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1.Today's market: Closing on August 24th, index differentiation, money moved from growth to defenseFirst, let's look at the closing of the day. The Dow closed, the S & P and the Nasdaq closed, which i1.Today's market: Closing on August 24th, index differentiation, money moved from growth to defenseFirst, let's look at the closing of the day. The Dow closed, the S & P and the Nasdaq closed, which i

Pre-Market Briefing on Aug. 25: Strategy Raises $2.01B, Yet Buys No Bitcoin

#US Stocks

2026/08/25 15:27

Key Takeaways

On August 24, 2026, the closing index of the US stock market diverged. The Dow Jones Industrial rose 0.26% to 53,417 points, the S & P 500 fell 0.28% to 7,653 points, and the Nasdaq Composite fell 0.76% to 25,980 points. The funds before the financial report clearly shifted from growth to defense. The strongest performer that day was Strategy (MSTR), closing at $122.63, a single-day inc

1.Today's market: Closing on August 24th, index differentiation, money moved from growth to defense

First, let's look at the closing of the day.

The Dow closed, the S & P and the Nasdaq closed, which is not as simple as "ups and downs", but funds are changing positions : the technology sector fell about 0.97% on average that day, and the consumer defense sector rose about 1.82%.

NVIDIA (NVDA) fell 2.91% to $208.48. It is worth noting that there was no new news about it on the day, and this drop belongs to the wait-and-see reduction before the financial report on Wednesday - the market reduces risk exposure before the event, which is a common behavior pattern in financial report weeks and is different from fundamental judgment.

Pinduoduo (PDD) released its financial report before the market opened on Monday, and the stock closed down 1.48% to $87.07. Revenue increased by 8% year-on-year to RMB 112.4 billion, but adjusted net profit decreased by about 13% year-on-year. Increased investment in the ecosystem suppressed profits, and management mentioned changes in global trade and regulatory environments. This is a typical combination of "revenue is still increasing, profits are declining".

On the other side is precious metals. The 12-month gold futures stopped at the historical high level near $4,700. The daily average of the Nasdaq gold sector was + 0.74%, and the semiconductor sector was − 1.82% on the same day. Between rises and falls, the fund preferences for the day are clearly written.

2.Today's Star: Strategy rose 2.83%, but it didn't buy a single Bitcoin this time

The strongest performer of the day was Strategy (MSTR, formerly MicroStrategy), closing at $122.63, a single day + 2.83% , with a market value of about 1.10 billion dollars to 40.60 billion more than one day; 41.02 million shares were traded, about twice the daily average.

But the real news is not this increase.

Last week, the company issued new shares to raise 2.01 billion dollars , issued an additional 18.26 million shares, and did not increase the number of bitcoins . The 1.59 billion dollars in this money went into the newly established US dollar cash account, and the US dollar reserve rose to 5.10 billion. The company's position is still 840,447 bitcoins, with an average cost of $75,385 per coin - the book value of this batch of holdings has turned positive because the coin price has returned to above $77,000.

One-minute concept: Issuing new shares to buy coins, looking at the "coin content per share".

The most commonly compared caliber of such companies is the number of coins behind each share .

The company issues new shares at market price for cash, and the increase in the number of shares is called dilution - but if the money received is exchanged for more coins, the number of coins behind each share actually increases , and dilution is beneficial to shareholders at this time.

The announcement on August 24th is just a counterexample: the stock was issued, but the currency was not added.

So the method of reading such announcements is very fixed: first catch two numbers - how much the number of shares increases, and how much the currency increases. Only by looking at both together can we know whether the currency content per share is going up or down. Just looking at the amount raised, or just looking at how much the stock price rose that day, will lead to the wrong conclusion.

Five-dimensional scoring: the strongest and weakest appear in one picture at the same time

The shape of this scoring table itself is the conclusion: the industry ranking is full marks, the industry valuation temperature is 98 points, but the trend position is only 14 points, and the fluctuation control is 0 points.

Translated into human language, it is indeed the strongest among similar companies, but its price is still at the 14th% low point of its one-year range, and its volatility is extremely high (Beta 3.56).

There is another detail worth mentioning: the intraday price once reached $125.11, the intraday increase was + 4.9%, and the closing price fell to + 2.83% Different media quoted different numbers at different times. When seeing two different increases, first confirm whether the other party quoted intraday or closing. The next update on positions and cash will be disclosed in the subsequent 8-K.

