Odaily News: Cantor Fitzgerald has announced that it will open access to the prediction market platform Kalshi for institutional investors, providing event contract trading services to its approximately 3,000 institutional clients, including family offices and hedge funds.

According to The Wall Street Journal, Cantor Fitzgerald will act as a broker arranging block trades for institutional clients, enabling them to participate in "yes/no" contract trading based on real-world event outcomes offered by Kalshi. The trading instruments cover multiple areas, including weather forecasts, commodity price trends, and corporate performance.

This partnership marks the further entry of traditional financial institutions into the prediction market space. Kalshi is an event trading platform regulated by the U.S. Commodity Futures Trading Commission (CFTC), where users can bet via contracts on whether specific events will occur, such as economic data releases, policy changes, weather conditions, and business events.

In recent years, prediction markets have drawn attention from investors, with proponents arguing that they can reflect collective expectations through market prices and provide risk hedging tools for businesses and investment institutions. However, regulators and some market participants have also continued to scrutinize the boundary between these markets and gambling. (WSJ)

Odaily News: According to MSX.COM data, NEBIUS shares extended their pre-market decline to 7%. The company will issue $4.5 billion in convertible senior notes, with net proceeds to be used to support continued growth, and a portion of the proceeds allocated for data center expenditures.

Odaily News: Edward Zimbardi, a 59-year-old Georgia resident, appeared in U.S. federal court facing 12 counts of wire fraud, 12 counts of money laundering, and one count of conspiracy to commit money laundering. Fiji authorities handed him over to U.S. custody on August 14, in coordination with the Federal Bureau of Investigation (FBI) and the U.S. State Department.

Prosecutors allege that Zimbardi operated a project called "The Crypto Program" from June 2022 to August 2023, luring participants with promises of a fixed 25% monthly return on advertising packages, requiring them to transfer cryptocurrency into wallets he secretly controlled. The government claims that thousands of individuals collectively transferred over $165 million into these wallets. Prosecutors stated that Zimbardi did not purchase advertising but instead funneled more than $34 million into high-risk forex trading, using funds from new investors to pay earlier ones. His personal spending totaled at least $10 million, including purchasing property for his son, buying luxury cars, and making alimony payments.

The U.S. Department of Justice stated that after the project collapsed in August 2023, Zimbardi left the country and settled in Fiji in July 2025 upon learning of the FBI investigation. The FBI is urging affected investors to come forward with information. (Decrypt)

Odaily News According to the latest Fund Manager Survey from Bank of America (BofA), global investors continue to increase their allocation to equities, with bullish sentiment reaching its highest level in nearly five years and the number of pessimistic investors in the market dwindling sharply. The team led by BofA strategist Michael Hartnett stated that the latest survey shows a net 56% of fund managers are overweight in stocks, the highest level since November 2021. Meanwhile, investors' cash allocation ratio has fallen to a "very low" 3.5%.

The survey results show that as global investors raise their equity positions, market risk appetite has warmed significantly, but this also implies that room for further upside may be limited. Hartnett believes that investor positioning has become crowded, and bearish forces in the market are diminishing. The survey reflects that, driven by expectations of a soft economic landing, the artificial intelligence investment boom, and improved liquidity expectations, institutional investors' willingness to allocate to risk assets continues to strengthen. At the same time, the low cash holding ratio also means that should adverse factors emerge in the market, the pressure for portfolio adjustments could rise. (Bloomberg)

Monitoring by the PPP Prediction Market Tool shows that Polymarket odds of "Anthropic becoming the largest IPO of 2026" stand at 45%, up 37% over the week, just slightly below SpaceX's 55%.

As recently as last week, SpaceX held a commanding lead in the "largest IPO of 2026" race. But this week, Anthropic has rapidly narrowed the gap. According to market reports, Anthropic is actively advancing its listing plans, with an IPO potentially coming as early as October. Some Anthropic investors expect the company to go public at a valuation of $2 trillion or higher — a staggering figure that would surpass SpaceX.

Join the PPP Signal Push Community to stay one step ahead and seize the opportunity.

Odaily News, data from the Korea Exchange shows that foreign investors aggressively sold off Korean stocks on the 19th, recording a net sell-off of 3.485 trillion KRW in a single day. Institutional investors also net sold 1.324 trillion KRW, while retail investors absorbed the selling pressure with net purchases of 4.633 trillion KRW.

Prior to this, foreign investors had recorded net purchases in Korean stocks for five consecutive trading days (from the 11th to the 18th), with cumulative purchases reaching 8.129 trillion KRW. However, the single-day selling volume on the 19th already accounted for 42.9% of the previous cumulative purchases, prompting market attention on whether the foreign capital inflow trend can persist.

