Ray Dalio: The US fiscal deficit and debt supply-demand imbalance have led the economy into a high-risk phase

According to The Block, Ark Invest bought $18.4 million worth of Coinbase stock on Wednesday and sold $29 million worth of Robinhood stock. Coinbase closed down 2.57% at $164.92 on the day, while Robinhood closed up 8.78% at $105.20. Robinhood holds 4.87% of ARKK's holdings, while Coinbase holds 3.71% of ARKK's holdings.

Imran Khan, co-founder of Alliance, stated that tokenization is evolving into two forms: tokens representing equity ownership and tokens accumulating value through buybacks. The token form that falls between the two will move towards these two extremes. Unless the revenue and repurchases are put on chain in a programmatic manner, it is difficult for the token to achieve a reasonable valuation. As more companies go public, tokenization can provide global investors with opportunities to participate on the blockchain and increase ownership acquisition channels beyond traditional capital markets.

Goldman Sachs Vice Chairman Kaplan stated that if inflation continues to remain high, the Federal Reserve may raise interest rates as early as September, often in a series of two or three hikes. Kevin Walsh, the chairman of the Federal Reserve, suggested that the focus should be on fighting inflation. The market turned to hawkish, and traders sold short-term treasury bond bonds. Half of the members of the Federal Reserve expect to raise interest rates before the end of the year. Kaplan believes that if inflation remains stubborn and monetary policy remains too loose.

AI researcher Gary Marcus warns that OpenAI's potential IPO and cash burn issues could pose risks to tech stocks that rely on AI computing power demand. The valuations of Nvidia, Oracle, and CoreWeave are based on OpenAI's expectation of continued large-scale purchases of chips and data center capabilities. If OpenAI's listing process does not go smoothly or if it cuts expenses, these suppliers may face a downward revision in their revenue expectations. OpenAI has submitted a secret S-1 file. The market is concerned about OpenAI's computing power cost, competition with Anthropic, and enterprise customer deployment. If the financing of AI data centers, cloud computing contracts, and OpenAI demand are highly interconnected, the contraction of core customer spending may trigger lenders to reassess the credit quality of AI related assets.

According to The Kobeissi Letter, in the first half of 2026, the global government issued bonds through bank underwriting channels reached a record high of $504 billion. The statistics do not include conventional bond auctions and US treasury bond bonds. Italy raised $81 billion through bond issuance, Germany raised $16.1 billion through bond issuance, and the UK, Belgium, and Serbia all completed their largest government bond pricing issuances in their respective countries' history.