where net assets are negative. When this situation became serious, the central government and central bank needed to borrow money to repay the principal and interest of the debt, while the central bank printed money to provide loans due to insufficient free market demand, so a self-reinforcing spiral between debt/banknote printing/inflation formed. In summary, the classic indicators to pay attention to are the following: the ratio of government debt payments to government revenue (which is like the amount of plaque in the circulatory system), the ratio of government debt sold to the demand for government debt (this is like a plaque falling off and causing a heart attack), and the amount of government debt purchased by the central bank to cover the gap between the demand for government debt and the supply of government debt to be sold (this is like the central bank applying a larger dose of liquidity/credit to mitigate liquidity shortages, and the central bank has a risk appetite for these debts). These indicators usually rise over a long cycle of decades — debt and debt payments continue to grow in relation to income — until this state of affairs cannot continue because: 1) debt repayment expenses unacceptably crowd out other expenses, 2) the supply of debt that must be purchased is too large, causing interest rates to rise sharply, leading to a sharp decline in the market and economy, or 3) central banks are unwilling to let interest rates rise and suffer bad market/economic consequences, so they print large amounts of money and buy large amounts of government debt to cover the demand gap, thereby making the value of the currency significant Decreased. Either way, the return on bonds will be poor until the money and debt eventually become cheap enough to attract demand, or the government can cheaply buy back or repay...

1d agoBitpushNews#indebtedness #Bitcoin #economic crisis #US debt #DALIO #gold

Bezent's expansion of US bond repurchases is accused of “playing with fire,” and the US may repeat the depreciation of the Japanese currency

Comparative news: After the US announced this week that it would expand treasury bond repurchases, causing severe market shocks, investors began to compare it with Japan's policy. Measures taken by Japan to lower borrowing costs in the past have caused the yen to weaken for a long time. The US dollar is currently at a three-month low and is poised to record its worst weekly performance this month. The US Treasury unexpectedly announced in mid-week that it will double the scale of longer-term treasury bond repurchases. Robin Brooks, a senior researcher at the Brookings Institution, said that the US government's move is the “clearest sign” so far, indicating that the US is following Japan's footsteps and moving towards depreciation of the local currency. He said the US government is “playing with fire.” US bonds rose for a while after the news was announced, but since then they have regained their gains. Gold and other precious metals were higher. Steven Barrow, head of G10 strategy at Standard Chartered Bank, said that reducing bond yields through repurchases will only put further pressure on the US dollar, but it will not solve the fundamental problem driving the rise in yield, that is, the fiscal deficit. (financemagnates)

1d ago

SK Hynix says no decision has been made on whether to build semiconductor production facilities in Japan

Comparing news, SK Hynix (SKHY.O) stated in the document that it has not yet decided whether to build semiconductor production facilities in Japan. The company responded to media reports that it might go to Japan to build a factory. SK Hynix said, “In order to enhance the competitiveness of the memory chip business, the company is evaluating various solutions, including the establishment of additional production sites, but no matters have been decided so far.” The company said it will further disclose relevant information when specific details are confirmed, or within one month after the publication of this report.

1d ago

Bank of Italy research: Stablecoin remittances have no systemic cost advantage, and on-chain links account for only a small part

Comparatively, in a research report released in July 2026, the Bank of Italy first passed the “mystery customer” empirical survey to track 200 USDC transfers across ten corridors between Italy and Argentina, Brazil, South Africa, the United Arab Emirates, and Japan. The results showed that the total cost of stablecoin remittance fluctuated greatly, with a minimum of only 0.3% and a maximum close to 9%. The average transfer on the blockchain chain accounts for only 0.4%. Most of the costs are concentrated in fiat currency withdrawal and recharge — traditional intermediary fees such as exchange transaction price differences, credit card fees, and withdrawal fees are decisive factors. Compared with traditional channels such as Wise, stablecoins have a cost advantage in some channels such as Brazil → Italy, but channels such as the UAE → Italy are more expensive and show a high degree of “channel specificity.” In terms of speed, blockchain transfers themselves only take a few minutes, but end-to-end efficiency depends entirely on the quality of traditional payment infrastructure in the destination country. Countries with instant payment systems such as Brazil (PIX), Italy (TIPS), and Argentina (Transferencias 3.0) can control the entire process within 20 minutes; countries that rely on traditional bank transfers, such as South Africa, extend the delivery time to 1 to 2 business days. The report points out that the efficiency of stablecoin remittance is determined by itself and the surrounding traditional payment infrastructure, and the two are complementary rather than alternative relationships. The report also analyzed the impact of global regulatory fragmentation: the European Union's MiCA and the US GENIUS Act represent a mature compliance framework; Japan's strict “safety priority” entry reduces nominal costs, but the process is complicated, causing users to flow out to offshore platforms; countries such as India and Turkey are in a transitional regulatory phase; prohibited countries such as Egypt and Saudi Arabia have failed to curb demand and instead push transactions into gray channels. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