3.Star of the Day: Coin prices rose 22% in a week, and only two of the six cryptocurrency stocks closed in the red

The truly memorable comparison is here.

Bitcoin had its best weekly performance in nearly two years, with a weekly increase of 22%. On the same day, among these six "coin concept stocks", only two closed green, four closed down , with a difference of nearly 8 percentage points. The average value of the Nasdaq Capital Markets sector on the same day was also -1.53%.

This shows one thing: coin price and coin stock are never the same curve.

The same driving factor falls on different Balance Sheets, and the transmission efficiency is completely different - some companies directly hold coins, and the full amount of coin price changes is reflected in the book; some rely on transaction commissions, and only have transaction volume to have income; some are mining farms and computing power data centers, with a large number of Fixed Assets and debts in the cost structure. The rise in coin price does not mean that the current profit and loss will look good.

Transferable judgment : When you see a sector preset to "rise and fall together", first regroup the companies inside according to how income comes , not according to labels.

4. US stock primary school: Beta is not a risk score, but a positioning amplifier

Beta 3.56, which repeatedly appeared earlier, happens to be the indicator we are going to unfold today.

The same investment 100,000 dollars, some equal 100,000 the market exposure, some equal to 350,000 - the difference is not how much money you invest, but the stock you buy amplifies the market fluctuations several times.

The real focus of this table is on the last row.

Beta only answers "how much to move", never "why to move". Two Beta stocks with the same value of 3 may follow interest rate expectations while the other follows Bitcoin - with the same multiple but completely different temperaments.

Are Beta 3 stocks three times more dangerous than the market?

Not necessarily. Beta only measures the part that moves with the market. There is also a residual item in the regression, which is the company's own business - financial reports, regulation, single customer loss, Beta doesn't care at all.

The correct pronunciation is: Beta 3 means "for every 1% move in the market, it moves an average of 3%." As for how much more it will move, this number doesn't say a word.

It depends on the explanatory power, not just the multiple. If the explanatory power (R ²) of regression is low, it means that the market cannot explain its rise and fall at all. At this time, even if the beta is high, it is taking the wrong ruler - it actually measures "volatility", not "sensitivity to the market". This is precisely the case with cryptocurrency stocks: their large beta is mostly due to their own volatility, not because they are synchronized with the market.

Transferable judgment : When you get any Beta, ask two things first - How long is the sample interval? Has the company changed business in this interval? If it has, the multiples calculated by the old data already describe another company.

5.US stock Learning: Six US stock companies, Beta difference of more than ten times

Looking at the numbers, the gap is bigger than most people think.

From Coca-Cola's 0.34 to Strategy's 3.56, the multiple difference is more than ten times, and all six are US stocks.

Similarly 100,000 the positioning of the US dollar, the former is only equal to 34,000's exposure to the market, while the latter is equal to 356,000. The amount is the same, and the market fluctuations borne are completely different.

So in practice, there are two points:

First, convert first and then decide on the amount. The holding amount × Beta is the real market exposure. If you want to get the same exposure as Apple on MSTR, the amount can only be opened about one-third.

Second, high beta does not mean following the market. First, ask who is the source of the volatility of this stock; if the source is wrong, the multiple is just statistical noise.

6.What to watch tonight: 14:00 UTC Consumer Confidence Index, SMTC after hours

Tonight at 14:00 UTC, the August Consumer Confidence Index will be released (There are also new home sales). The macro focus this week is on the core PCE price index and Q2 GDP revision at 12:30 UTC on Wednesday, and there is also the Jackson Hole annual meeting speech on Friday - tonight's is the only demand-side reading in the first half of the week.

After-hours financial report: SMTC Shengte Semiconductor, 20:30 UTC, implied volatility of options ± 21.07%.

It does not make switches or optical modules, but sells the signal chip in the optical module: FiberEdge The driver and transimpedance amplifier are responsible for pushing the electrical signal onto the fiber optic, CopperEdge It is an active equalization chip that allows copper cables to still run at higher speeds. Whoever's 800G and 1.6T optical modules are shipped, it will follow suit - Therefore, it is regarded as a pre-reading for the needs of the AI network side .

It's not about total revenue, it's about the Data center line

The reason for not looking at total revenue is simple: IoT and high-end consumption still account for the majority of total revenue, with a stable pace, and will average out the real changes. What really determines how the market values it is whether the Data Center line can continue to accelerate.