Recent foreign buying has been concentrated in the semiconductor sector. Data shows that between the 12th and 18th, approximately 87% of foreign net purchases flowed into semiconductor stocks, particularly Samsung Electronics and SK Hynix. On the 18th, while overall foreign net buying in Korean stocks was only 91 billion KRW, the semiconductor sector attracted inflows exceeding 1 trillion KRW. This suggests foreign investors are primarily betting on the AI chip cycle rather than a broad recovery in risk appetite toward Korean stocks.

The recent shift in foreign investor behavior is mainly attributed to the rapid rise in long-term government bond yields in the U.S. and Japan. The U.S. 30-year Treasury yield rose to 5.337% intraday on the 18th, marking its highest level since 2007. Meanwhile, Japan's long-term government bond yields have also continued to climb, intensifying volatility in global bond markets.

Market analysts indicate that the rise in U.S. long-end rates is not primarily driven by expectations of renewed Fed rate hikes, but rather by factors such as an expanding U.S. fiscal deficit, increased Treasury issuance pressure, and rising corporate bond issuance from major tech companies driven by AI data center investments. Given that long-term bond yields have risen significantly more than short-end rates, the market tends to interpret this as an increase in the term premium.

If long-term interest rates in the U.S. and Japan remain elevated, foreign capital flows into Korean stocks may face further pressure. Given the heavy weighting of exports and semiconductors in the Korean stock market, it is highly sensitive to U.S. market interest rates, dollar movements, and shifts in global liquidity. Foreign investors may continue to take profits in recently high-performing stocks such as Samsung Electronics and SK Hynix.

However, some argue that this round of interest rate shocks may not necessarily evolve into sustained capital outflows. The Treasury issuance pressure that has recently driven up U.S. long-term bond yields may ease periodically. Additionally, if U.S. inflation and geopolitical risks cool down, the term premium could retreat, potentially prompting foreign investors to re-enter the semiconductor sector, which offers higher earnings certainty.

For now, the Korean market's capacity to absorb foreign selling has weakened. As of the 18th, deposits in Korean investor accounts stood at 104.7551 trillion KRW, down significantly from approximately 130 trillion KRW at the end of June. Credit transaction financing balances also remain below the highs seen in June. Therefore, future movements in U.S. and Japanese interest rates will remain a key variable influencing capital flows in the Korean stock market. (Daum)

Odaily报道 智谱创始人唐杰在X平台发布关于大模型Scaling Law的思考文章表示，当前人工智能行业对模型能力提升的理解正在从“扩大参数规模”转向多维度扩展，参数量并非衡量模型能力的唯一指标，还需要结合数据规模、计算资源分配方式以及模型实际运行场景综合评估。

唐杰指出，早期研究曾推动行业快速扩大模型参数规模。Kaplan等人在2020年的研究认为，模型参数增长速度应高于数据增长速度，推动了GPT-3、Gopher、MT-NLG等超大规模模型的发展。但Hoffmann等人在2022年通过分析数百个模型发现，计算最优方案更接近“每个参数对应约20个训练Token”，模型参数和数据规模应保持同步增长，过去追求万亿参数模型的路线实际上是一次行业共同经历的“偏航”。随着模型应用场景变化，推理成本逐渐成为生命周期成本的重要组成部分，优化目标也从单纯降低训练成本转向提升长期运行效率，因此“小模型+更充分训练”的路线开始受到关注。

唐杰表示，稀疏混合专家（MoE）架构进一步改变了Scaling逻辑。在MoE模型中，总参数量决定模型能够存储多少知识，而激活参数和有效深度更影响模型完成复杂推理任务的能力。对于漏洞发现等需要长链条推理的任务而言，能力并不来自简单记忆更多信息，而是需要模型保持多步推理过程的连贯性。近期研究显示，最优“Token/参数比例”并不存在统一答案：偏向记忆型任务需要更多参数，而偏向推理型任务则更依赖更多数据和计算深度。在固定训练数据规模下，盲目增加总参数甚至可能削弱推理能力，而增加激活专家数量则更有助于提升模型表现。

围绕智谱最新模型进展，唐杰透露，GLM-5.3是一次针对Scaling方向的实验。该模型与GLM-5.2采用相同基础模型、架构以及总参数和激活参数规模，但通过一个月的大规模长周期环境训练和强化学习（RL）进行后训练优化，性能提升并非来自参数增加，而是来自后训练阶段的扩展。他总结称，大模型竞争已经从单纯比拼参数规模，进入探索“多维Scaling”的阶段，未来模型能力提升将更多依赖训练策略、推理深度以及后训练能力的持续优化。

Odaily News: Pennsylvania Governor Josh Shapiro signed an executive order on Tuesday local time, introducing new regulatory requirements for the construction of artificial intelligence (AI) data centers in the state, which will restrict the expansion of the AI industry. Under the new rules, companies must meet requirements related to environmental protection and information transparency, while also securing local community approval for their projects. For example, companies will be responsible for covering the full electricity costs of their data center facilities, and a significant portion of that power must come from clean energy sources.

