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According to monitoring by Bubblemaps, several newly created wallets previously purchased CASCHAT worth millions of dollars, and then the token was listed on Robinhood two days later. Currently, the total paper profit of these wallets is approximately 3 million dollars.

According to official social media news, Huobi HTX will hold a live debate themed "AI Infrastructure Inflection Point: The Ultimate Divergence of Computing Power Bubble and Storage Supercycle" today at 8 PM. At that time, Cong Ge, Jiezou Xia, Cha Ge, and Zhang Facai will represent the affirmative side, engaging in dialogue with the opposing representatives Xiyu, Chan Ge, Bafang, and Wenle, focusing on the core industry variables under the AI wave, and deeply discussing whether the demand for computing power is overestimated, whether there is a bubble risk in AI infrastructure, and whether the storage industry can usher in a new supercycle.

Arthur Hayes published a new article titled "Situationship," suggesting that the AI bubble may eventually burst, but its subsequent impact could drive global liquidity expansion and become a catalyst for the next Bitcoin bull market. Hayes believes that the key to determining whether AI is a bubble lies in how investors define AI infrastructure construction. He points out that the market generally views the trillions of dollars in AI capital expenditure as "technology investment" and assigns high growth valuations, but its essence is closer to "real estate investment."He states that the current AI infrastructure construction is actually about building data centers, power facilities, and other underlying assets that support computing power, rather than directly investing in technology companies like Apple. "Financial institutions, private credit funds, and governments may mistakenly believe that investing in AI data centers is equivalent to investing in tech giants, while in reality, it is more akin to investing in highly leveraged infrastructure projects." Hayes believes that the core reason for the AI bubble's burst is not that corporate profits cannot be realized, but rather excessive credit expansion. He indicates that, supported by the U.S. and Chinese governments, financial intermediaries may overbuild data centers, power facilities, and related supply chains, ultimately creating credit cycle risks similar to those of the 2008 financial crisis, rather than a profit valuation crisis like that of the 2000 internet bubble.However, Hayes believes that the long-term value of AI remains immense. He points out that the computing resources operating within data centers will drive the development of "silicon-based life," having a profound impact on human civilization similar to that of the railroad era. Regarding market impact, Hayes expects that after the AI bubble bursts, governments and central banks may adopt more aggressive monetary easing measures, repairing the financial system through "massive money printing," pushing risk assets back into an upward cycle, and ultimately benefiting Bitcoin. Hayes states that the core variable of the current AI cycle is whether the capital market has mispriced AI infrastructure, and this judgment will determine the future direction of the market.

According to The Wall Street Journal, the U.S. market has frequently seen bubbles around specific industries and themes in recent years, but these localized bubbles usually do not drag down the overall stock market when they burst.The current storage chip bubble rapidly inflated and burst within about 4 months, accompanied by severe volatility and a hedge fund falling into crisis, yet the S&P 500 index is only 1.6% away from its historical high, and the equal-weighted S&P 500 index set a new high last week. The pullback in AI-related stocks has also been almost completely offset by gains in other sectors.Over the past decade, the U.S. market has experienced bubbles in 3D printing, Chinese concept stocks, low-volatility products, SPACs, clean energy, cannabis, space, crypto assets, and AI concept stocks. Strategy fell 83% from its peak, Trump Media's stock price dropped 89%, and SK Hynix fell 55% before rebounding last Friday.Loose funding, speculative demand, and expectations for new technologies have driven these bubbles, while margin debt and leveraged ETFs in recent years have further amplified the volatility.These localized bubbles have not caused severe shocks to the economy, mainly because most were not financed by large amounts of debt. After the bubbles burst, the losses were primarily borne by investors, and the banking system did not suffer significant shocks.Macro strategist Russell Napier stated that the banking system remains healthy, so there is always more credit available in the market to create the next round of bubbles.However, AI investments are pushing the market into a more dangerous territory. Data center spending is expected to reach $7 trillion over the next four years, and if the productivity gains from AI are not sufficient to support such a scale of investment, capital misallocation could severely harm the economy.As AI construction increasingly relies on debt financing, if broader AI investments ultimately prove to be a bubble, their burst could impact the financial system, making it difficult for the overall market to remain unaffected.

Investor Mark Cuban and "Big Short" Michael Burry recently issued warnings about the valuation risks of Nvidia (NVDA) and AI stocks. Cuban stated on the X platform that the current AI capital cycle bears similarities to the internet bubble of the 1990s, believing that Nvidia is playing the role of the IPO market back then, driving continuous capital inflow by supporting customers in purchasing AI chips.Burry, on the other hand, is concerned about the rising prices of Nvidia's credit default swaps (CDS) and claims that the scale of "circular financing" driven by Nvidia is expanding. He believes that some AI demand relies on financing support, and future revenues may be built on complex funding cycles. Previously, Nvidia's stock price fell about 5% in a single day, with a market value shrinkage of approximately $250 billion. The IMF and the Bank for International Settlements have also warned about the systemic risks that AI circular financing may bring. However, Nvidia CEO Jensen Huang responded that the related criticisms are "absurd."

