Cryptopolitan

NVIDIA CEO Jensen Huang has dismissed allegations that the semiconductor company is subsidizing its own AI demand, saying the company’s investments are immaterial when compared with the business they help create. At the Goldman Sachs Communacopia + Technology Conference, Huang dismissed the theory that the growing investment ecosystem of NVIDIA constitutes circular finance.
Huang’s defense moves the debate on to bigger issue: as chipmakers, cloud companies and AI labs keep investing in each other, just how much of the demand in today’s world is organic — and how much financial risk is being created?
Why the “funding its own demand” charge sticks
One can read the worry easily. NVIDIA is investing in either an AI firm or a cloud computing company; that firm then buys certain NVIDIA hardware, and the revenue flows back to NVIDIA. This is not to say that the demand is not real, but the distinction between an investment and a sale becomes blurry.
One can read the worry easily. NVIDIA is investing in either an AI firm or a cloud computing company; this results in that firm purchasing certain NVIDIA hardware, bringing revenue back to NVIDIA. This is not to say that the demand is not real, but the distinction between an investment and a sale becomes blurry.
The companies in question include OpenAI and CoreWeave. NVIDIA is both a partner and investor in OpenAI. At the same time, CoreWeave is using the infrastructure provided by NVIDIA and is supported by NVIDIA. Cryptopolitan previously reported Huang’s opinion that NVIDIA does not use the money of its investments to sustain its customers’ business rather, it evaluates each investment on its own merits.
Where NVIDIA’s money actually flows
While the figures involved sound impressive, they refer to different types of investments. In January, NVIDIA put $2 billion into CoreWeave Class A shares at $87.20 per share and stated that it would also be working with CoreWeave to build more than 5 gigawatts of AI factories by 2030.
Then OpenAI put together the announcement of $110 billion in investments with a pre-money valuation of $730 billion. That includes $30 billion from NVIDIA, $30 billion from SoftBank, and $50 billion from Amazon.
How NVIDIA Is Financing the AI Infrastructure Boom
After that, NVIDIA expanded beyond direct investments in shares. On August 10, the company teamed up with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to create platforms aimed at mobilizing more than $500 billion in third-party capital for AI infrastructure. Note that this is a target for raising financing, not NVIDIA making the commitment of $500 billion.
“In AI, compute is revenue.” — Jensen Huang, NVIDIA CEO
Huang emphasized that GPUs have turned to be productive assets that can generate regular compute revenues instead of being regarded as hardware purchases. In addition, NVIDIA’s quarterly SEC documents proved the importance of customer concentration: the three direct customers made up 16%, 15%, and 13% of the revenues of the first half of the fiscal 2027 year.
Regulators start naming the loop
People are concerned not just about the investors anymore. The IMF revealed in its report released in April that investments in AI could face some difficulty in downturns and that many companies that make up the entire value chain of AI investments are increasingly making use of circular financing. However, the financial stability impact at this moment has been described as insignificant at the current stage.
Concerns expressed by BIS on September 10 have pointed to increased usage of debt and private credit for financing the capital outlays for AI projects. In case the returns are not aligned, the current investment boom is likely to result in a much bigger financial crisis.
Due to the size of the sector, it is not surprising that NVIDIA’s financing model has drawn attention. According to estimates from S&P Global, the five largest hyperscalers may spend an additional $5.3 trillion in capital expenditures until 2030. In addition, the 2026 AI Index from Stanford University estimates that global AI compute capacity has gone up to 17.1 million H100-equivalents, with NVIDIA being responsible for more than 60% of the total.
The debate predates the latest denial
Huang has been narrowing expectations for months. In February, referring to earlier discussions of an OpenAI investment of up to $100 billion, he said:
“It was never a commitment.” — Jensen Huang, NVIDIA CEO
He added that NVIDIA would invest “one step at a time,” as Cryptopolitan reported.
The differentiation is important beyond just NVIDIA. In the case where end-user demand supports the infrastructure at play that is currently financed, this could lead to an accelerated evolution of AI. On the other hand, if financing, orders, and valuations go hand in hand too fast compared to revenues, the consequence could mean trouble for the semiconductor industry, cloud companies, data centers, and any startups working with AI. This is the risk that markets are facing now.
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Blockstream’s sidechain Liquid resumed block production on Thursday, about four days after a person claiming to be a white hat hacker drained close to 4,000 BTC from its federation wallet and then handed back most of it. The restart is pertinent to anyone with Liquid Bitcoin (L-BTC) or stablecoins on the network.
Funds have been suspended since Sunday, and about 600 BTC still in the attacker’s hands represents a hole in the reserve backing those tokens.
SideSwap’s peg-out key was used but never stolen
In a status update posted at 10:00 UTC, the @Liquid_BTC account said that block production had resumed “without transactions” as a precautionary measure while the team monitors for full stabilization.
Bridge and functionary nodes of Liquid now have the requisite software patches live. Functionary nodes are signing and validating blocks as they ought.
Peg operations are switched off while the network rebuilds its BTC-to-L-BTC reserve.
It all commenced on Sunday, September 6, when hackers claiming white-hat status withdrew about 4,000 BTC, worth about $320 million, from the Liquid Federation wallet. That was about 95% of the wallet’s ~4,200 coin balance.
At the time, Cryptopolitan reported that the withdrawal was made using SideSwap’s peg-out authorization key, which was never stolen.
