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Fed Governor Cook says she would support rate hikes if inflation fails to cool
Federal Reserve Governor Lisa Cook reiterated that if inflation does not keep moving lower, she is prepared to support higher interest rates. She also warned that inflation staying above target for five straight years would increase the risk of stickiness in prices and wages.
Cook said she backed the decision to keep rates unchanged in July, but added that policymakers may not have enough time to simply wait for inflation to return to the 2% target. She also pointed to weaker tariff effects, lower oil prices, and easing AI-related pressures as possible buffers for inflation.
Bitget UEX said the hawkish tone added uncertainty to the policy path, put short-term pressure on richly valued technology shares, and supported demand for the U.S. dollar and precious metals.
Iran and Oman agree on new Hormuz shipping route coordinates
Iran’s foreign ministry spokesperson said Iran and Oman had agreed on the geographic coordinates for a new route intended to allow the safe passage of commercial vessels through the Strait of Hormuz. A joint statement is in the final review stage.
Iran also said the arrangement does not mean the strait will immediately return to safe navigation, adding that threatening actions including the U.S. maritime blockade are still in place. A separate report said Iran is seeking to charge transit vessels a fee worth 5% to 7% of cargo value.
According to the Bitget UEX note, progress in the talks continued to suppress the risk premium in oil, while gold was pushed higher by safe-haven demand and a softer dollar, bringing it close to $4,300.
Google reshuffles AI leadership while SpaceX approaches first large-scale unlock
Google made major changes to the leadership structure of its AI division. SpaceX, meanwhile, is preparing for its first large-scale share unlock since listing, with about 912 million shares set to enter circulation and a potential market value near $100 billion, a record for a single U.S. stock unlock.
The report also said Goldman Sachs remains constructive on South Korean equities and kept its 12,000 target for the KOSPI, while Yardeni said technology valuations have become attractive.
Bitget UEX said Google’s internal AI shake-up has drawn short-term scrutiny over competitiveness, while the SpaceX unlock is expected to test market liquidity and investors’ capacity to absorb supply.
Market recap
Commodities and FX
Spot gold traded around $4,283 an ounce, up 0.91%. Spot silver was around $62.3 an ounce, up 0.62%. WTI crude traded near $75.57 a barrel, up 0.47%, while Brent was around $76.2 a barrel, down 0.43%. The U.S. Dollar Index stood near 99.67, down 0.01%.
Bitget UEX said the agreement on a new Hormuz route kept pressure on oil’s geopolitical premium and left crude moving in a low range. Gold and silver rose on the combination of a softer dollar, renewed haven demand, and subdued oil prices, with gold nearing the $4,300 level.
The report described the chain reaction this way: progress in geopolitical talks put pressure on oil, cooler oil prices softened inflation expectations, debate over the Fed’s room to maneuver intensified, and defensive flows moved into precious metals. In the short run, commodity swings remain highly sensitive to actual shipping recovery in the strait and to U.S. payroll data.
Crypto
BTC traded around $64,100, up 0.94%, while ETH changed hands near $1,909, up 2.43%. Total crypto market capitalization was about $2.29 trillion, up 0.9%.
Across the market, 24-hour liquidations came to roughly $252 million, including $170 million in short liquidations.
The Bitget BTC/USDT liquidation map showed the current price at about $64,592. A large cluster of short liquidations sits in the $65,000 to $66,000 zone, and the report said a breakout followed by continued upside could trigger a sharper squeeze. On the downside, long liquidation pressure is concentrated in the $63,000 to $64,000 area. Bitget UEX said liquidation size on both sides has expanded, leaving the market vulnerable to sharp volatility after a break.
For spot ETFs, the report said U.S. spot Bitcoin ETFs recorded a net inflow of $212 million yesterday and a dynamic net inflow of $47 million today.
Bitget UEX said the crypto market has stabilized and rebounded against a backdrop of easing geopolitical stress and a split U.S. equity tape. BTC has been relatively steady, while ETH has shown only limited elasticity. ETF inflows have offered support and leverage-driven liquidations have eased. With low oil prices and stronger precious metals reflecting a mix of defensive positioning and risk appetite, the report said crypto may keep moving in an upward consolidation range in the near term, with attention on payrolls and the SpaceX unlock.
U.S. indexes and mega-cap tech
U.S. equities closed mixed. The Dow Jones Industrial Average finished near 54,349, up 0.49%, and set another all-time high. The S&P 500 ended at about 7,723.55, down 0.17%, and the Nasdaq closed around 26,363, down 0.83%.
Among major technology names, NVDA closed at $219.22, up 3.43%. AAPL ended at $311.00, up 0.52%. MSFT closed at $487.46, down 1.09%. GOOGL fell 4.03% to $362.43. AMZN dropped 1.72% to $272.65. META edged up 0.14% to $588.77. TSLA slid 1.77% to $321.55.
