Trump Media & Technology Group reported a net loss of $238.1 million for the second quarter of 2026, sharply wider than roughly $20 million a year earlier, after declines in its crypto holdings hit the company’s results. For the first half, Trump Media said its digital assets generated about $360.6 million in unrealized losses, with most of that markdown recognized in the second quarter through fair-value remeasurement rather than full asset sales. The company has not pulled back from its treasury strategy. As of the end of the quarter, it held about 14,139 BTC directly or through related investment arrangements, placing it among the larger bitcoin holders among U.S.-listed companies. Earlier this year, the company raised about $2.5 billion through stock and convertible debt, with building a bitcoin treasury listed as a main use of proceeds. Operating revenue remained small by comparison. Second-quarter revenue came in at about $1.7 million, up from about $900,000 a year earlier. Trump Media said Truth API, a new data product that provides real-time Truth Social account data to banks and trading firms, launched on Aug. 1 and has signed more than 10 customer agreements. The company had also ended a previously planned CRO treasury venture with Crypto.com that had been projected at up to $6.4 billion.

Taorun Semiconductor, a Chinese analog signal-chain chip company founded in 2015, has completed IPO tutoring registration with the Beijing Securities Regulatory Bureau, marking another step toward a public listing. The company had already completed relocation and a shareholding reform ahead of the filing. Backed early by Xia Zuoquan and his Zhengxuan Investment, Taorun has raised more than 1 billion yuan across 12 financing rounds since opening to outside capital in 2018, according to the report. The company is led by founder Guan Yi, a New York University graduate and former Broadcom APD employee with nearly two decades of chip design experience. The report said Taorun focuses on high-performance analog and mixed-signal chips and is among the few domestic companies with both short-reach and mid-to-long-reach optical communication DSP capabilities. It added that the company delivered key IP for core customers in 2020, was named a national-level specialized and sophisticated "Little Giant" enterprise in 2023, and saw multiple products enter mass production in 2025. Official data cited in the report said Taorun’s revenue posted annualized growth of more than 80% from 2022 to 2024, helped by demand for high-speed interconnect chips tied to AI infrastructure, and that the company has entered the supply chain of one of China’s top three telecom equipment vendors. If Taorun completes its IPO, it would become the fifth listed company backed by Xia after BYD, UBTECH, Yutai Microelectronics and Shangshui Intelligent.

Morgan Stanley’s August global technology webinar tied memory, hyperscaler financing and SpaceX into a single theme: capital formation around AI infrastructure is changing both funding structures and pricing logic across semiconductors and communications. In memory, the bank highlighted three main points — how long-term agreements, or LTAs, are replacing spot-driven pricing, where the current cycle stands, and what rising inventories actually mean this time. The report outlined more explicit LTA targets and disclosures from major suppliers. Samsung said 60% to 70% of capacity is planned for rolling five-year LTAs, with five agreements signed and five in final negotiations. Micron is targeting more than 50% of revenue under LTAs and has received about $22 billion in prepayments and commitments. The note also cited SK hynix, SanDisk and Kioxia as expanding contract coverage. Morgan Stanley said 3Q26 DRAM contract prices rose about 15% quarter over quarter, below an earlier 20% expectation, while NAND rose about 20% with momentum easing. Even so, the bank argued this does not mark the end of the cycle. It also said higher inventory levels look different from 2018 and 2022 because customers are building stock under binding contracts with prepayments and minimum commitments. Beyond memory, the report used SpaceX and credit-market data to argue that large technology companies are increasingly using their balance sheets to support AI supply-chain financing.

Goldman Sachs' TMT trading specialist Peter Callahan said on August 12 that the AI narrative within the software sector is shifting after the latest earnings season. While the market previously feared generative AI would erode traditional software companies' moats, data infrastructure and developer tools companies are now seeing the pendulum swing from "AI headwinds" to "AI tailwinds." Firms including Cloudflare, Palantir, Datadog, Twilio, and Atlassian have drawn more attention, while traditional SaaS application vendors still need to prove they can establish a similarly clear AI-beneficiary logic. Callahan attributed the change to AI commercialization extending from model training into inference, agents, and automation applications. Cloudflare disclosed that non-human traffic has surpassed human traffic and projected that machine-generated web requests will keep growing rapidly if current trends hold. The implication is that AI is not necessarily just a replacement for software companies; platforms carrying data, APIs, web traffic, security, and developer tools may see growing agent counts and call frequencies become new demand sources. The software sector is now showing clear divergence: whether AI is a tailwind increasingly depends on whether a company sits in the application or infrastructure layer, and whether it can directly monetize AI-related traffic growth. (Source: BlockBeats, Jinshi)