Blockstream later said the issue was induced by a flaw in Elements, the open-source software underpinning Liquid, that allowed the creation of invalid L-BTC and its redemption via the normal path as if it had been fully backed.
The team shipped an emergency fix, Elements v23.3.4, one day before restart, hardening the cache keys used for range proofs to close the proof verification vulnerability connected to the theft.
Adam Back promises the peg but not a timeline
After Blockstream signed an on-chain note saying, “Bridge nodes are patched, safe to return the funds,” the actors returned 3,400 BTC, about $269.2 million at the September 7 conversion rate. That left some 598.5 BTC outstanding, somewhere around $46 million to $47 million depending on the current price.
On September 9, the anonymous hacker publicly blasted Blockstream’s spending, claiming the company had allocated only $1.5 million to protect $5 billion in assets.
“Your dereliction of duty is obvious,” the hacker wrote, warning that the rest of the coins would stay missing unless a 10% bug bounty was paid.
“You SHALL pay 10% using your own money as bug bounty or you will cause all your holders a 15% loss for your irresponsibility and stinginess,” added the threat actor.
Blockstream founder and CEO Adam Back reassured holders that the L-BTC peg will be honored one-for-one, meaning users can redeem their tokens for the same amount of Bitcoin on the base layer.
“Do not panic sell OTC,” wrote Back on X.
He did not express how the ~600 BTC shortfall will be covered when peg-outs reopen or provide a timeline for restoring peg-in and peg-out services.
The network moved again about 10 hours later. A status update posted at 19:55 UTC verified that transactions had resumed, while peg-outs are unavailable.
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The European Securities and Markets Authority (ESMA) has said that Polymarket and Kalshi do not hold the authorization required to sell event contracts to users across the bloc.
Several countries are making moves to either regulate or outrightly ban prediction market platforms due to concerns about insider trading, manipulation and much more.
Why are prediction markets not authorized in Europe?
The European Securities and Markets Authority (ESMA) has said that “the marketing and sale of event contracts in the EU generally requires an EU authorisation” which apparently the largest prediction market platforms, including Kalshi and Polymarket, currently do not hold.
ESMA said it is unclear why all EU member states are not blocked and went further to question whether the sites can realistically stop users from masking their location with a VPN.
Prediction contracts, depending on what they reference, can belong to one of three regimes.
For instance, in a situation where a contract’s payout hinges on a financial variable, ESMA treats it as economically close to a binary option, the all-or-nothing product the EU barred from retail investors years ago after heavy consumer losses. National intervention measures already ban the marketing, distribution and sale of those to retail clients.
If a contract uses blockchain technology but is not a financial instrument, it may fall under the Markets in Crypto-Assets (MiCA) rules, and if it fits neither of the previous two categories, then it falls under national gambling laws, which differ from one EU country to another.
How EU regulators interpret prediction contracts
Back in July, ESMA already said that existing binary options rules cover event contracts that count as financial instruments. The law firm Norton Rose Fulbright traced this same logic back to MiFID II, the rulebook that defines what a financial instrument is. Analysts cited by the firm think prediction-market volumes could reach $1 trillion by 2030.
Do Europe’s insider trading rules apply to prediction markets?
Europe’s rules against insider trading only apply when a contract counts as a financial instrument.
Cryptopolitan reported that nine European gambling regulators moved against unlicensed platforms during the FIFA World Cup. Swiss authority Gespa director Manuel Richard’s reasons for acting against the platforms include insider trading, manipulation and money laundering, among other risks that these sites carry with no required safeguards.
France ordered internet providers to cut off Polymarket in July, adding to blocks from Switzerland, Poland, Belgium, Portugal, Spain, Singapore and Brazil.
Spain’s Consumer Rights Ministry used ISP-level DNS and network blocks to temporarily ban both Kalshi and Polymarket in May due to their missing gambling licenses.
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The European Central Bank (ECB) pushed its main interest rate to 2.5% on Thursday and told markets that price pressures across the eurozone are likely to continue for longer. The bank blamed renewed fighting between the US and Iran for a jump in energy costs that is now feeding into the wider economy.
25 basis point move markets saw coming
The increase, from 2.25%, was widely anticipated by investors, according to the Guardian. However, the language surrounding the increase was the rather unsettling part. The ECB’s accompanying report warned of inflation building across many parts of the economy, and ECB president Christine Lagarde told reporters in Berlin that she believes “inflation will be longer lasting than we had anticipated.”
The new ECB rate is the highest the euro bloc has seen since March of last year. The ECB has also increased its 2026 eurozone growth forecast from the 0.8% it projected in June to 0.9%. The central bank now expects inflation to average 3% across the year, a figure that sits well above the bank’s stated 2% target, reaffirmed in its policy materials released today.
Lagarde gave a rough timeline for relief from the current situation. “Headline inflation is expected to return to around target towards the end of 2027, supported by the effects of higher interest rates,” she stated.
Energy continues to wreak havoc
Attacks by the US and Iran on shipping through the Strait of Hormuz this week sent crude even higher, with Brent pushing past $105 a barrel before easing to about $104.5, a gain of about 3.3% on the day.
The Dutch wholesale price for gas, which is the EU’s benchmark, went above €80 per megawatt hour for the first time since January 2023 and traded 3.4% higher at €82.56/MWh. In Britain, gas hit 203 pence per therm, a level unseen since December 2022.
