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Delphi Digital analyst Jason Pagoulatos released a report stating that the AI infrastructure boom and speculative demand driven by housing, debt, and employment pressures are increasing, and it is recommended to hold onto trading platforms rather than trading targets. The report points out that the combined trading volume of Kalshi and Polymarket reached $53 billion in July this year, 25 times that of the same period last year; Robinhood's Q2 event contract revenue was $156 million, surpassing its stock business of $129 million and cryptocurrency business of $100 million. The report lists Hyperliquid and Lighter as representatives of on chain platforms and highlights the risks of litigation and platform revenue fluctuations with market cycles.