TMT Breakout said the key shift in the current U.S. tech rally is a repricing inside the AI trade, with capital starting to move away from crowded AI semiconductor names and toward software, internet, and cloud companies whose earnings are easier to verify after results. The report said the Nasdaq-100 ETF was down about 30 basis points on the day and trading volume continued to slow as the market moved into the later stage of earnings season, but that cooling has not happened evenly across tech. According to the report, investors are now looking again for companies where earnings growth is accelerating, the narrative is improving, and valuations have already pulled back. It cited PLTR, TWLO, and TEAM as software names that continued to attract buyers after earnings, showing that the market is willing to reprice more predictable growth. By contrast, follow-through in AI semiconductors has been weaker, and even companies with decent results or guidance have struggled to keep drawing incremental capital. TMT Breakout also pointed to a macro backdrop of higher oil prices, rising Treasury yields, and renewed sensitivity to inflation and rates, saying companies that can show cash flow, orders, or demand evidence after earnings are in a better position to hold investor attention.

Trump Media & Technology Group reported a $238.1 million net loss for the second quarter and told shareholders it is adopting a more disciplined framework for managing its digital asset treasury. The bulk of the loss was non-cash, including $190.4 million in unrealized losses tied to digital assets, pledged digital assets and equity securities, plus $11.7 million of accreted interest and $8.1 million in stock compensation. Revenue rose 89% year over year to $1.7 million, while adjusted EBITDA was negative $223.5 million and cash used in operations totaled $13.7 million. The company held 9,477.16 BTC worth $557.1 million as of June 30, down from 9,542.16 BTC at the end of March. It also marked 756.1 million Cronos tokens at $40.6 million, versus $68 million at the end of 2025. A significant portion of its bitcoin remains committed, with 4,260.73 BTC pledged against convertible notes and 2,077.34 BTC allocated to a bitcoin options strategy. The update came days after Trump Media, Crypto.com and Yorkville Acquisition scrapped a planned combination that would have created Trump Media Group CRO Strategy, a proposed public Cronos treasury vehicle. Interim CEO Kevin McGurn is now steering the company toward an all-stock merger with TAE Technologies, which Trump Media expects to close in the fourth quarter.

Trump-linked social platform Truth Social is selling high-speed access to posts from key accounts through its newly launched Truth API, according to an official announcement and reports from The New York Times and other outlets cited by BlockBeats. The service went live on Aug. 1, and Trump Media & Technology Group (TMTG) said it has already signed more than 10 customer agreements and that the product has started generating revenue. The company has not disclosed exactly how much earlier API users receive posts than ordinary users, but TMTG said delivery occurs at the millisecond level, while Reuters described the feed as materially faster than standard push notifications. Pricing is said to range from about $60,000 to $100,000 per month. Based on a little over 10 clients, annualized revenue could reach roughly $8 million to $13 million. That stands out against Trump Media’s reported second-quarter revenue of just $1.7 million. The company has not broken out actual Truth API revenue so far. Market attention is now on whether the business can add more customers and later show verifiable revenue contribution in future earnings reports.

A wide set of crypto and adjacent market developments landed over the past 24 hours, led by DeepSeek’s latest financing and a fresh policy push in South Korea. DeepSeek’s operating entity, DeepSeek SeekDeep, completed the first signing round of its new fundraising in Hangzhou on Aug. 10. The round is sized at 50 billion yuan with a pre-money valuation of about 500 billion yuan, up more than 40% from the roughly 350 billion yuan valuation attached to its first round completed in June. The first batch of capital is due as early as Aug. 30, and the company said the proceeds will go toward compute, model research, hiring, and possible domestic listing preparations. In South Korea, People Power Party lawmaker Jeong Seong-guk plans to submit a bill that would delay taxation on income from virtual assets by three years, moving the effective date from Jan. 1, 2027 to Jan. 1, 2030. Under the current framework, gains from virtual asset transfers or lending would be treated as “other income,” with profits above 2.5 million won taxed at 22%, including local income tax. The digest also highlighted the fallout from the Coldcard wallet vulnerability, which Forbes said has now led to about $130 million in stolen bitcoin tied to roughly 2,000 BTC and more than 5,200 addresses. That episode has revived the debate between self-custody and institutional custody, while U.S. spot bitcoin ETFs and spot ether ETFs posted weekly net inflows of $854 million and $245 million, respectively.