AI / Large Models

Claude Code Growth Stalled, Old Users Switching to Codex

Anthropic's most expensive model begins to face pressures of user growth and subscription loss, as more developers switch to the cheaper Codex due to "actual output efficiency/price ratio"; the related topic on Zhihu surged to a popularity of 1.4 million, with 518 comments erupting on Hacker News.

Hot Debate: The community is arguing whether the "model has become less intelligent," or whether enterprise clients are only looking at unit token pricing, no longer willing to pay for the strongest intelligence.

Source: Financial Times | Zhihu

> Hot Comment: It is the first time in the AI circle that "the stronger, the less it can retain users," suggesting that price may indeed be more harmful than IQ.

Study Claims 63% of Religious Books on Amazon May Be Written by AI

Decrypt cites a study indicating that AI-generated content has heavily infiltrated low-barrier eBook publishing, with religious/non-fiction becoming a major area of concern; this is not just a copyright issue, but also an indication of information pollution beginning to permeate the realm of spiritual consumption.

Source: Decrypt

Cryptocurrency / Web3

Upbit Lists LIT, Warns on SAND

South Korea's largest exchange Upbit lists the token LIT/KRW of the Lighter protocol, with a market cap of about $912 million; on the same day, Sandbox was designated as a project under trading alert, with the Korean Won market facing short-term volatility risks highlighted by the exchange.

Hot Debate: The Korean community is worried that the "warning" on SAND is a signal of liquidity tightening, which could trigger a chain selling pressure.

Source: Upbit | X

Grayscale Allegedly Copies ETF Conversion Script to TAO, ZEC Hits Eight-Year High

Barry Silbert stated that the community is "completely asleep" regarding the ETF conversion of bittensor:native, implying that Grayscale is moving forward; meanwhile, Zcash surged to $836 due to the Grayscale conversion application, hitting an eight-year high.

Source: X

Term Finance Exposed to Governance Vulnerability Attack, Loss Estimated at $8.5 Million

The vault governance mechanism of decentralized lending protocol Term Finance was exploited, with officials estimating a loss of $8.5 million; the DeFi governance attack once again reminds us of the cost of "code as law."

Source: Cointelegraph

Chips / Hardware

Xiaomi Releases Self-Developed Mystic Ring O3 / O100 / D100

Xiaomi's new generation Mystic Ring chips cover flagship smartphones, automotive and AI scenarios, with related topics on Zhihu exceeding 10 million in total popularity; market focus is on performance scores, energy efficiency, and whether they can maintain steady access to advanced process capacity.

Hot Debate: Xiaomi fans and the digital circle are arguing whether it can truly threaten Qualcomm and MediaTek, or if it is more like "self-developed proof of rights."

Source: Zhihu

> Hot Comment: The Xiaomi launch event was exhilarating, but the real enemy is not Qualcomm, but TSMC's scheduling.

Domestic GPU Suiyuan Technology to Be Offered for Subscription on September 2

One of the "four domestic GPU dragons," Suiyuan Technology will debut on the Sci-Tech Innovation Board, supplementing the domestic AI computing power chip listing landscape, but caution is needed for potential high valuations in the primary market being transmitted to the secondary market.

Source: IT Home

Technology Companies

Samsung Downgrades S26 Ultra Camera Features for Galaxy S25 Ultra

Some camera capabilities, including portrait lighting, will be rolled out through a software update, aimed at using algorithms to "extend the life" of an old flagship, reducing the appeal of new devices.

Source: IT Home

Uber Faces Nearly $1 Billion Fine Over Automated Suspension System

Regulators determined that Uber's algorithm for suspending drivers lacks transparency and appeal channels; if the fines are enforced, this will become a landmark case for "algorithm management" in the gig economy.

Source: TechCrunch

> Hot Comment: The algorithm treats drivers as variables, while regulators directly revert the variable back to "human.

U.S. Stocks

Goldman Sachs Warns Before Nvidia Earnings: Three Key Upsides Are Indispensable

Goldman Sachs states that Nvidia needs to demonstrate a sufficiently strong demand outlook, improvements in Blackwell's supply chain, and guiding financial results in its earnings report, or the AI hardware cycle's peak trading may continue to exacerbate.

Source: Cailian Press

Nasdaq ETFs Temporarily Halt Trading Due to Collective Premium, Chip Leveraged ETFs Down 70% but Still Attracting Capital

Multiple domestic Nasdaq/S&P ETFs are temporarily halted due to excessive premiums, with Invesco's Nasdaq Technology ETF carrying a premium close to 25%; chip leveraged ETFs have dropped over 70% this year but are still attracting capital, as retail investor sentiment almost enters a "gamble on QDII quotas" mode.

Hot Debate: Investors are reminding each other in the community that "trading halts are not good news, it's a premium loss as soon as you buy."

Source: Wall Street News | Cailian Press

Finance / Macroeconomics

China's July Fiscal Revenue Grows 11.7%, Individual Income Tax Skyrockets 25.9%

The individual income tax's surprisingly high growth may stem from one-time bonuses, back payments, or base-effect issues; the market is more concerned about whether this can be translated into consumption and the restoration of residents' cash flows.

Source: Zhihu

U.S. Oil Futures Drop Over 2% to Four-Day Low of $85.23

The unfavorable shipping capacity in the Strait of Hormuz has been partially digested, and oil prices falling alleviates inflation worries, but the situation in Iran could still cause fluctuations.

Source: FirstSquawk

New Products / New Trends

Humanoid Robots Break Bolt's 100m Record, But Most Crash into Walls

At the World Humanoid Robot Games, robots have surpassed Bolt's 100m record, but many participants crash into walls due to recognition, braking, and stability issues; Tian Gong robots "run with hands covering their faces" are going viral.

Hot Debate: Netizens mockingly say, "Running can beat Bolt, but stopping isn't as good as a driving school's instructor," while seriously discussing the bottlenecks in edge-side motion control.

Source: The Verge | Zhihu

Sony Reiterates: Digital Games Do Not Belong to Players

Sony's email clarifies that players only purchase "access privileges," and if an account is banned, all digital assets are reset to zero; the controversy over digital ownership has spread from the crypto circle to the traditional gaming circle.

Source: Zhihu

Google-Free System GrapheneOS to Launch on Motorola's Foldable Screen Next Year

GrapheneOS will be available on the Moto Razr Fold Ultra, providing privacy-sensitive users with a foldable option that does not rely on Google.

Source: The Verge

Today's Underlying Trends

On the surface, it appears to be subscriptions for Claude Code, Nvidia price hikes, and halts on Nasdaq ETFs, but at the underlying level they all convey the same message: the "faith premium" of AI is being repriced by price and practicality. Users are beginning to vote with their feet, moving from the strongest models to those that are good enough and cheaper; meanwhile, the secondary market is still pursuing highs with premium halts and leveraged ETFs. On the domestic front, Xiaomi's Mystic Ring and Suiyuan's listings attempt to fill the power chain. On one side, costs are being reduced, while on the other side, the supply chain is being supplemented, as the AI narrative transitions from "parameter competition" to the "ledger stage."