Odaily reported that artificial intelligence chip design company Velaura AI has announced the completion of a $110 million Series A funding round, with a valuation exceeding $1 billion. Seligman Ventures led the round, with participation from Capricorn Investment Group, Samsung Catalyst Fund, StepStone Group, and Maverick Silicon. The company primarily develops low-power chips and software technologies for data centers and physical AI applications, including robotics and autonomous systems. The new funds will be used to accelerate the development and deployment of its AI products, as well as to recruit engineers and customer service personnel. It was also noted that the company is in discussions with three of the four major cloud computing service providers, hoping to develop them into potential customers, but declined to disclose which three specifically. (Reuters)

1. Institutions reaping over 100x returns from Unitree Technology's IPO: Dexun Investment 703x, Vertex Ventures 560x, Sequoia China over 223x;

2. KRW 8.87 trillion, South Korea's H1 venture investment hits record high, financial institution contributions up 54.9%;

3. Coinbase x402 protocol processes 14 million AI agent transfers in 30 days, with Base accounting for 7.3 million;

4. SK Hynix: At least 50% of free cash flow from 2025 to 2027 to be allocated to shareholder returns;

5. Setting a new record for share cancellations among listed South Korean companies, SK Hynix buys back and cancels KRW 4 trillion in shares, raising shareholder return target to at least 50% of free cash flow;

6. Planning to buy $5 million, a whale raises Unitree limit order price to $110, with current price at $116;

7. He Yi: About three-quarters of Coinbase US stock users are net buyers, with Gen Z showing stronger long-term investment intent;

8. First official trading expected to launch as early as Q3, Vietnam accelerates pilot program for crypto asset market regulation;

9. Iran: No direct talks held with the United States;

10. $24.52 million position in CXMT, a whale increases holdings to 2.9 million shares with unrealized profit of $5.65 million.

Odaily News: To help users manage their idle digital assets more efficiently, FameEX has launched a "Wealth Management" service, allowing users to subscribe with idle assets in their accounts to earn stable returns. Whether you are a user seeking flexible liquidity or a long-term holder looking to lock in higher yields, you can find suitable products. The offerings include demand products with no fixed holding period, allowing subscription and redemption at any time, as well as fixed-term products with lock-up periods (e.g., 7 days, 30 days, 60 days, etc.). Some demand products support tiered interest rates and automatic subscription, while fixed-term products support early redemption (with interest already paid deducted from the principal) and automatic renewal.

Odaily News - Kim Sun-woo, an analyst at Korea's Meritz Securities, stated that SK Hynix announced its shareholder return program after the market close on August 19, declaring it would repurchase and cancel 40 trillion KRW worth of its own shares within three months. The announcement came earlier than the company's previously stated plan to "disclose within Q3," and Kim Sun-woo believes the market may view the timing itself as exceeding expectations. SK Hynix said the decision to conduct such a large-scale buyback and cancellation was made because the company believes its current share price does not fully reflect its business competitiveness and cash generation capabilities. Additionally, the company plans to announce new basic dividend and special dividend policies at its Q3 earnings call in late October. Meanwhile, SK Hynix has raised its shareholder return scale from the previous "within 50% of free cash flow (FCF)" to "above 50% of FCF," and plans to introduce a capital reduction dividend policy next year. Meritz Securities estimates that SK Hynix's FCF could reach 250 trillion to 300 trillion KRW by 2027, which would put potential shareholder returns at 125 trillion to 150 trillion KRW (approximately $89.9 billion to $107.9 billion). The plan exceeded expectations in three aspects: the timing of the announcement, management's recognition of the undervaluation, and expectations for subsequent policies. The firm also expects the company to complete share buybacks within the next three months to boost share price performance.

Odaily News: According to MSX.COM data, US stocks premarket AI concept stocks broadly declined, with MRVL down 2.18%, AMD down 1.07%, GOOGL down 0.45%, and MU down 1.00%.

It is reported that MSX.COM is a decentralized RWA trading platform that has listed hundreds of RWA tokens, covering US stocks and ETF token targets such as AAPL, AMZN, GOOGL, META, MSFT, NFLX, and NVDA.