AB Kuai Dong

I am very glad to meet CZ in Tokyo. This is his return to Japan after 7 years, and during this time, the entire industry has undergone tremendous changes.

At this event, I asked CZ a question: How do you view the on-chain of everything and the tokenization of stocks?

He replied: There have not yet been large-scale coin-stock products on the market. The possible reason is that each country and region has different policies, making it difficult for coin-stock investors to receive dividends and easily redeem stocks. There are also price differences during trading. However, projects on the chain are usually global in nature, which was a significant pain point back then.

Restrict areas or try to solve it?

But he reiterated that the trend of RWA cannot be stopped. $BNB

BMW recently found itself in an unusual situation. It planned to cut jobs, but to avoid legal issues, it emailed tens of thousands of employees asking whether they would consider taking a payout and leaving, and provided a website where they could register their interest.

After receiving the notice, everyone rushed to the website to see how much they could get, then happily headed for the exit—causing the site to crash under the traffic.

Some long-serving employees could even receive hundreds of thousands of euros.

BMW has now paused the voluntary departure scheme because so many people want to take the money and leave that HR simply can’t process all the applications.

The reason for this round of job cuts and cost-saving measures is quite straightforward: in China, once BMW’s biggest market, fewer and fewer people are buying its cars.

Just when you thought things couldn’t get worse for CoreWeave, which has been getting hammered these past few days, HSBC poured more cold water on the company.

CoreWeave was once a hot AI stock. Its business model is to borrow money to buy a bunch of Nvidia GPUs, build data centers, then rent them out to AI companies like OpenAI and Microsoft and charge by the hour.

But its share price has nearly halved over the past six months. This week, it fell below $58, hitting a one-year low.

The reason is that the company has taken on a huge amount of debt. It relies entirely on borrowing to buy GPUs, but interest rates in the U.S. remain high, making loans increasingly expensive and pushing its leverage to the limit.

In recent days, some analysts have also suggested that CoreWeave may not be earning enough to cover its interest payments. Even people at JPMorgan are calculating how much of Wall Street could be affected if the company fails to pay its debts.

HSBC’s new report is even more blunt: CoreWeave’s business offers nothing distinctive. It simply rents out entire GPU systems to a handful of major customers.

For the same computing power, it earns around 30% less per year than Amazon and Microsoft, which benefit from their scale. On top of that, growth among AI model companies is slowing, potentially reducing demand for expensive, short-term computing capacity. Pressure in the debt markets is also making CoreWeave wary of expanding further.

The good news is that Goldman Sachs and other firms still have a very positive outlook on the company.

Get it now! Binance has announced its own wallet feature designed specifically for AI agents, with .ai short addresses. That means receiving transfers or identifying an address no longer involves a long string of alphanumeric characters starting with 0x.

The wallet can be authorized to connect to popular AI models and tools such as Claude, ChatGPT, and Copilot, while keeping its funds separate from your main wallet.

So next time you open an AI chat tool, you can simply say: “If NVIDIA’s stock token drops another 5% today, use $1,000 in stablecoins to buy it directly on-chain.”

The story about China’s tech giants snapping up Nvidia chips is back.

Reuters reports that three Chinese tech giants—ByteDance, Alibaba and Tencent—have jointly ordered more than 3 million RTX Pro 5500 cards from Nvidia. The workstation GPU was unveiled by Nvidia this September.

Each card costs about $11,400, putting the total value of the orders at more than $35 billion.

The buying frenzy is driven by the fact that B300 chips cannot currently be sold directly to Chinese companies, while H200 chips require regulatory approval. The RTX Pro 5500 is one of the most powerful models currently available through compliant channels.

But there are now too many customers looking to use these cards to build computing capacity, and Nvidia hadn’t planned to make so many. The company has therefore told its Chinese customers that it cannot guarantee delivery of the entire batch, and warned its partners that they might ultimately receive only 5% to 10% of the quantities they requested.

The ideal AI career: join a cutting-edge LLM company, work on algorithms, write articles that shake up the industry, and ultimately make a name for yourself.

The real AI grind: sit at your computer managing hundreds or thousands of Claude, ChatGPT, and Grok accounts; know your way around reverse engineering, packet sniffing, and decrypting reasoning processes; and occasionally fly to Tokyo or Singapore on a business trip, hauling a pile of Mac minis to set up as physical relays.

Yao Shunyu, Tencent’s 28-year-old chief AI scientist, who works alongside Ma Huateng.

He encourages the team to work overtime so they can push competitor DeepSeek into working overtime too.

At ByteDance, warning posters have been put up in multiple restrooms for employees to read while they’re on the toilet. The aim is to prevent current or former employees from creating accounts and chasing traffic while posing as ByteDance, Douyin, or Hongguo staff—and accidentally leaking company secrets.

