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7/30
13:13
S&P Pantera launched its new Digital Asset (SPPDA) Index on July 21. The index tracks economically productive cryptoassets, defined by their protocol revenue, with a market capitalization above $500 million and two consecutive quarters of positive revenue. Ethereum, Binance Coin, Solana, TRON, and Hyperliquid are among the current top constituents. Bitcoin and XRP were excluded, with Bitcoin's exclusion attributed to its fees flowing to miners rather than holders. The index is aimed at institutional investors, providing a proxy for the performance of productive cryptocurrencies, and analysts suggest its inclusion could signal quality and potentially lead to future capital flows, especially if an ETF tracking the benchmark is launched.
13:03
The U.S. cryptocurrency exchange Coinbase has secured a dismissal of most of the allegations in a class-action lawsuit filed by its customers. The lawsuit alleged that Coinbase illegally sold unregistered securities, including XRP and Dogecoin.

Judge Paul Engelmayer of the U.S. District Court for the Southern District of New York dismissed all charges based on “match-to-order” transactions, which account for approximately 99.97% of Coinbase’s trading volume and involve hundreds of billions of dollars.The judge ruled that Coinbase did not qualify as a “statutory seller” under federal securities law in these transactions because it neither transferred ownership of the tokens to the buyers nor “solicited” the transactions by providing token overviews.

However, clients may still file claims regarding “inventory transactions” conducted by Coinbase using its own token inventory, which totaled at least $178 million. The judge noted that in these transactions, Coinbase acted as a dealer and underwriter, transferring ownership of the tokens to the buyers and thus qualifying as a statutory seller.

The case began in 2021, following the dismissal by Coinbase in 2023 of other federal securities law charges. The U.S. Securities and Exchange Commission (SEC) also dismissed a similar lawsuit against Coinbase in 2023.
13:02
Reddit (RDDT) is considering terminating its data licensing agreement with Google (GOOGL), which is worth approximately $60 million annually. The move aims to prevent Google’s AI search from directly using Reddit’s discussion content to generate answers, thereby reducing the need for users to visit the Reddit website. According to a July 22 report by The Wall Street Journal,the two companies are negotiating the renewal of their 2024 data licensing agreement, and Reddit has raised the possibility of halting Google’s access to its content for AI purposes. Although the agreement generates $60 million in annual revenue, Reddit believes that if AI-generated answers cite useful portions of its discussions, the value of referral traffic from Google searches will decrease.
13:02
Altria (NYSE: MO) stock fell 9.3% on Thursday following the release of its latest quarterly report. The tobacco giant's second-quarter adjusted earnings of $1.48 per share missed Wall Street estimates by $0.02, while revenue after excise taxes rose 1.2% to $5.36 billion, largely in line with forecasts. The company also reported a 4.5% year-over-year decline in adjusted domestic unit volume shipments for its smokable segment. Altria's updated full-year adjusted earnings per share guidance of $5.61 to $5.72 has a midpoint below the prior average analyst forecast of $5.69.
13:02
Shares of electric vehicle manufacturer Rivian (RIVN) have outperformed the NVIDIA over the past six months, largely due to its massive investments in artificial intelligence (AI), particularly in autonomous driving technology. According to reports, Rivian’s investment in AI is so substantial that the company no longer expects to turn a profit by 2027.Rivian’s AI strategy includes selling vehicles to robotaxi operators, such as its recent $1.25 billion agreement with Uber Technologies to supply up to 50,000 R2 SUVs for Uber’s robotaxi fleet.
13:02
U.S. stocks rose amidst ongoing inflation fears.
13:01
Shares of Bitcoin mining companies IREN and Core Scientific surged following reports that the Aschenbrenner fund liquidated its $1 billion portfolio focused on AI infrastructure. The fund's investment in these companies was reportedly based on the belief that power and data-center capacity would be critical for scaling AI.
12:54
Saudi Arabia's quarterly fiscal deficit contracted by almost 75%. This improvement was primarily driven by a spike in global oil prices, even as the Iran war led to an economic contraction.
12:53
On-chain data shows that a single USDC contract was burned, totaling 99 million tokens, worth approximately $99 million. The transaction hash is 0xa2532e47eb1bad8a8612763a535d90dd682ef6bf333a189899a663fd5b9eafea.
12:51
Nvidia is reportedly discussing a financing backstop of approximately $250 billion for a proposed 10-gigawatt data center campus in southern Ohio, with OpenAI as a prospective tenant. The project, developed by SoftBank's SB Energy, could cost over $500 billion. Nvidia is also discussing separate financing of up to $350 billion for chips at the site. These are ongoing negotiations, not completed commitments. While this could impact Microsoft's cloud revenue from OpenAI, the report clarifies it does not indicate OpenAI is leaving Microsoft, which remains its primary cloud partner.
12:51
The U.S. Federal Reserve's Federal Open Market Committee (FOMC) voted 9-3 on July 29 to hold benchmark short-term interest rates steady. Despite the pause, Wall Street reacted negatively, with the Dow closing down 2.19% and the 30-year Treasury yield hitting 5.2%.

