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On August 26, Saudi Arabia recently promoted the 'Mecca Agreement' with Turkey and Pakistan, and is considering inviting Iran to join, sparking discussions in the market about the security landscape in the Middle East and the future of the 'petrodollar' system. Analysts believe that the more significant implication of this arrangement may not simply be to strengthen regional military cooperation, but rather to reflect that some Middle Eastern countries are seeking to reduce their singular dependence on U.S. security guarantees. The 'Mecca Agreement' envisions establishing a collective security mechanism among member states, whereby any armed attack on one member is considered an attack on all members. If Iran ultimately joins, this mechanism would integrate Saudi Arabia, Turkey, Pakistan, and Iran into the same security framework, forming a regional cooperation network that spans Sunni and Shia nations. This change also touches on the core logic of the petrodollar system. For a long time, the U.S. has bound its military security guarantees to Gulf oil-producing countries like Saudi Arabia with the pricing of oil in dollars and the allocation of dollar assets. Middle Eastern countries sell oil to obtain dollars, then allocate some of those dollars to U.S. Treasury bonds and other dollar-denominated assets, while the U.S. maintains this cycle through security commitments. Now, as the security situation in the Middle East deteriorates and U.S.-Iran tensions continue, some countries are beginning to reassess the U.S.'s ability to provide regional security guarantees. If Gulf countries gradually establish a more diversified security and financial cooperation system in the future, their willingness to continue settling oil transactions in dollars and allocating substantial oil revenues to dollar assets may be affected. In the short term, dollar hegemony is still difficult to replace, and the U.S. Treasury market is unlikely to experience immediate structural reversals due to a single regional agreement. However, in the long-term outlook, if the U.S. cannot continue to provide security guarantees that match the international status of the dollar, the trust of Middle Eastern oil-producing countries in the dollar system may gradually decline, which could become a potential risk that needs to be monitored in relation to the dollar, U.S. debt, and the global reserve currency landscape.

On August 26, Saudi Arabia has recently promoted the 'Mecca Agreement' with Turkey and Pakistan, and is considering inviting Iran to join, sparking discussions in the market about the future of the Middle East security landscape and the 'petrodollar' system. Analysts believe that the more significant implication of this arrangement may not simply be to strengthen regional military cooperation, but rather to reflect that some Middle Eastern countries are seeking to reduce their singular reliance on U.S. security guarantees. The 'Mecca Agreement' envisions establishing a collective security mechanism among member states, whereby any armed attack on one member is considered an attack on all members. If Iran ultimately joins, this mechanism would include Saudi Arabia, Turkey, Pakistan, and Iran within the same security framework, forming a regional cooperation network that spans both Sunni and Shia countries. This change also touches on the core logic of the petrodollar system. For a long time, the U.S. has maintained a mutually binding relationship between military security guarantees provided to Gulf oil-producing countries like Saudi Arabia and the pricing of oil in dollars, as well as the allocation of dollar assets. Middle Eastern countries sell oil to obtain dollars, then allocate some of those dollars to U.S. Treasury bonds and other dollar-denominated assets, while the U.S. maintains this cycle through security commitments. Now, with the deteriorating security situation in the Middle East and the ongoing confrontation between the U.S. and Iran, some countries are beginning to reassess the U.S.'s ability to provide regional security guarantees. If Gulf countries gradually establish a more diversified security and financial cooperation system in the future, their willingness to continue settling oil transactions in dollars and allocating a significant portion of oil revenues to dollar assets may be affected. In the short term, dollar hegemony is still difficult to replace, and the U.S. Treasury bond market is unlikely to experience an immediate structural reversal due to a single regional agreement. However, from a long-term perspective, if the U.S. cannot continue to provide security guarantees that match the international status of the dollar, trust in the dollar system among Middle Eastern oil-producing countries may gradually decline, which could become a potential risk that needs to be monitored in relation to the dollar, U.S. Treasury bonds, and the global reserve currency landscape.

According to a report by the WSJ, AI company Anthropic is expected to inform investors in its upcoming IPO materials that its total addressable market (TAM) exceeds $30 trillion, surpassing the $28.5 trillion disclosed by SpaceX. Anthropic's estimates are primarily based on the entire scope of work that could be performed by AI models in the future. The report states that Anthropic's revenue for the second quarter has grown to $11.6 billion. In comparison, FactSet data shows that 191 technology companies in the S&P 1500 had a combined revenue of approximately $2.4 trillion last year. Sources also revealed that Anthropic may seek to raise up to $100 billion through the IPO, with a target valuation of around $2 trillion. The related plans are still under discussion, and specific figures may change. The company is expected to disclose IPO financial documents in the coming weeks, with the earliest potential listing in September or early October of this year.