The ECB president noted that food inflation, still low at 1.2%, is likely to see an increase as higher oil and gas prices work their way through supply chains. Central bankers worry the same pressure will lift transport costs and heating bills for homes and businesses alike, turning an energy shock into a general one for the economy.
EU gas stores are only 67% full against a five-year average of 84%, according to the Guardian, because buyers held off filling tanks in the hope the Middle East conflict would ease before winter. If it does not, a late scramble for supply could lead to even higher prices.
Bond markets in the red
Government borrowing costs have surged a lot recently, and the rate hike is coming alongside. The yield on 10-year UK gilts hit 5.36%, the highest since August 2007, representing a 19-year peak.
Germany’s 30-year bond rose to 5.08%, the most since December 2003, while its 10-year yield reached 3.45%, a level last seen in April 2011. France’s 10-year yield hit 4.344%, the highest since October 2008.
The strain has also hit Washington, with US Treasury Secretary Scott Bessent stating that the government would buy back $6 billion of treasuries to ease a sell-off pressuring US rates. Bond buyers, however, judged the package too small, and the 10-year treasury yield subsequently climbed to a three-year high.
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SpaceX (NASDAQ: SPCX) is changing the way it builds AI data centers, choosing to prioritize power and cooling redundancy over raw build speed, per The Information.
The slight tweak is likely to put the brakes on SpaceX’s infrastructure expansion, with little time left to meet a September 30 deadline tied to a $920 million-per-month compute deal with Google.
Why redundancy is now the focus
The change is a reversal from the approach that brought SpaceX (NASDAQ: SPCX) this far. For over 12 months, the company was squarely focused on ensuring compute gets online. Redundancy in backup power and cooling was treated as an afterthought.
Now, the tide has turned, as a number of SpaceX sites in Tennessee and Mississippi went without backup cooling or power for months. As the primary systems dropped, the machines dropped also. The system failures impacted the training for Grok, SpaceXAI’s chatbot.
Though the reporting is yet to be verified, it’s important to note that if truly power and thermal design are challenges, then this is not peculiar to SpaceX but the whole industry.
The $920 million clock
The redundancy fix comes as SpaceX races against time to meet the September 30 deadline tied to its deal with Google. SpaceX agreed to supply Google with access to about 110,000 Nvidia GPUs for a fee of $920 million per month.
Those chips have to be delivered by September 30 to Google. Based on the agreement, Google is free to walk away, accept fewer GPUs, or slash payments proportionally after a grace period of one month
This is why SpaceX optimized for speed initially. Revenue goes down the drain each day a data center is inoperative. AI data center revenue sits at $10 million to $12 million per megawatt per year, based on Cleanview’s estimates. Thus, bringing a large site online early can mean tens of billions of dollars over its life.
SpaceX’s expenditures only prove how urgent the matter is. In Q2, it spent around $15.8 billion on AI-related capital expenditure, twice what it spent in Q1. That brings capex in the first half of the year to $23.6 billion.
The AI division also lost $3.7 billion in the first half of the year, as compute capacity increased from 0.4 gigawatts to 1.4 gigawatts and AI revenue in Q2 rose over 210% to top $2.5 billion.
Turbines, permits, and a backlash in Mississippi
The issues with reliability began with how SpaceX sourced power. Its Mississippi site feeds Colossus 2, and the grid on the site was unable to supply electricity on time. It made use of portable gas turbines, which were permitted by state law to be used for a year without air permits.
Mississippi regulators spotted 69 temporary turbines at the Southaven plant by July. And this was twice the number of turbines SpaceX revealed. The site had about 1,775 megawatts of capacity.
In April, the NAACP filed a lawsuit, and residents sued in a separate class action, complaining of air quality and turbine noise. The Department of Justice argued in SpaceX’s favor that cutting power to Colossus 2 would put AI innovation and national security at risk.
Supply chain issues worsened things. The company had to make do with temporary turbines in Mississippi for an extended period of time after the delay in getting 41 permanent units.
The management reshuffle behind the change
SpaceX has begun to make adjustments in its organizational structure. A couple of data center executives departed in the last few months, and the company placed Starlink executive Michael Nicolls in charge of its AI infrastructure. SpaceX has been backfilling with staff pulled from its rocket and Starlink programs.
Elon Musk and his team are looking to gain control of the supply chain when it comes to hardware. The company is constructing a foundry in Bastrop, Texas. The foundry will produce turbine blades and vanes in-house. Musk said this move could expedite new gas-turbine deployment by as much as 18 months.
Musk has set a target for his employees. He wants SpaceXAI compute to get to 10 GW by the end of 2027, an increase from the current figure of about 1.4 GW. Projected annual revenue is in the $300 billion to $500 billion range. Customers such as Google want that capacity delivered on time, but they also want it to stay online.
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Polymarket has appointed Warren Jenson, a former chief financial officer of Amazon, as its own CFO.
The veteran operator, whose addition to the Polymarket team was announced on Thursday, September 10, is joining a company that is trying to close a wide volume gap with rival Kalshi.
Jensen will be reporting to the founder and CEO, Shayne Coplan, and will take over capital strategy, long-range planning, and financial infrastructure.
A finance résumé built for older, bigger companies
Before Polymarket, Jensen was president and CFO at Nielsen and president at LiveRamp. Before those roles, he held the CFO seat at Amazon, Electronic Arts, Delta Air Lines, and NBC.