1d agoburnking

Japan allocates more than $900 million to support chip startup Rapidus

Comparing news, the Japanese government will allocate an additional 150 billion yen (about 944 million US dollars) to support chip startup Rapidus and increase spending to compete with companies such as TSMC. Japan's Ministry of Economy, Trade and Industry will seek more funding for the Japanese OEM chip maker in the 2027 fiscal year budget, according to a source familiar with the matter. The government-backed joint venture was founded in 2022 with the goal of manufacturing cutting-edge 2-nanometer chips by 2027 and helping Japan reduce its dependence on TSMC. Policymakers see Rapidus' success and technological independence in AI, robotics, and quantum computing as critical to national security.

1d ago

South Korea's Finance Minister: Will pay close attention to the impact of rising global bond yields

Comparative news, according to Yonhap News Agency, South Korea's finance minister said on Friday that as long-term yields in major economies rise and economic uncertainty intensifies, South Korea will pay close attention to its treasury bond market. South Korea's finance minister stated during a meeting with financial officials: “Due to increased fiscal spending and the uncertainty brought about by the situation in the Middle East, long-term treasury yields in major economies, including the US, Japan, and Europe, have risen to the highest level in decades.” “The government will closely monitor the issuance and trading of treasury bonds and work to reduce financing costs for businesses and households,” he said. Furthermore, he also mentioned that the exchange rate of the won against the US dollar fell to 1,300 for the first time this week, and previously fell to around 1550 in early July, and this trend was due to South Korea's record current account surplus. However, he added that given the geopolitical tension in the Middle East region and the monetary policies of major economies, the exchange rate faces both positive and negative risks. “The government will remain alert and respond to market fluctuations.”

1d ago

Solmate increases its treasury of 1,000 SOL units by more than $100 million, Ionic Digital transforms AI computing power and holds 2,882 BTC

Comparative news. According to BBX data, yesterday, US and Japanese stock listed companies and mining companies around the world disclosed the latest official ledgers on digital asset treasury allocation, holdings growth, and financial data for the second quarter. The core developments are as follows: Solana treasury company Solmate increases its holdings by 1,000 SOL: Nasdaq-listed Solana treasury company Solmate Infrastructure PLC (NASDAQ: $ SLMT) officially announced that the company increased its holdings by about 1,000 SOL on August 20, 2026. As of today, the company has accumulated approximately 1.25 million SOL holdings, and the total value of SOL holdings has reached approximately US$102.2 million. Remixpoint increased its holdings by 9.96 bitcoins, and its total holdings exceeded 1500: Remixpoint, a Japanese Bitcoin treasury listed company, announced another increase of 9.96 bitcoins in the secondary market. As a result of this increase, the company's total Bitcoin holdings have officially risen to 1,501.27 BTC. Ionic Digital (NASDAQ: $ IOND) released its Q2 earnings report, and the share of AI computing power revenue jumped to 90%: NASDAQ listed company Ionic Digital announced financial results for the second quarter of 2026. The company's total revenue for Q2 reached $48.6 million (up 31% year over year), with digital infrastructure leasing (AI/HPC) revenue accounting for 90%, completely changing the business structure that relied almost entirely on Bitcoin mining in the same period last year (mining revenue fell from $37.2 million to $4.8 million). Net loss for the quarter was $35.3 million (mainly affected by $28.2 million in Bitcoin's non-cash fair value change losses and income tax provisions), and adjusted EBITDA of $37.6 million. By the end of the quarter, the company held $415.7 million in cash and 2,882 bitcoins (worth approximately $168.7 million). DCG's Fortitude dug up more than 33,000 ZEC in the second quarter: Fortitude, a Zca sh miner under Digital Currency Group, announced operating results for the second quarter. The company's total revenue for the quarter was $20.9 million, adjusted EBITDA of $8.5 million, and a net loss of $9.5 million. In terms of core mining business, a total of about 33,646 ZECs were mined during the quarter, and the average operating computing power stabilized at 4.0 gSol/s.

1d ago