Nvidia invests $1.5 billion to take a stake in SB Energy, targeting 8GW of AI computing capacity; OpenAI will be the sole tenant
On August 17, Nvidia announced a strategic partnership with SB Energy to provide credit guarantees for the PORTS-Pike Technology Park in Ohio, helping build it into a massive data center dedicated to Nvidia’s AI computing infrastructure, with OpenAI as the sole tenant. At the same time, Nvidia invested $1.5 billion in SB Energy. With this move, Nvidia directly entered the underlying infrastructure segment of land, power, and facilities (LPS). Its significance goes far beyond a typical data center investment. The key change is that Nvidia is using its own creditworthiness to “underwrite” financing for AI infrastructure, in return for long-term and exclusive allocation of computing capacity. This marks the chip giant expanding from being merely a supplier of AI hardware into a core participant and organizer in building and operating “AI factory” infrastructure.
On August 20, after a long period of quiet, the crypto market tonight saw a strong surge. According to HTX data, Bitcoin briefly rose and broke above $69,000, up about 5.7% over the past 24 hours; Ethereum briefly broke above $2,100, up about 8.8% over the past 24 hours. The total crypto market capitalization rose to about $2.4 trillion, up about 4.7% in 24 hours. In recent days, bullish views from multiple market participants have also begun to converge. Earlier, the well-known trader Killa, who previously perfectly predicted Bitcoin’s downside path during this bear market, recently said Bitcoin has rebounded from the lows and is waiting for a “perfect bottom” that could lead to missing out on subsequent gains. He still believes his long-term target remains above $150,000 and thinks the traditional four-year cycle may ultimately change. Killa said that Bitcoin’s 200-day moving average is currently around $69,500. Next, it only needs to wait for Bitcoin to break back above and hold the 200-day moving average. Once that happens, the market can be considered to have officially turned into a bull market. This view was further validated by tonight’s action: after Bitcoin rapidly surged, it precisely met resistance and pulled back at the $69,500 level. The institutional narrative is also fairly upbeat. Bitwise CIO Matt Hougan recently said the crypto market is repricing “on-chain assets that can generate revenue,” and some protocol valuations may be upgraded as real revenue is captured. Bitwise Europe also mentioned in its August report that there are signs that institutional demand has started to accelerate again. ETP inflows, high-level supply from long-term holders, and stabilized demand from treasury companies all form potential support for the market going forward. Matt Hougan also said on the Rollup podcast that Bitcoin is “unbothered” by bad news, and the bear market may be nearing its end. He believes that among the roughly $20 trillion in total assets under management across the four major wealth platforms on Wall Street (Morgan Stanley, Wells Fargo, UBS, and Bank of America Merrill Lynch), if only 1%–2% of that is allocated to crypto, it could translate into sustained inflows at the scale of hundreds of billions of dollars. Grayscale Research head Zach Pandl also said at the end of July that he believes the bottoming time for Bitcoin in this bear market could arrive earlier than the traditional four-year cycle.
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🔥 Bitcoin has opened up market momentum, but what’s really grabbing attention today may be ETH.
Over the past 24 hours, the pace of the crypto market has clearly accelerated.
After $BTC broke through $69K, it stayed strong, while $ETH’s performance was even more eye-catching—rising rapidly from around $1,900 and once reaching close to $2,250, with a single-day gain of nearly 18%.
Even more worth watching is that this time, it wasn’t just BTC moving on its own.
BTC → ETH → major coins, and capital appears to be starting to spread out.
This is a marked difference from the market structure in the recent period, when BTC moved and other coins just watched.
At the same time, large-scale short liquidations also became one of the key pushes behind this rally. In a short time, nearly $1.4 billion worth of short positions were liquidated, and rapid deleveraging further amplified price volatility.
So now the market has entered a more interesting phase:
The first wave is BTC breaking out. The second wave is ETH catching up. Next, we need to watch whether the rally can shift from a “short-squeeze” setup into a real spread of capital.
If more major assets begin to follow, the market structure could change again; If capital concentrates back into BTC, then the sustainability of this broad-based rally still needs to be observed.
📊 Next, I’m focusing on three signals:
🔹 Whether ETH can maintain relative strength versus BTC 🔹 Whether BTC can hold steady in its new price range after the breakout 🔹 Whether major assets like BNB continue to attract capital attention
The market has moved from “waiting for direction” to “watching where capital spreads.”
👇 Who do you think will be the next main character in the next phase today?
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Over the past 40 years, it has never "turned hawkish in the second half of an election year"—is this time "different" for the Fed?
The latest Federal Reserve meeting minutes from July suggest a hawkish tilt that shows more than just three members favoring rate hikes. The bond market turmoil has also prompted speculation about "passive rate hikes"—will the Federal Reserve break a 40-year historical pattern in the second half of an election year and turn hawkish against the trend? Current market pricing indicates that the probability the Federal Reserve will raise rates by 25 basis points before the October 2026 FOMC meeting is about 55%, reflecting concerns about stubbornly high inflation and the market’s worries—after the July policy meeting—about the Fed’s credibility in fighting inflation. However, according to Nomura’s latest research report, recent inflation data has clearly cooled off. In June, the core PCE month-on-month increase was only 0.132%, and the July CPI and PPI data also point to another relatively moderate reading. Objectively, this gives the Federal Reserve "room to wait." Nomura maintains its baseline forecast that the Fed will keep rates on hold.
☀️In the afternoon, the market keeps rising and falling📊
There’s no such thing as a one-way market forever; volatility is the norm🌊. Don’t let the up-and-down moves in the trading session sway your emotions—keep to your own trading rhythm🕯️. Less impatience, more patience; opportunities often go to those who can stay calm and wait🌿. Stabilize your mindset and quietly wait for the stretch of market action that belongs to you✨
May you have peace and well-being year after year, and may all affairs go smoothly with good fortune that naturally shines. May all troublesome worldly matters be made easy and everything difficult be dispelled. May you often meet refreshing scenes that add delight, and may you always carry warm sincerity with an open, upright heart. Slowly set out toward your original intention, seeking distant dreams; let the paths ahead be accompanied by chapters written along the way. May what you hope for all come true as you wished, and may every journey you take be straightforward and untroubled. May mornings and evenings be joyful, free from worldly disturbances, and may you enjoy peaceful bliss and blessed light every year.
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