Jensen, who holds accounting degrees from Brigham Young University, also sits on the boards of DigitalOcean, Dropbox, and Ripple.
In the announcement, Coplan stated, “We’re assembling the team to match the opportunity in front of us.”
Jenson, for his part, said that “Polymarket created a massive new global market category.” He added that he is joining “the leadership team to put the capital strategy and operating discipline in place to move quickly at scale and continue to push the frontier of this industry.”
Kalshi still owns the volume lead
While the spots for the leading prediction markets in the world are shared between Kalshi and Polymarket, the former still stands out in terms of volume by a significant margin.
At the close of June, Kalshi saw around $33 billion in volume against Polymarket’s $14.5 billion.
The two combined moved about $47.5 billion that month, which is more than triple the roughly $14 billion a month US sportsbooks averaged in 2025, per Pew Research figures.
Recent activity tells the same story, as DefiLlama data shows prediction markets generated about $4.05 billion in volume over the past seven days.
Polymarket accounted for roughly $922 million of it and around $4.06 million in revenue. Kalshi did $2.91 billion in volume within the same period. Polymarket is usually cheaper to trade and free for makers, but it has not matched Kalshi’s headline numbers.
Regulation is the terrain Polymarket wants to fight on
Where Polymarket may hold an edge is the courtroom. Kalshi is a CFTC-regulated exchange that argues federal derivatives law gives the commission sole jurisdiction, but states disagree. Cryptopolitan has reported that Washington, Massachusetts, Michigan, Nevada, and New York have all moved against the company, with New York’s suit seeking more than $36 billion in damages.
A Michigan judge ordered Kalshi to pull its sports contracts and threatened a penalty of up to $500,000 a day, as covered in Cryptopolitan’s Michigan report, and New Jersey has asked the Supreme Court to settle who governs these markets.
Polymarket obtained its US foothold by buying the CFTC-licensed QCX, giving it a regulated domestic arm that operates separately from the geo-blocked international platform.
Building financial systems that can support both, under two very different rulebooks, is exactly the job Jenson has been handed. How this translates into catching Kalshi will be seen in the near future.
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XRP ETFs carried on their streak of positive inflows with $12.29 million coming in. Bitwise’s XRP fund, for instance, increased by $9.30 million, while Grayscale’s GXRP added $2.98 million.
Brad Garlinghouse marked a 30-day inflow streak back in December
Total trading value was $23.58 million, and net asset value closed at $1.51 billion. XRP ETFs have seen net inflows of $185 million over 30 days, and XRP is trading around the $1.40 mark.
XRP funds have a history of outperforming bitcoin and ether during sell-offs. The first US spot XRP ETF began trading on Nasdaq in November 2025, drawing $243 million in net inflows on its first day, even as bitcoin fell below $100,000 and BTC and ETH funds experienced large-scale redemptions.
Spot XRP ETFs experienced 30 consecutive days of net inflows by mid-December, a streak Ripple CEO Brad Garlinghouse spotlighted on X, once more as Bitcoin and Ether products experienced outflows.
Source: SoSoValue.
ARK’s ARKB alone shed $77.98 million on Wednesday
US bitcoin ETFs posted $120.24 million in net outflows on Wednesday, prolonging losses to a second straight session. The biggest single redemption on the day was from Ark and 21Shares’ ARKB, which saw a $77.98 million outflow.
Grayscale’s GBTC dropped $27.22 million and BlackRock’s IBIT fell $19.53 million. The only gainer was Morgan Stanley’s MSBT, up $4.49 million.
Bitcoin ETFs traded at a value of $2.05 billion, ending the day with a net asset value of $99.33 billion. Bitcoin’s price maintains near a key institutional barrier.
US spot bitcoin ETFs have recovered toward break-even after an $18 billion drawdown. The institutional cost basis is back in focus as a potential resistance area.
Ether ETFs were firmly in positive territory with $34.75 million of net inflows. BlackRock’s $22.94 million staking ether ETF, ETHB, topped the pack.
BlackRock’s ETHA contributed $9.71 million and 21Shares’ TETH another $2.10 million. No significant outflows were seen.
Trading activity hit $852.09 million, net assets ended the session at $15.69 billion.
Solana ETFs also finished higher, pulling in $11.73 million. Bitwise’s BSOL was $11.18 million, Morgan Stanley’s MSOL generated $558,150 and net assets ended at $1.44 billion.
HYPE ETFs fell, registering $5.29 million in net outflows, all from Bitwise’s BHYP. Trading activity was $31.08 million and net assets closed at $464.29 million.
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Moonshot AI is weighing a second route to the public markets through Shanghai’s STAR Market, in addition to the Hong Kong IPO it is already considering. The move could give the Beijing-based startup behind Kimi K3 access to billions of dollars in capital to fund the costly training of frontier AI models.
The plans were first reported by the South China Morning Post on Thursday, citing two people familiar with the matter.
Moonshot plans second listing
Moonshot has confidentially filed paperwork for a Hong Kong IPO and is targeting a listing as early as the first quarter of 2027. One source said the company began exploring a mainland listing after a July meeting with its financial backers, where they discussed arrangements for the IPO.
Hong Kong’s AI stocks have struggled to maintain momentum in recent weeks, even though the stock market has a huge amount of companies seeking to go public. It is therefore not surprising that there is a growing interest in Shanghai’s STAR Market.
The interest is seen as a response to Hong Kong’s stock weakness, and the market offers AI firms another potential route to the public markets.
