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AI · Dynamic
Moonshot (Kimi) has secretly submitted its application to the Hong Kong Stock Exchange, officially launching its IPO.
BitPush news: Moonshot (Kimi) has confidentially submitted its A1 filing to the Hong Kong Stock Exchange this week, officially initiating its HK IPO process. The A1 is one of the official application forms submitted by companies seeking listing on the Hong Kong Stock Exchange. In response to the report, Kimi stated: “We do not comment on market rumors and currently have no information to disclose.” Meanwhile, it is understood that Kimi is also advancing a new round of funding at a pre-money valuation of $50 billion, which is likely to be its final funding round before the IPO.
[Musk: Grok4.7 to be released in ten days]
Beats News reports that Musk has confirmed Grok 4.7 will be released in 10 days. According to his previous disclosures, the new model’s parameter count will increase from 1.5T in Grok 4.6 to 2.1T, or approximately 2.1 trillion parameters. Initial training has been completed, and the model is currently undergoing additional training using vast amounts of SpaceX data.
Google launches the Gemini 3.8 Flash inference model
Beijing News reports that Google (GOOG.O) has launched the Gemini 3.8 Flash inference model and introduced a cyber defense initiative for partners and government agencies.
The U.S. government supports OpenAI's position in the copyright lawsuit, stating that AI training is protected under fair use.
Beijing News reports that, according to WSJ, the U.S. government has filed documents with the court supporting OpenAI’s position in its copyright dispute with publishers such as The New York Times, arguing that using news content to train AI models qualifies as fair use under U.S. copyright law.
The U.S. Department of Justice stated in its filing that restricting AI companies from using copyrighted material to train large language models would contradict the fundamental principles of copyright law and hinder innovation and scientific progress. In December 2023, The New York Times sued Microsoft and OpenAI, alleging that ChatGPT and Microsoft Copilot used substantial amounts of the Times’ content to train their models and generate responses.
The U.S. government states that AI training is highly transformative with respect to original works and does not harm the market value of copyrighted materials; tightening fair use rules could result in only large tech companies being able to afford licensing fees, thereby undermining the competitiveness of the U.S. AI industry. Relevant parties are expected to file new motions requesting the court to rule on certain core disputes after completing evidence exchange.
Crypto · Market
Kraken's parent company delays IPO to Q2 2027
Beijing News, according to two sources familiar with the matter, Kraken’s parent company, Payward, has delayed its highly anticipated initial public offering until no earlier than the second quarter of 2027. CoinDesk reported in March that the company had put its billion-dollar IPO plan on hold due to a challenging market environment; this further extension prolongs the much-watched listing process.
Payward secretly filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission in November 2025, shortly after completing an $800 million funding round at a $20 billion valuation, including a $200 million investment from Citadel Securities. Following the successful listings of Circle and Bullish last year, the crypto industry had anticipated a wave of IPOs in 2026, but weak coin prices and trading volumes, along with underwhelming market performance from newly listed digital asset companies, have dampened investor enthusiasm, prompting companies such as Grayscale, Consensys, and Ledger to postpone their listing plans.
SEC Chair expects the Clarity Act to pass this month, stating that the U.S. will become the crypto capital.
BeTV news: SEC Chairman Paul Atkins said he expects the highly anticipated Clarity Act to pass in the Senate this month, adding that the U.S. is poised to become the “capital of crypto capital.” Atkins confirmed in an interview with Fox Business that the bill will be voted on in the Senate on September 15, and he anticipates its passage and eventual delivery to the president for signing.
Atkins said regulators are pushing for rules to help the cryptocurrency industry grow, adding, “We are changing past practices to update regulations to fit the era of blockchain and crypto assets.” Last week, the SEC submitted a proposal to the White House aimed at clarifying the custody framework for crypto assets for investment advisers and firms.
The Clarity Act aims to establish a regulatory framework to distinguish whether digital assets are securities, commodities, or stablecoins. The bill passed in the House last year but has been stalled for much of this year due to disagreements between banking lobbying groups and crypto companies over whether platforms like Coinbase can pay earnings to their customers. Some lawmakers have attempted to revise the bill’s language regarding ethics standards, while a new bill has circulated since July prohibiting government officials from promoting crypto assets and profiting from them. However, some Democratic lawmakers believe the provisions are still insufficient, while several pro-crypto Republican lawmakers accuse Democrats of deliberately politicizing and delaying the bill’s progress.
ArbitrumDAO's first-half revenue reached $6.19 million, with Robinhood Chain contributing 35% of July's revenue.
Beijing News reports that the Arbitrum Foundation has released its semi-annual progress report: ArbitrumDAO generated $6.19 million in revenue during the first half of 2026, with licensing fees from the Arbitrum Expansion Program (AEP) becoming a significant source. In July, AEP licensing fees reached $360,000, accounting for 35% of ArbitrumDAO’s monthly revenue—this was the first month Robinhood Chain launched on mainnet. According to DefiLlama data, Robinhood Chain recorded $1.43 billion in 24-hour DEX trading volume and paid $3.75 million in on-chain fees, while Arbitrum One recorded $193 million in trading volume and only $14,700 in fees during the same period.
Macro · Institutions
【Fed Beige Book: Economy experiences modest growth, with data center and AI investments serving as key supports】
BeTV news: The Fed’s latest Beige Book shows that the U.S. economy experienced modest expansion over the past two months, with demand for data centers serving as a key growth driver. High-end consumer spending remains resilient, but price sensitivity has increased; manufacturing has been supported by defense and data center orders, leading to slight job growth, while inflation has moderately accelerated.
The Beige Book released by the Federal Reserve on Wednesday local time showed that U.S. economic activity grew modestly over the past two months, with demand for data centers standing out particularly.
The Federal Reserve indicated that the economic outlook is "positive," but uncertainties from energy prices and geopolitics have led to varying levels of confidence across industries. In the consumer sector, high-end spending remains robust, but consumers are more price-sensitive. Several regional business contacts reported that heightened consumer price sensitivity has limited companies' ability to pass on increased input costs to end consumers.
Meanwhile, prices in most Federal Reserve districts showed a modest acceleration in growth. Regarding employment, the number of employed people nationwide increased slightly.
Changes in labor demand are uneven. The report states that healthy labor demand remains common in manufacturing, construction, and certain service sectors, while labor demand in retail and hospitality has declined.
The Trump administration is planning to impose additional tariffs on chips, with exemptions for U.S.-based manufacturers.
Biyu reports that U.S. Secretary of Commerce Lutnick stated on Wednesday that the Trump administration is considering a new round of import tariffs on semiconductors, potentially increasing taxes on foreign chips to encourage more semiconductor manufacturing to relocate to the United States. However, these tariffs may be implemented alongside tariff exemptions for investments in U.S.-based manufacturing companies, following the approach previously taken by the Trump administration toward the pharmaceutical industry. Lutnick said: "This is the principle the semiconductor industry should follow: if you produce in the United States, we will grant you tariff exemptions; if you do not produce in the United States, you will pay tariffs. It is a very sensible and effective approach."
Trump previously imposed a 25% tariff on certain advanced semiconductors and, following a related trade investigation by the U.S. Department of Commerce, ordered additional import tariffs on these chips in January this year. However, the scope of the new tariffs may expand from semiconductors themselves to products containing chips, affecting imports of data center servers and consumer electronics.
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