That’s surreal. In Florida, the director of the state’s official gambling helpline was sentenced to nearly 10 years in prison for stealing $1.4 million from his company to gamble.

Here’s how it happened: while working at a company, he abused his position to secretly make unauthorized charges on the company’s cards, then used the money to gamble.

An internal audit later uncovered a large number of suspicious transactions. He was arrested and fired. Before sentencing, he was released after posting $650,000 bail.

But he didn’t just sit around after that. He started trying to quit gambling and entered recovery. Before his case had even been sentenced, he got a job as the director of Florida’s official gambling-problem helpline. He took lots of calls and helped many people.

He even gave interviews about his own recovery, becoming a model success story.

But eventually, the other shoe dropped. Just a few days ago, a judge sentenced him to 118.5 months in prison and ordered him to pay restitution. Prosecutors said he was highly skilled in how he carried out the scheme: he hadn’t simply seized an opportunity on impulse, but had deliberately made unauthorized charges to get money to gamble. He’ll begin serving his sentence immediately.

If this report by The Information is true, both China and the U.S. are now imposing new restrictions on domestic companies in the AI sector.

In China, 23 AI technologies, including large models and AI agents, must be registered in a system run by the Ministry of Commerce before they can be exported.

The U.S., meanwhile, wants AI companies to submit their models for government review up to 30 days before release. Although this isn’t mandatory, the government has warned that it may take action against companies that don’t cooperate.

What stage has this A-share slump reached? There are rumors online that a fight broke out in the cafeteria of a leading securities firm at lunchtime today, leaving someone with a head injury. Poor employee B—if this is true, they could probably get enough compensation to buy a car.

Can $50 hack a website? AI security company NorForge has just published a chilling report. It found that a Chinese-speaking hacker did very little hands-on work, using AI agents to break into the websites of more than 100 companies for around $5,000.

The backend data showed that the targets included U.S. agricultural machinery giant Deere, home appliance company SharkNinja, and engine manufacturer Cummins.

The hacker gave the AI fewer than 100 Chinese characters of instructions; the rest was all the AI figuring things out on its own. By last weekend, it had attempted to attack more than 1,200 websites, and successful intrusions took an average of about 23 hours.

The setup used the Claude Code framework alongside the DeepSeek AI model, burning through around $5,000 in computing costs. On average, it cost about $50 to break into each website.

The gravy train of free meals and drinks for domestic fund managers is over. Financial media confirmed that three brokerages and two fund companies were implicated in cases under investigation by the China Securities Regulatory Commission, involving employees who traveled abroad privately or for overseas research and then claimed reimbursement from public funds.

The two brokerage executives who failed to cooperate with the investigation were the vice president and deputy head of research at Guolian Minsheng Securities.

Sure enough, the guy resigned last month.

This is huge! Musk has confirmed the stock giveaway plan he revealed this morning: starting next year, every child in the United States will receive one share of SpaceX stock, worth about $146 at today’s valuation, giving everyone a stake in the company.

According to an official regulatory filing from August this year, Musk owns about 6.42 billion shares in SpaceX, or 48.4% of the company. Even after giving away all those shares, he would still be a trillionaire.

Tencent after joining the AI money-burning brigade

In September, some of Tencent Beijing moved to Shenzhen; in October, some of Tencent Shanghai moved to Chengdu

Relocate, transfer internally, or resign—choose one

This is a photo of the two richest men together in 2014. According to a retrospective article by Pandaily, in the autumn of 2014, a group of Chinese entrepreneurs—including ByteDance's Zhang Yiming, Xiaomi's Li Wanqiang, and OnePlus CEO Pete Lau—went to Silicon Valley to learn and met Tesla's Elon Musk and Twitter's CEO.

Twelve years later, one has become Asia's richest person, the other the world's richest person, and Twitter belongs to him now too. It's now called X.

This photo has just gone viral across English-language social media, hailed as a once-in-a-century group shot. The reason: it features Meta Chief AI Officer Alexandr Wang, Cognition founder Scott Wu, and Hyperliquid founder Jeff Yan, each of whom the media estimates is now worth several billion dollars.

The reaction is so strong because all three were key members of the first group of interns at the renowned quantitative trading firm HRT around 2015. They’ve been dubbed the “HRT crew.”

They went on to achieve enormous valuations or influence in three of Silicon Valley’s hottest fields today: AI infrastructure, AI coding agents, and on-chain trading.

Scott Wu is also a three-time gold medalist at the International Olympiad in Informatics.

Alexandr Wang, 29, has been called Meta CEO Mark Zuckerberg’s successor.

Jeff Yan, meanwhile, built an on-chain platform with a paper valuation in the tens of billions, with a team of just 11.

And all three are of Chinese descent.