Moonshot’s $50 billion valuation
Moonshot is running a final financing round ahead of the listing that could value it at about $50 billion. Reuters separately valued the Hong Kong raise at about $3 billion. These are high numbers, especially for a company that was founded just three years ago.
Moonshot was established in 2023 by Yang Zhilin, and the startup’s rapid rise has been driven majorly by Kimi, the company’s family of AI models and consumer apps, which has helped make Moonshot a prominent name in China’s generative AI race.
Moonshot released Kimi K3 in July, describing the model as the world’s largest open-weight AI model, with 2.8 trillion parameters. Demand has been so strong for Kimi K3 that its available computing capacity has come under significant strain, according to Moonshot.
Shanghai fills up with AI names
If Moonshot does pursue a mainland listing, it is likely to target the Shanghai Stock Exchange’s Science and Technology Innovation Board, known as the STAR Market, and talks with the exchange could start soon, according to the SCMP’s sources.
Rivals Z.ai, formerly Zhipu, and MiniMax are also working on STAR Market listings, and the board’s waiting list also includes DeepSeek and Yangtze Memory Technologies. Recent additions to the Shanghai stock exchange include ChangXin Memory Technologies and robotics firm Unitree.
Moonshot is said to be in discussions with Microsoft, Amazon and Google over revenue-sharing agreements that would allow the U.S. cloud providers host its AI models.
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Researchers can now use an open source AI model from IBM and NASA to sift through decades of lunar observations for ice, craters and volcanic terrain using the newly released NASA-IBM Lunar Foundation Model, in preparation to return people to the Moon’s surface. The system is available as a free download on Hugging Face, with its full codebase published on GitHub, according to NASA Science.
Studying the lunar surface has always been a relatively slow process with either of two possible options, which included combing through maps and images by hand, or training a narrow, low-resolution machine-learning model for each separate request. Both of these options are expensive to run and often miss the fine detail scientists need in their researches, IBM said in its announcement.
The release of a foundation model helps though, as researchers can then use a pre-trained model for every new task instead of building a fresh one when working with a different geologic feature. The lunar model is the latest addition to IBM’s Prithvi family of open science models, which already spans applications in geospatial analysis, weather and heliophysics. Juan Bernabe-Moreno, director of IBM Research Europe, UK and Ireland, said the new system gives scientists a way to analyze lunar observations at scale and identify patterns that may be difficult to detect when studying individual datasets.
“The model gives scientists a foundation to explore the Moon at scale, connecting observations across instruments, revealing patterns that are difficult to see in isolation,” Bernabe-Moreno said.
Lunar foundation model edges performance benchmarks
NASA and IBM measured the model against SwinV2-B, a Microsoft-trained vision system widely used as a baseline for image analysis. The new model cut errors by 23% when used in locating ice deposits, and beat SwinV2-B by 19% in finding and classifying craters, even though it trained on half the data. IBM’s technical paper reported a 3% performance improvement when the model was used to identify volcanic features known as Irregular Mare Patches, while also requiring less fine-tuning.
The model was put to a live test on August 5, when IBM fed it an image showing the impact site left after a SpaceX Falcon 9 rocket struck the Moon. Despite the new impact appearing almost directly over an existing crater, the model correctly identified it as a newly formed crater.
The goal remains to make sustained human presence on the Moon possible. Mapping permanently shadowed regions near the lunar poles remains a major challenge because these areas are among the hardest on the Moon to observe and could contain deposits of subsurface ice. IBM said the ice could supply water and oxygen for future lunar bases while also providing raw materials for rocket fuel that could support missions to Mars.
The dataset may outlast the model
The organizations also released what they called the first unified, machine-learning-ready dataset of the Moon. The dataset brings together more than 30 spatially aligned layers collected by nine instruments across four separate lunar missions.
This dataset pulls imagery from NASA’s Lunar Reconnaissance Orbiter and GRAIL gravity mission and adds data from Japan’s SELENE/Kaguya orbiter. Bernabe-Moreno said that the roughly two million co-registered data points might prove to be the lasting contribution over the model itself. “The data is what really creates the industry of AI models,” he stated.
The AI model’s release builds on a partnership that dates back more than five decades to the Apollo program.
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Singapore, September 10, 2026 — B.AI, SUN.io, JustLend DAO, and BitTorrent, four leading decentralized applications (dApps) across the TRON ecosystem, now support MetaMask connectivity. MetaMask, one of the world’s largest consumer platforms for onchain finance, giving users direct control over their money and access to the onchain economy. This gives MetaMask users direct, in-wallet access to these dApps through a single, familiar interface, simplifying complex on-chain workflows and lowering the barrier to entry for global users.
Bringing TRON’s Leading dApps to MetaMask
B.AI, a financial infrastructure platform designed to give AI agents their own identities and the ability to transact independently. Its architecture includes the x402 payment protocol, the 8004 identity authentication protocol, a MCP Server, and BAIclaw which enables AI agents to verify one another, transact autonomously, and execute high-frequency financial operations on-chain. Access via MetaMask extends these capabilities to a broader global user base.
SUN.io, TRON’s leading decentralized platform with over $650 million in total value locked (TVL) and more than 26,000 liquidity pools, enables users to connect with MetaMask to access its high-performance, low-cost automated market maker (AMM), SunSwap V4, which features programmable hooks that allow developers and AI agents to embed custom logic directly into liquidity pools.