The three announced quarters were a steady climb of + 8%/+ 12%/+ 14% quarter-over-quarter, but management's guidance for the second quarter jumped directly to + 35% quarter-over-quarter and + 85% year-over-year, or about $97 million. The previous quarter's $71.6 million was a record level, an increase of 39% year-over-year.

Two observations for tonight :

Did the net sales of Data Center stand at about 97 million US dollars in a single quarter ? That is the realization line of the guidance of + 35% quarter-on-quarter. Realization is acceleration, and missing is the rhythm being postponed.
How will the phone talk about the customer import progress of CopperEdge active copper cable and the shipment rhythm of 1.6T FiberEdge - these two determine the slope of the second half of the year.

This week's ranking of disagreements: the one with the smallest market value has the deepest disagreement

SMTC's ± 21.07% is the highest this week, more than three times higher than NVIDIA's ± 6.17%. This is related to its more than 30% decline from its June highs - The smallest market cap has the deepest market divergence

It should be emphasized that implied volatility is inferred from option prices, measuring the expected amplitude, only talking about amplitude, not direction . The larger the number, the deeper the divergence, rather than the more likely to fall.

7. Frequently Asked Questions FAQ

Q1: Is it good or bad for a company to issue new shares to raise funds to buy coins?

The key is not how much money is raised, but whether the currency content per share is up or down. Increasing the number of shares is dilution, but if the money received is exchanged for more coins, the corresponding coins behind each share will increase, which is beneficial to the shareholders. Therefore, when reading such announcements, two numbers should be grasped at the same time: how much the number of shares increases and how much the coins increase. The announcement on 8/24 is a counterexample - 2.01 billion dollars of shares were issued, but the number of coins did not change.

Q2: Why did Bitcoin rise 22% in a week while most cryptocurrency stocks fell?

Due to different transmission paths, companies that directly hold coins fully reflect the price changes on their books; companies that rely on trading commissions need trading volume to have income; mining farms and computing power data centers have a large number of Fixed Assets and debts in their cost structures, and a rise in coin prices does not mean good current profits and losses. Only two of the six coin stocks closed in the red on 8/24, which reflects this difference.

Q3: How to use Beta?

Beta is the amplification factor of the volatility of a stock relative to the market, which only describes the amplitude and does not predict the direction. There are two practical methods: one is to divide by Beta when seeing the daily rise and fall, and judge whether this amplitude is abnormal; the other is to use it to infer positioning - Position amount × Beta = true market exposure If you want to bear the same volatility as the market, the target of Beta 3.56 can only open less than one-third of the position.

Q4: Are Beta 3 stocks three times more dangerous than the market?

Not necessarily. Beta only measures the part that "moves with the market", and the residual items in the regression are the company's own business - financial reports, supervision, customer loss, Beta completely ignores them. And it depends on the explanatory power of the regression: when the explanatory power is low, the high Beta volume is actually "volatile", not "sensitive to the market".

Q5: Why do different media report different gains for the same stock?

Most likely, they quoted different time points. The MSTR on 8/24 once reached $125.11 during the day, up 4.9%, and closed down at + 2.83%. When seeing two different numbers, first confirm whether the other party is citing the intraday high or Closing Price.

Can the implied volatility of options be used to determine whether the stock price will rise or fall?

No. The implied volatility is inferred from the option price, measuring the expected amplitude of a single day after the financial report is released, only talking about the amplitude, not the direction. The larger the number, the deeper the market divergence. SMTC's ± 21.07% this week is the highest, meaning the deepest divergence, not the most likely to fall.

Q7: Why do we look at a single Line of Business rather than total revenue when looking at semiconductor companies?

Because the total revenue of a multi-business company is a weighted average, it will smooth out the line that is really changing. Taking SMTC as an example, IoT and high-end consumption account for the majority and the pace is stable. The total revenue does not show the slope of Data Center climbing from 56.2 million to 71.6 million and guiding to 97 million - and the market values the latter.

Disclaimer: This article is compiled and written by the MEXC RealStocks team . The data in this article is based on the closing of the US stock market on August 24, 2026, and the financial report and forward-looking data are as of pre-market on August 25, 2026; the content is a compilation of market public information, and the individual stocks are the subject of public discussion, which does not represent the recommendation or opinion of MEXC, and does not constitute any investment advice. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research

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