Bitget UEX said Wednesday’s session showed clear divergence. The Dow kept pushing to records while the Nasdaq and S&P 500 retreated. Nvidia gained more than 3% after news that SpaceX would adopt its AI architecture exclusively, while Apple closed modestly higher. Alphabet lost more than 4% after the AI leadership reshuffle, and Microsoft, Amazon, and Tesla also pulled back. Capital favored AI hardware and names with clearer earnings visibility, while software and some cloud companies came under pressure. Gold’s rally became one of the session’s main focal points.
Sector moves
In storage, SanDisk and Western Digital fell sharply in after-hours trading, and Silicon Motion dropped 8%. The report tied the move to guidance that failed to match elevated market expectations and triggered profit-taking.
In semiconductors, Nvidia rose 3.4% while AMD fell more than 7%. Bitget UEX linked that split to Nvidia’s exclusive architecture win at SpaceX and to AMD’s results being above expectations but not strong enough to clear the market’s much higher bar.
Precious-metals-related shares broadly advanced as spot gold surged more than 4%, lifting sentiment across the group.
Single-stock deep dive
SanDisk: earnings beat, guidance miss, heavy after-hours selloff
SanDisk reported a strong fiscal 2026 fourth quarter. Revenue and adjusted profit both came in well above market expectations, and the company also expanded its share repurchase authorization.
Even so, the midpoint of next quarter’s revenue guidance fell short of Wall Street’s consensus, which had already been pushed much higher on AI storage enthusiasm. That sent the stock sharply lower in after-hours trading. The market quickly shifted from what had already been delivered to whether future growth can justify a rich valuation.
Bitget UEX said investors have pushed expectations for storage companies such as SanDisk to elevated levels because of the narrative around exploding AI data center demand. A beat on reported numbers was acknowledged, but guidance did not reinforce that optimism. The result was a familiar wave of profit-taking in a high-multiple name. The report added that storage stocks are especially sensitive to guidance and that even a mild shortfall can be read as a sign of slowing marginal demand, even when fundamentals remain in an expansion phase.
The note said the medium- to long-term demand case for AI storage remains intact, but short-term price action is likely to be driven more by expectation gaps and positioning. It highlighted actual shipment data, visibility on enterprise SSD orders, and whether guidance is confirmed in later quarters as key areas to watch.
Nvidia: up more than 3% after SpaceX backs Vera Rubin architecture
Nvidia shares rose about 3.4%. Bitget UEX said the move was driven mainly by comments on SpaceX’s earnings call that future AI services would run exclusively on Nvidia’s Vera Rubin architecture, which SpaceX described as the best AI computing architecture. SpaceX also disclosed an aggressive compute expansion plan.
With the broader technology sector split and some software and storage names under pressure, the SpaceX endorsement gave Nvidia a rare catalyst built on clear demand visibility. The report said capital in a still-cautious market has been moving first toward hardware leaders with identifiable large customers and durable AI compute demand. That contrasted sharply with AMD, which was sold despite beating expectations because the market saw the results as good rather than exceptional.
Bitget UEX said the long-term case for AI compute demand and ecosystem strength remains firm, while short-term performance will still depend on customer capital spending, competitive shifts, and how investors price the return cycle for hardware.
Alphabet: down more than 4% after major AI leadership changes
Alphabet made significant changes to leadership across its AI-related divisions. After the news emerged, the stock fell by more than 4%, making it one of the weakest performers among large-cap technology names on the day.
The report said organizational changes are often read as signals about strategy execution or changing internal priorities. With the AI race in an intense phase and investors highly sensitive to product rollout, a leadership change can raise concerns over product timing, cloud coordination, and the gap with competitors including OpenAI. In the short term, capital rotated out of some software and search-linked names and into companies with clearer hardware exposure or earnings delivery.
Bitget UEX said investors should keep tracking the practical effects of the new leadership structure on AI product launches, Gemini progress, and cloud monetization. The note added that an organizational reshuffle does not automatically alter long-term competitiveness, though sentiment and flows may stay under pressure for a time.
AMD: beats expectations but still falls more than 7%
AMD posted results and guidance that were ahead of expectations, but analysts and investors judged the outcome as good rather than exceptional. Because market expectations had already been lifted by the AI boom, the stock dropped more than 7%.
Bitget UEX said the market’s standard for AI chip companies has shifted from simple growth to a demand for repeated outperformance and a stronger market-share narrative. Compared with Nvidia’s SpaceX-backed catalyst, AMD’s solid report lacked a fresh driver strong enough to hold attention. Capital instead moved toward the name seen as offering greater certainty. The report described this as a new round of repricing inside AI hardware, where investors are becoming more selective even within the winners.
The note said market share, margin improvement, and progress with large customer adoption will remain the key indicators. In the current environment, merely beating expectations may no longer be enough to support a high valuation.
SpaceX: first major post-listing unlock approaches
SpaceX is nearing its first large share unlock since listing. About 912 million shares held by employees and early investors are set to enter the float, with a potential market value near $100 billion, a record for a single U.S. stock unlock.
Bitget UEX noted that the company’s first earnings report after listing showed strong revenue growth, but also heavy capital spending, much of it tied to AI infrastructure.