JustLend DAO, TRON’s leading lending platform with over $7 billion in TVL, provides capital-efficient infrastructure for on-chain borrowing, lending, and staking. Through MetaMask, users can access energy rental services and yield opportunities, optimizing transaction costs and supporting sustained high-frequency activity.
BitTorrent completes TRON’s on-chain and autonomous systems stack by providing cross-chain and data layers that allows the ecosystem to scale. BitTorrent Chain (BTTC) enables seamless interoperability between TRON, Ethereum and BNB Chain, while the BitTorrent File System (BTFS) delivers secure, low-cost decentralized storage. Together, supporting scalable, cross-chain operations for both users and AI agents.
Expanding a Global Web3 Gateway
With MetaMask connectivity now supported across these dApps, users can manage TRON-based assets, transfer tokens such as TRX and USDT, and execute swaps directly within MetaMask. The addition of MetaMask connectivity across B.AI, SUN.io, JustLend DAO, and BitTorrent shifts user access to a unified wallet-based experience, improving usability and connectivity across blockchain networks.
As decentralized finance and AI-driven applications continue to converge, this milestone positions TRON’s ecosystem to scale alongside global user demand. By aligning high-performance infrastructure with a widely adopted Web3 gateway, the ecosystem is better equipped to drive liquidity, improve capital efficiency, and accelerate adoption of DeFi and AI use cases at scale.
About B.AI
B.AI is a financial infrastructure built for the AI Agent era, designed to address the core challenges agents face in model access, payments, settlement, identity, and coordination. Through a unified API and settlement network, B.AI enables AI Agents to connect more freely to leading global models and services, while using agent wallets to pay, get paid, and exchange value autonomously. At the same time, B.AI builds verifiable identity and credit primitives for agents through on-chain accounts, helping AI evolve from software tools into economic actors that can transact, collaborate, and operate continuously at scale. By lowering barriers to model access, enabling seamless value transfer, and establishing an economic framework for intelligent agents, B.AI aims to accelerate the maturation of the AI Agent ecosystem, advance the real-world development of AGI, and make the benefits of AI more accessible to a broader range of users and developers.
Media Contact
Elle
support@b.ai
About SUN.io
SUN.io is the first decentralized autonomous platform on the TRON blockchain, distinguished by its integration of stablecoin trading, comprehensive token exchange, and liquidity mining capabilities. As a cornerstone of the TRON ecosystem, SUN.io is dedicated to optimizing trading liquidity and asset returns for its users. The platform empowers participants to stake SUN tokens, earning veSUN, which unlocks a suite of exclusive benefits, including enhanced rewards and voting rights in the platform’s governance.
Media Contact
Elle
marketing@sun.io
About JustLend DAO
JustLend DAO is TRON’s decentralized financial platform where users can earn yields through supplied assets, borrow digital assets against collateral, participate in TRX staking, and rent Energy. Committed to developing TRON-based DeFi protocols and providing all-in-one financial solutions to its users, there is now more than $7.6B Total Value Locked in the JUST Network.
The JustLend DAO provides a forum for its users to participate in governance and directives, while empowering its users with decentralized authority, trustless transactions, smart-contract automation, and security with transparent accountability.
Tokens in the JustLend DAO markets (TRX, BTT, JST, NFT, USDT, TUSD, USDD) are granted statutory status as authorized digital currency and medium of exchange in the Commonwealth of Dominica. JustLend DAO exists to provide stable and convenient financial lending services for all users.
Engage with the JustLend DAO community via the JustLend DAO Portal, Telegram, Twitter, and the JUST Network.
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About BitTorrent Chain
BitTorrent Chain (BTTC) is the world’s first heterogeneous cross-chain interoperability protocol, which adopts the PoS (Proof-of-Stake) mechanism and leverages sidechains for the scaling of smart contracts. It now enables interoperability with the public chains of Ethereum, TRON, and BNB Chain. Fully compatible with EVM, BitTorrent Chain facilitates the seamless transfer of assets across mainstream public chains. The governance token BTT, also known as BTTOLD on TRON Protocol was granted statutory status as authorized digital currency and medium of exchange in the Commonwealth of Dominica on October 7th 2022.
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Kalshi has started offering gold and silver perpetual futures to U.S. traders after getting clearance from the Commodity Futures Trading Commission.
The move gives the company another business line outside prediction markets and puts precious metals into the same contract structure already popular with crypto traders. Kalshi filed the request in July. The CFTC, which oversees derivatives markets, approved it this week, and the contracts went live on Thursday through Kalshi’s website.
The company entered the perp market through crypto first. Regulators cleared those products in late May, bringing a market that handled about $90 trillion in yearly volume during 2025 into a regulated U.S. venue for the first time.
Kalshi says its crypto perps have since reached $44 billion in notional volume, based on figures published on its platform.
Udesh Jha, chief risk officer at Kalshi Klear, the company’s clearing house, said trader demand made metals the next target. “Metals, especially gold and silver, have a story to tell because of inflation,” Udesh said.
Kalshi pushes its perp business into metals as Wall Street exchanges push back
The event markets at Kalshi were already attracting investments even before the announcement of the launch. The company revealed that the trading volume of its contracts on metals and oil went past $400 million within seven months. The crypto event markets, meanwhile, took double the time to reach the same mark.
A perp is similar to a futures contract in the sense that it has no expiration date. The trader does not have to own the asset but just has to trade according to the price fluctuations in the market. Funding payments in regular intervals will help align the perp with the spot price of the asset.
