Dell raised its full-year AI server revenue outlook to $74 billion after reporting a sharp jump in orders, while Bank of Japan officials signaled a tougher discussion around a possible September rate increase. In WuBlockchain’s latest WhiteLine Daily, Dell said fiscal Q2 revenue reached $46.97 billion, up 58% year over year, with adjusted EPS at $7.04. The company booked $60.9 billion in AI server orders for the quarter, versus $24.4 billion in Q1, taking the trailing 12-month total above $130 billion. AI server revenue for Q2 came in at $16.4 billion, up 100%, and backlog rose to $95 billion. The report also highlighted a Reuters review showing large-load interconnection requests in Texas climbed from about 48 GW in 2023 to more than 474 GW now, mostly tied to data centers, even as regulators began screening project owners and funding sources. Separately, SoftBank-backed SB Energy filed for a U.S. IPO, disclosing about $439 billion in contracted backlog and 8.8 GW of contracted data center capacity, though none of its data centers are yet in operation. WuBlockchain framed the day’s key divide as the gap between orders that have already materialized and capacity figures that still require execution, financing, and customer verification.

Japan’s borrowing costs pushed higher on Tuesday, with the 10-year Japanese government bond yield reaching 3%, its highest level since September 1996. Across the curve, yields also hit multi-decade highs in several maturities: 1.81% for two years, 2.26% for five years, 3.8% for 20 years, and 4.18% for 30 years. Only the 40-year bond remained just below its recent peak, at 4.28% versus a 4.4% record in May 2026. The move marks a sharp repricing for a sovereign that paid only 0.1% to borrow for 10 years in early 2022. The rise comes after the Bank of Japan lifted its policy rate to 1% in June, the highest in 31 years, with markets now expecting another increase to 1.25% this month. The BOJ’s July outlook said core consumer prices are likely to move clearly above 2% in the second half of fiscal 2026. Japan has also struggled to stabilize the yen. On July 31, the US and Japan jointly bought yen for the first time since 1998, but the currency later weakened again toward 160 per dollar. Japan’s debt-servicing bill is now projected to hit a record 36.6 trillion yen, or about $230 billion, next year, up 17% year over year.

Japan's 10-year government bond yield breached 3% for the first time since 1996, joining a global rout in fixed-income markets. The US 10-year Treasury yield briefly hit 4.79%, while Germany's 10-year Bund yield reached its highest since 2011. The selloff is driven by inflation fears, rate hike expectations, and fiscal financing pressures. Japanese investors may reduce overseas bond allocations, and analysts say Japan's diminished role as a marginal buyer of foreign debt could lift global term premiums and long-term yields. Other factors include Middle East tensions, US debt surpassing $40 trillion, Japan's fiscal expansion, and tech giants issuing long-term bonds for AI infrastructure, adding to supply pressures.

Global government bond markets are in the middle of one of their sharpest selloffs in nearly two decades, with yields rising across the US, Japan, Australia and the UK. The Bloomberg global government bond gauge climbed for a fourth straight session, pushing its yield to 3.72%, the highest level since mid-2008. In the US, the 10-year Treasury yield briefly reached 4.78%, its highest since January 2025, while Japan’s 10-year government bond yield touched 3% for the first time in 30 years. Australia’s 10-year yield rose to its highest level since 2011, and the UK 10-year yield climbed 7 basis points to 5.223%, the highest since June 2008. The report links the move to a combination of hawkish messaging from Federal Reserve Chair Kevin Warsh at Jackson Hole, higher oil prices after an escalation in the US-Iran conflict, swelling US debt supply, and broader expectations that major central banks will keep rates higher for longer. It also points to a structural shift in global capital flows as Japan’s bond market regains relevance after the Bank of Japan ended negative rates in 2024.

Japanese ministries submitted a record total of around 143 trillion yen in budget requests for the next fiscal year, according to Zhitong Finance, just as the benchmark 10-year government bond yield reached 3% for the first time since 1996. The requests, compiled from 18 ministries and agencies, include a Ministry of Economy, Trade and Industry bid more than five times the year-earlier level, as well as record requests from ministries in charge of defense and social security. Prime Minister Takaichi Sanae's fiscal ambitions are drawing closer attention as the market waits for details on spending and financing plans. Concerns about Japan's fiscal outlook have weighed on bonds. Growth Strategy Minister Jonai Makoto said Takaichi is reforming the country's budgeting process, which traditionally relies on supplementary budgets on top of annual initial budgets. He argued that FY2027 budget requests should be compared with the combined scale of the FY2025 supplementary budget and the FY2026 initial budget.

Bitcoin held near $78,000 during the Asian session on the last trading day of August even as macro pressure built, with oil prices rising on an escalation in the Iran situation and hawkish remarks from Waller reviving bets on a September rate hike. From its roughly $62,900 close at the end of July, BTC was still up more than 24%, but attention has shifted to the 50-week moving average near $81,000, a level that has historically marked either the end of a bear market or the point where rallies failed and rolled over. Traders cited $76,800 to $77,000 as key support, with downside targets around $75,500 and $74,300 if that band breaks. Resistance is clustered at $78,400, $79,400 to $80,800, while a move back above $82,000 to $83,000 is seen as necessary to reopen upside. Several market commentators flagged historical seasonality and technical signals as reasons for caution in September, while others argued Bitcoin may already be in a “soft bull market.” The report also tracked spot ETF inflows, token unlocks, U.S. equity moves, weakness in crypto-linked stocks and miners, and a packed macro and earnings calendar heading into early September.

According to ChainCatcher, Japan's four biggest life insurers—Nippon Life, Dai-ichi Life, Sumitomo Life and Meiji Yasuda—saw unrealized losses on their domestic bond holdings climb 7% quarter on quarter in the April-June quarter of 2026 to a record $96 billion. It was the seventh consecutive quarterly increase, leaving cumulative paper losses more than twofold higher than when the run began. The insurers usually hold Japanese government bonds and other debt to maturity to match long-term insurance liabilities. In May, the 30-year JGB yield broke above 4.0% for the first time since the instrument was launched in 1999, fueling concern that the government led by Sanae Takaichi could expand fiscal spending. Analysts say a surge in policy surrenders could force insurers to sell positions early to cover payouts, weighing on portfolios and earnings. Financial institutions in Japan are facing mounting strain. The record loss figure shows, in dollar terms, how much pressure the bond market has put on the sector.

Goldman Sachs’ Japan equity strategy team argues that the setup behind the August 2024 selloff in Japanese equities is not in place today, at least not through the currency channel. Bruce Kirk said the macro conditions that could trigger a rapid yen appreciation have weakened, making a repeat of the 2024-style FX shock less likely. But that does not make Japanese stocks safer. The bank says positioning in equities is now more crowded than it was before the 2024 drawdown. Foreign net buying, hedge fund allocations and retail margin balances all sit above, or well above, July 2024 levels. TOPIX and the Nikkei 225 have also risen sharply from those earlier marks, while gains this year have been concentrated in banks, metals, electronics, precision instruments and AI-linked exporters. Goldman’s read is that the main danger has shifted. In 2024, the market was blindsided by a fast 11% yen move in three weeks, followed by a chain reaction of stop-losses and forced deleveraging. This time, the yen’s weakness is already priced in, and the bigger tail risk may come from a break in the global AI growth narrative or a geopolitical event that hits crowded positions tied to that theme.