According to The Block, Las Vegas businessman Brent Kovar has been convicted by a jury and faces up to 280 years in prison for his involvement in a $24 million cryptocurrency Ponzi scheme. The US Department of Justice stated that Brent Kovar used investor funds to operate Profit Connect and repaid old investors with new funds under the guise of mining profits.

JPMorgan strategist Fabio Bassi believes that there is still room for the US stock market to rise by the end of the year, but the market will rely on sector rotation rather than a synchronous rise in all risk assets. JPMorgan maintains a constructive view on stocks, favoring high-quality growth stocks, cloud computing leaders, and the semiconductor sector that has undergone repricing. JPMorgan Chase believes that recent volatility means funds are withdrawing from crowded trading and entering a direction with higher profit visibility and more digestible valuations. JPMorgan interprets the upward trend in long-term US bond yields as a signal of increased capital demand and investment opportunities.

On August 25th, the second draft of the revised draft of China's Banking Supervision and Administration Law was submitted to the Standing Committee of the National People's Congress for review. The second draft added prohibitive provisions for banking institutions and employees to misappropriate customer funds, force bundling or bundling, illegally sell products beyond customer risk tolerance, and improperly collect payments. Chapter four was split into supervision and management measures and risk disposal chapters, clarifying the risk disposal responsibilities of central and local banks, increasing risk disposal authority, and stipulating the participation of deposit insurance fund management institutions in risk disposal methods.

Binance has announced the participation rules for TermMax (TMX) airdrop. Users need to hold 225 Alpha points to participate. Participating in the activity consumes 15 points, with a decrease of 5 points per minute. The activity will start at 18:00 today.

Goldman Sachs has raised its semiconductor equipment cycle forecast, expecting global WFE spending to continue expanding from 2026 to 2028. Goldman Sachs expects global wafer fab equipment spending to reach $150 billion in 2026, $218 billion in 2027, and $281 billion in 2028, with year-on-year growth rates of 36%, 45%, and 29%, respectively. The expansion of DRAM, HBM, and advanced process manufacturing is driving expenditure growth, and the tight supply of DRAM is expected to continue until 2028, while storage manufacturers' capital expenditures remain high.