Meanwhile, in August, Kalshi filed for approval to introduce perps on U.S. equities, copper and foreign currencies. Gold and silver become the first non-crypto assets that have been cleared by the CFTC to be traded as perps.
It also comes at a time when there is competition among the derivatives exchanges. The shares of Cboe Global Markets (NYSE: CBOE) and CME Group (NASDAQ: CME) have dropped due to the regulation by US regulators to allow perpetual futures since there were fears that it might affect regular futures.
CME Group has taken the fight to court. The exchange sued the CFTC and is trying to block U.S. approvals for perps, arguing that the regulator allowed the contracts through an improper process.
Udesh said Kalshi believes regulation is a major reason its perp business has grown so quickly. “It all goes back to the regulated platform,” he said. “Doing it the right way, a way with proper risk controls… Unregulated platforms, they have always hit a ceiling.”
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Unitree Robotics (SHA: 688001) traded under 500 yuan a share for the first time on Thursday.
That decline erases more than 240 billion yuan of paper value behind the Chinese humanoid maker since its debut peak roughly three weeks ago and contributes to the fears that there is a bubble in the country’s robot sector.
Why did Unitree Robotics stocks fall?
When Unitree listed on Shanghai’s STAR Market on August 19, its shares were priced at 150.80 yuan and finished the first session at 845 yuan, representing a gain of more than 460%. During intraday trading, the stock touched 1,100 yuan, briefly raising the company’s value to roughly 445 billion yuan, or about $66 billion.
However, that peak has not held. The stock ended the previous trading session at 513.93 yuan (about $72.10), roughly 39% below its first-day closing price, and 53% below its first-day high.
On Thursday, it broke 500 yuan, dropping close to 3% to leave a market capitalization near 202 billion yuan. When compared to the 445-billion-yuan peak, more than 240 billion yuan in value has evaporated in about three weeks.
Despite the fall, Unitree trades at more than three times its 150.80-yuan offer price, and the company’s roughly $900 million raise, about 6.1 billion yuan, still stands.
Is Unitree’s business worth the valuation?
Unitree Robotics, officially referred to as Yushu Technology Co Ltd, reported 2025 revenue of 1.70 billion yuan (about $252 million), a sharp increase from the reported 392.77 million yuan the year before. The sale of more than 5,500 humanoid robots contributed as much as 868 million yuan to its 2025 total.
The company also posted a net profit of 278 million yuan and stated that for the first half of 2026, it expects revenue between 1.052 billion and 1.128 billion yuan, which would be a growth of about 36% to 45%.
Even so, Thursday’s close valued the firm at roughly $30 billion, which is about 125 times the company’s 2025 sales and more than 350 times its adjusted earnings. For contrast, Oregon’s Agility Robotics disclosed $1.78 million in 2025 net sales alongside a $140.2 million operating loss in its SEC filing for a proposed SPAC that values it near $2.5 billion.
What are regulators doing about IPOs for humanoid robot companies?
The China Securities Regulatory Commission has given informal “window guidance” to some banks and companies, telling them that humanoid robot companies hoping to launch IPOs need to show recurring revenue, a path to narrower losses, or genuine technological innovation.
China currently hosts more than 90 humanoid training centers, many of which are co-funded by local governments and manufacturers that buy robots to generate teleoperated training data. However, it is not known how much of the sector’s reported revenue comes from independent, repeat customers rather than that state-seeded loop.
That doubt is now being voiced from inside the industry through a screenshot attributed to Shao Tianlan, co-founder and CEO of component supplier Mech-Mind, that circulated on Thursday.
In the screenshot, Tianlan described a class of “attention-gathering” embodied-AI firms that book revenue through data-collection centers and related-party deals to push toward a listing.
Galbot, a startup founded in 2023 that appeared during the 2026 Spring Festival Gala and raised 2.5 billion yuan in March at a valuation above 20 billion yuan, was singled out in the comments of a summary posted on X. So far, it has not responded publicly, and no regulator has ruled on its transactions.
Notably, Mech-Mind listed in Hong Kong on September 1 at HK$101.7, then fell more than 20% over its first four sessions. Its own accounts show 1.044 billion yuan in cumulative losses across 2023 to 2025 against 389 million yuan in 2025 revenue.
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Investors looking for regulators to intervene in the Hunter Biden LAPTOP meme token “blood bath” may have to look past the SEC, as the Trump-appointed regime has already ruled in a February 2025 staff statement that meme tokens are not securities and anyone who gets burned trading them is not covered under federal securities law.
Reflecting on the epic proportions of the LAPTOP collapse, blockchain analytics firm Arkham reported that the token plunged 95% within 30 minutes of its Wednesday launch on the Base blockchain.
Ironically, the same SEC staff statement that gave the all-clear for the first couple to launch their TRUMP and MELANIA meme tokens is now also protecting the son of former POTUS, Joe Biden.
The irony reaches S-tier when the context of how the physical laptop became major ammo against Joe Biden and led to a federal firearm conviction for Hunter is applied. Now, one dollar sign and a tokenized version of the same object later, and it’s all good, at least, based on the current administration’s SEC interpretation.
Hunter Biden is living in the SEC’s safezone
Hunter Biden did not promise any equity, ownership, or profit throughout all of his LAPTOP promotion. He has also stated that nobody should expect him to make the token worth more, as specifically stated even in the Medium launch update: “You should not expect us or anyone else to make this token more valuable for you.”