According to Jinshi reports, White House National Economic Council Director Hassett stated that he does not believe the market is in a bubble due to advancements in artificial intelligence.

On-chain analysis platform Bubblemaps revealed that the ecological token BMEX launched by BitMEX in 2021 had 75% of its supply originally allocated for employee incentives, ecological growth, and long-term reserves never claimed. Data shows that 92% of the supply was initially locked in vesting contracts, while the remaining 8% was distributed at launch (5% for airdrops, 3% for products and liquidity). The only claim occurred on November 2, 2022, when the product and liquidity addresses claimed 63.75 million BMEX, with no claim records from other addresses. Bubblemaps pointed out that the tokenomics or allocation plan may have off-chain adjustments later, but based on the announced plan, the relevant allocations may not have actually been executed.BitMEX announced on July 23 that it would officially cease operations on September 23. The price of BMEX has dropped by about 95% since the shutdown announcement, currently quoted at approximately 0.0052 USDT. It is understood that the official handling of the BMEX token is very limited, with no additional compensation or special arrangements. The only action explicitly mentioned in BitMEX's official shutdown announcement is that the platform has immediately unstaked all staked BMEX and returned it directly to the holders' accounts.

The on-chain data analysis platform Bubblemaps posted on platform X, stating that investors who participated in the MEGA token presale and chose to lock their tokens for additional rewards are currently facing a paper loss of about 50%.Data shows that this group of investors has invested a total of 28.3 million dollars, and the current value of their holdings has dropped to 13.6 million dollars. The related tokens will not be unlocked until April 2027.

According to Bubblemaps monitoring, the lending protocol Arrow Finance on the Robinhood Chain has approximately 80% of its token ARROW concentrated in a few addresses. On-chain analysis shows that 200 wallets, which previously had no EVM interaction records, purchased ARROW within 3 minutes of the token's launch, and these addresses were funded at the same time by the same source address 0x0a5...6a6c.Bubblemaps also pointed out that there are multiple large address clusters and reminded investors to exercise caution when trading ARROW before its product officially supports the Robinhood Chain.

According to official social media news, Huobi HTX will hold a themed live broadcast today at 20:00 titled "Concerns About AI Bubble + Rising Interest Rate Expectations: Is Now the Time to Buy BTC or Should We Wait?" At that time, crypto KOLs such as Sister Mao Mao, Dada, Crypto.0824, and Genuine Little Taoist will attend to analyze whether BTC is facing new allocation opportunities in light of the current macro environment and market sentiment, and how investors should grasp the subsequent market rhythm.

According to a report by 21 Finance, Huang Zhenxin, the head of Kimi B-end at Moonshot AI, stated in a recent communication meeting that there is indeed a bubble in the current AI industry, but the fundamentals are very solid. Enterprises can now clearly calculate the return on investment (ROI), and the substantial transformation in productivity brought by AI has already occurred.Regarding the recent phenomenon of widespread price increases among model vendors, Huang Zhenxin pointed out that the core reason lies in the rising global computing power costs, and chip production capacity cannot meet the explosive growth in Token demand. He emphasized that evaluating the cost-performance ratio of models should not only look at the unit price of input and output but should also focus on the Cache hit rate. It is reported that Kimi's original factory Cache hit rate has reached over 90%, significantly reducing actual computing costs.In addition, Huang Zhenxin revealed that Kimi will continue to challenge innovations in underlying architecture to sustain the Scaling Law, and its Muon optimizer, which has been validated on a large scale, is now widely adopted by several mainstream large models in the industry. Regarding the "last mile" of enterprise AI implementation, he believes that as the foundational capabilities of models continue to strengthen, the technical paradigms at the application layer will also continue to simplify.

The Bank for International Settlements (BIS) warned in its latest annual report that the bursting of the AI bubble, a rebound in inflation, and sovereign debt pressures are the three core risks currently threatening global economic prosperity. The report pointed out that if the returns on investment in the AI sector fall short of expectations, it could lead to the current capital expenditure boom evolving into a long-term investment contraction, triggering significant macroeconomic turbulence.The BIS specifically cautioned about the complex "circular financing" model within the AI industry chain, such as cross-shareholding and computing power binding procurement agreements between chip manufacturers and AI laboratories or cloud service providers. The institution emphasized that such transactions often lack transparency and pose the risk of the same asset being mortgaged multiple times. In addition, energy shocks caused by geopolitical conflicts could trigger a secondary rebound in inflation, compounded by high-leverage arbitrage trading by hedge funds in the government bond market, which would further exacerbate the fragility of the global financial system.

Bitwise CEO Hunter Horsley posted on the X platform, "In the 1990s, the internet was just emerging. Almost every idea seemed feasible. Hundreds of companies reached valuations of 500 million to 1 billion dollars based on these possibilities. By the early 21st century, that optimism faded. There were no longer hundreds of companies competing. Instead, a few companies that truly proved their worth thrived. Because they succeeded with demonstrable value, they operated longer and were larger in scale than in the previous cycle. The cryptocurrency sector is also undergoing a similar transformation. The number of winners will decrease, but the winners will stand out due to their demonstrable value. Their scale will be larger, and their operating time will be longer than people expect."