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first_img Pantera Junior Partner Jay Yu: Computing power may become a commodity asset

Pantera Capital Junior Partner Jay Yu published an article titled "The Rise of Compute Markets," stating that computing power and data center spending have become a trillion-dollar category, but GPU procurement is still mainly done through group chats, over-the-counter brokers, and bilateral agreements. He noted that the financialization of computing power is still in its early stages, constrained by SKU, time, and location, but could become a commodity asset similar to electricity or oil in the next 5 to 10 years. Jay Yu believes that the computing power market may form a "hardware-supplier-cluster" structure similar to the electricity "grid-operator-node," with new cloud vendors being structural shorts on GPUs, while on-demand platforms and application layers are longs.He mentioned that for every $100 spent on inference at the application layer, about $45 flows to the on-demand layer, about $50 flows to the new cloud or GPU layer, and about $5 flows to routing layers like OpenRouter. NVIDIA can be seen as the "central bank" of computing power, having announced support for up to 25% residual value. He also stated that physical delivery has a more enduring moat, and indices, cash-settled exchanges, and financing tools will subsequently emerge, with participants including SF Compute, Vast AI, Runpod, Compute Exchange, and others. The computing power market does not have mandatory price transparency requirements, and basis risk may be greater.

first_img The Arbitrum Committee plans to permanently ban three grant abuse projects

The Watchdog Committee of the Arbitrum ecosystem (composed of Entropy Advisors and others) submitted a proposal to the governance forum on September 3, requesting a permanent ban on the projects Good Entry, Limitless, and APX Finance, as well as their founders, prohibiting their participation in all future ArbitrumDAO initiatives. The committee determined that these three projects engaged in grant abuse within the STIP and LTIPP incentive programs, involving a total amount of 457,553 ARB (approximately $76,000).Specifically, Good Entry received 200,000 ARB in the first round of STIP, of which 142,839 ARB flowed to 1,032 ineligible users, and there is evidence of self-farming by associated addresses, with the team refusing to cooperate with the investigation; Limitless exchanged all 75,000 ARB for USDC and cross-chain to Base, being classified as suspected theft; APX Finance was approved for 525,000 ARB, of which 239,714 ARB involved issues related to funds being held in the treasury, delayed distribution, and witch cluster problems. APX later merged with Astherus and rebranded as Aster, with approximately 70% of its assets located on the BNB Chain.According to the proposal, the three projects may defend themselves in the forum post before September 10. If the explanations are not accepted and the funds are not returned, the committee will initiate three separate Snapshot votes to decide whether to permanently ban the relevant projects and founders.

first_img The U.S. Department of Defense has been reported to request OpenAI to provide a special version of AI with the "lowest rejection rate" for military commands

Documents obtained by The Intercept through a lawsuit under the Freedom of Information Act show that the U.S. Department of Defense once requested OpenAI to provide a version of artificial intelligence specifically tailored for the military, with a "very low refusal rate" for commands. This statement appeared in the updated contract for the 2025 prototype agreement "P00003," which is a two-year agreement worth up to $200 million, covering logistics, intelligence decision-making, and operational uses. OpenAI, Google, xAI, and Anthropic all agreed to develop such militarized prototypes in 2025.OpenAI spokesperson Nate Evans stated that the company never agreed to contract terms that included a "very low refusal rate," and the relevant documents were early drafts from the Department of Defense, with the final executed contract not containing that statement. Department of Defense spokesperson Jacob Bliss also indicated that the phrase did not appear in any current contracts. The Intercept pointed out that the documents obtained were not marked as drafts; a Department of Justice lawyer representing the Pentagon once confirmed that the document was a signed executed version, but later requested to disregard that confirmation and stated that further investigation was needed.The latest contract signed on February 27 allows OpenAI services to be deployed on military classified networks, with similar delivery terms completely redacted. OpenAI stated that it has drawn a red line regarding autonomous killing and surveillance of Americans, but the contract text allows the government to determine any use as legal.

Douyin internal testing AI workshop, the recommendation page adds interest card display for AI applications

Douyin is currently conducting an internal test of the AI Workshop, aimed at ordinary creators and developers, providing a complete link from AI application building, debugging, and operation to platform distribution, deeply integrating with Douyin's internal traffic system. The AI development framework, interface capabilities, and cloud storage services are all built into the creator's backend.The Douyin App's recommendation page has added a new content form interest card, used to showcase AI applications created in the AI Workshop. Users can directly interact with these cards while browsing the recommendation page, without needing to switch to a mini-program or leave the main app, allowing them to complete Q&A queries, fun interactions, and light tool experiences within the information flow. The interest card relies on Douyin's personalized recommendation distribution, supporting custom gameplay and styles.Creators who do not understand coding can use natural language to describe their ideas for building, while technically skilled developers can modify underlying files for deep customization. Debugging, real-device preview, and publishing can all be completed in the same environment. The produced works can be directly converted into interest cards for placement in the recommendation stream. This product is currently in the invitation-only internal testing phase.
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