Markets are concerned that the Fed's current approach may not effectively curb inflation, leading to expectations of earlier and higher rate hikes. Analysts point to the Iran War and rising oil prices as key factors driving inflation. The CME Group FedWatch Tool indicates a 67.9% chance of at least a 25 basis-point rate hike in September.
12:46
Financial commentator Jim Cramer stated that he sees a 'sure signal to buy' stocks. He also previewed Amazon's upcoming earnings report. The Investing Club holds its "Morning Meeting" every weekday at 10:20 a.m. ET.
12:44
Controversial plans to sell a stake in FIFA's media division originated from secret talks held last year between FIFA President Gianni Infantino and venture capitalist Joshua Kushner, Bloomberg reports.
12:41
Automaker Stellantis reported its second-quarter results, with net income of 293 million euros (approximately $336 million), falling short of market expectations of 464 million euros. Although revenue rose 13% year-over-year to 43.5 billion euros, exceeding expectations, the lower-than-expected profit caused its U.S.-listed shares to fall 3% following the release of the report.
12:35
Independent research firm Arete Research upgraded Texas Instruments (TXN) from “Neutral” to “Buy” and raised its price target by 34% from $303 to $405. Arete Research noted that Texas Instruments’ second-quarter revenue rose 23% year-over-year to $5.46 billion, exceeding market expectations, with data center revenue doubling. The firm believes that surging demand for artificial intelligence is expected to lead to a shortage of analog semiconductors over the next three years, and that Texas Instruments, with its favorable position in terms of production capacity, is poised to gain significant market share during this cycle.
12:35
U.S. restaurant chain Shake Shack reported its first-quarter financial results, with revenue rising 14.3% year-over-year to $366.7 million and same-store sales increasing 4.6%. The company reported a net loss of $300,000 for the first quarter, compared to a net profit of $4.5 million in the same period last year. Due to rising beef costs, pre-opening expenses, and investments in technology and marketing, Shake Shack lowered its second-quarter revenue forecast to $415 million–$420 million (down from $424 million–$428 million) and reduced its full-year adjusted EBITDA forecast to $225 million–$235 million (down from $230 million–$245 million). The company will release its second-quarter financial results on August 5.
12:30
Peter Schiff, a well-known economist and long-time critic of Bitcoin, has warned that the sell-off currently sweeping through tech stocks could eventually spread to the broader U.S. stock market and deal an even heavier blow to cryptocurrencies Bitcoin. He believes that Bitcoin, as high-risk assets rather than safe-haven assets, will face more severe sell-offs than traditional markets during a deep stock market decline.
12:30
Coinbase is preparing for its upcoming earnings report. Meanwhile, Bitcoin and cryptocurrency mining stocks are experiencing price increases, driven by the ongoing AI trade.
12:29
Coinbase CEO Brian Armstrong said on the social media platform X that Coinbase is driving the adoption of cryptocurrency among major financial institutions such as Morgan Stanley.
12:24
Sustainable womenswear brand Reformation Inc. opened flat on its trading debut Thursday, trading at its initial public offering (IPO) price. The company, backed by private equity firm Permira, raised $210.9 million in the listing, which was priced at the bottom of its marketed range.

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