The report said large unlocks are normal for newly listed companies, but supply of this size will put market liquidity and investor demand under real pressure. Expectations for selling often show up before the actual sales do, especially when capital spending is high and profitability is not yet fully established. The market is now weighing two competing forces: the immediate effect of the unlock and the longer-term AI plus Starlink story.
Bitget UEX said investors should watch post-unlock trading volume and price action, along with AI compute deployment, Starlink user growth, and capital efficiency, to see whether the market can absorb the added supply.
Market and project updates
Ark Invest, led by Cathie Wood, bought about $17.3 million of Circle Internet Group stock and about $19.7 million of SpaceX stock on Wednesday. Circle rose 0.05% on the day to $63.28, while SpaceX fell 13.61% to $108.27.
Glassnode said in its latest weekly report that global equities and gold have reached record highs, but Bitcoin has been mostly flat. In the July 31 Coldcard incident, about 594 BTC, worth roughly $38 million by the report’s estimate, were stolen in 25 minutes, and the related on-chain activity continued for several days. Coins that had not moved for more than a year jumped to about 119,000 BTC over three days, roughly 200 times the stolen amount, but only about one-tenth flowed to exchanges, leaving market prices largely unaffected.
Glassnode said the crypto market is moving closer to a bottom through boredom rather than panic selling. The 30-day average of the seller exhaustion constant is at a cycle low and in a historical bottom-formation zone, though it remains about one-third above final bear-market bottoms from the past, suggesting the final exhaustion phase has not yet arrived. On the demand side, U.S. spot ETFs saw net outflows of about 65,800 BTC in June, the worst month on record, and corporate treasury buying did not offset those fund outflows. In options, call implied volatility fell to a record low near 23%, while put volatility stayed at normal levels. The market is not pricing a large move in either direction, though short-term sentiment is swinging with small price changes. Glassnode also said that when volatility has compressed to similar levels in the past, the breakout has more often been upward, but this cycle lacks a strong demand engine.
SanDisk reported fiscal 2026 Q4 revenue of $8.96 billion, up 372% year over year and above the market expectation of $8.394 billion, versus $1.901 billion a year earlier. Full-year fiscal 2026 revenue was $20.25 billion, up 175%. Adjusted EPS for the fourth quarter came in at $39.25, above analysts’ estimate of $34.37.
Iran on Aug. 5 released multiple updates on talks with Oman over shipping arrangements in the Strait of Hormuz. Under a preliminary agreement, the two current lanes in the strait would be closed and replaced by a new temporary route passing through Iranian territorial waters. Iran said it intends to create a transit model unlike the one used over the past 60 years, and added that the agreement is unrelated to an immediate reopening of the strait. Tehran said any reopening would depend on whether the U.S. corrects what it called violations. The U.S., for its part, signaled that there could be clarity within 48 hours. Traffic through the strait remains well below prewar levels, and shipping is still in a phase of limited recovery.
CryptoQuant head of research Julio Moreno said large crypto holders are accumulating Bitcoin, Ether, and XRP, a sign that the bear market may be in its final stage, though a bottom has not yet been confirmed and prices could still fall further. Moreno said whales have been adding to positions when prices approach or move below realized price, reducing downside pressure.
Circle minted another 500 million USDC on Solana. The total amount of USDC minted on Solana in 2026 has now reached 76.05 billion.
Strategy said on X: “Our ambition is to become the largest company in the world by market cap, by owning the most capitalized BTC, issuing the most powerful credit instrument STRC, and creating the best equity MSTR.”
Today’s market calendar
Aug. 6
- U.S. initial jobless claims and Challenger layoff data;
- SpaceX large-scale unlock of about 9.115 billion shares, with potential market value near $100 billion, a record for a single U.S. stock unlock;
- Remarks from Federal Reserve officials Musalem and Barkin;
- AAOI and MP earnings after the bell.
Aug. 7
- U.S. July nonfarm payrolls, expected at 90,000 versus a previous reading of 57,000;
- U.S. unemployment rate, expected at 4.3% versus a previous 4.2%;
- New York Fed one-year inflation expectations and other data;
- OKLO and VST earnings before the bell.
The report said a payroll print above 100,000 could support confidence in the labor market and lift bets on a September rate hike.
Institutional view
The note’s roundup of views said the Dow’s new record high reflected rotation into names tied to certainty and industrial exposure, while the Nasdaq’s pullback showed that the split inside technology is still intact. Gold’s rally highlighted the combined effect of haven demand and a softer dollar. Guidance misses from SanDisk and Western Digital triggered profit-taking across storage, showing how sensitive high-valuation segments have become to expectation gaps. SpaceX’s large unlock is now seen as another test of the market’s ability to absorb supply.
Bitget UEX said progress in geopolitical talks and the coming payroll report remain the main short-term themes, while the AI trade is moving away from pure sentiment and toward validation through earnings and guidance.
The report also carried a disclaimer saying the content was compiled with AI-assisted search and manually verified for publication, does not constitute investment advice, and may contain data discrepancies that should be checked against live market information.