The LAPTOP tokenomics do not exactly mirror a typical rug pull setup either.
Even with the token spread, LAPTOP still collapsed from a fully diluted valuation that Arkham estimated at $144 billion two minutes after launch to $5 billion thirty minutes later.
Analytics firm Bubblemaps, which often tracks such red flag launches, called the debut a “bloodbath.” One buyer flagged by Lookonchain turned $200,000 into $3,000 after entering the trade near $218 per token.
LAPTOP was trading around $0.79 as of this early Thursday Cryptopolitan report.
The LAPTOP team blamed the volatile launch on “predatory sniper bots” and a starting liquidity that could not absorb demand, which it put on the market maker.
It wrote on Medium that it would deploy four million tokens to seed Aerodrome pools. It also expects circulating supply to reduce by about 1% in week one when two prediction events resolve “Yes” and burn 10 million tokens.
Which regulators can act on memecoins?
As of February 2025, the SEC’s Division of Corporation Finance ruled that meme tokens do not meet the Howey test’s profits from the efforts of others requirement, writing: “Neither meme coin purchasers nor holders are protected by the federal securities laws.”
However, law firm analyses published on the Harvard and Columbia corporate-governance blogs stressed two caveats:
A token dressed up as a meme coin but functioning as a security still gets judged on economic reality.
Fraud remains open to the DOJ, CFTC, and state regulators.
Commissioner Caroline Crenshaw dissented, warning the carve-out reads like a loophole. But the practical effect stands. The securities regulator is not the obvious cop for LAPTOP.
The staff statement landed after Trump took office and installed new SEC leadership, and it followed his own coin.
The TRUMP token also followed a similar arc as LAPTOP, sinking to leave more than 800,000 wallets with over $2 billion in losses, per Better Markets. Cryptopolitan has noted TRUMP shed about 55% within minutes of the MELANIA launch.
Now, the interpretation that let both Trump tokens trade without securities registration is the same shield standing between the SEC and Hunter Biden’s LAPTOP.
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The federal government of Germany is preparing to tap into profits from long-term crypto investments which are currently exempt from taxation in the country.
According to a bill drafted by the Bundesfinanzministerium, 25% capital gains tax will soon apply even if the digital assets have been held for more than a year before sale.
Merz cabinet wants to tax all crypto gains from 2027
The executive authority in Berlin intends to start taxing profits resulting from cryptocurrency investments made from January 1, 2027 onwards, the German press has found out.
So far, these have been tax-free after a holding period of one year, although anyone who sells within 12 months after purchase owes personal income tax on the money they have made.
The coalition government of Chancellor Friedrich Merz now wants to scrap the exemption and impose the 25% rate that applies to traditional capital gains such as from dividends, stocks and interest.
Thus, holders of Bitcoin, Ethereum or any other crypto, around 7 million people in Germany, will have to pay the state what’s due from their profits, regardless of how long they kept the coins.
That’s according to a draft law put forward by Finance Minister Lars Klingbeil from the center-left Social Democratic Party (SPD).
The latter is the main partner in the cabinet of Merz’s center-right and conservative Christian democratic CDU/CSU alliance.
The Die Welt daily first broke the news about the upcoming legislation, which is yet to be adopted by the ruling majority in the German parliament.
If lawmakers pass the law, it will come into effect on the first day of next year and be in force for all crypto purchased after that, while existing rules will apply to previously acquired assets.
Berlin aims to collect €160 million in crypto tax
Starting from 2028, the tax will be withheld automatically by banks and financial institutions, as is already the case with other capital income, Handelsblatt noted in an article, also quoting the document.
This will give services providers enough time to prepare in terms of systems and technical procedures to collect and transfer the deductions to the state, pointed out the business newspaper.
The Bundesministerium für Finanzen (BMF) hopes to receive €160 million (over $186 million) in 2028. The revenue is expected to grow in the following years and eventually reach €350 million in 2030.
While the progressive income tax that currently applies to profits from short-term crypto investments may can reach 42%, the capital gains levy is fixed at a flat rate of 25%.
However, the latter will be slapped on all coin-related profits. And what’s more, in certain cases, an additional “solidarity surcharge” and even church tax will be due as well.
The new bill is still being coordinated within the federal government and some of its provisions may be amended in the coming weeks, the publication remarked.
It has been prepared after the parties in the coalition reached an agreement to change the taxation of crypto transactions during budget negotiations in the summer.
According to an estimate relayed by German media in July, officials in Berlin plan to secure an additional €1 billion next year by “combating financial and tax crime and introducing crypto taxation.”
Those reports were referring to the draft federal budget for 2027, the financial plan through 2030, as well as the legislative proposal, excerpts of which were published by the finance ministry.
Citing knowledgeable sources, the German Bitcoin news outlet BTC Echo highlighted at the time that the BMF expects crypto-linked budget receipts to approach €1 billion by the end of the decade.
Crypto tax reform becomes major political issue in Germany
The fate of the holding period exemption for cryptocurrency investments has turned into a political hotpoint in the Federal Republic.
An earlier attempt to abolish it, initiated by the by the “Greens” party, was halted at the Bundestag in May, as previously reported by Cryptopolitan.
Among the main opponents of the government-suggested tax hike is the Alternative for Germany (AfD) party, which recently won elections in the state of Saxony-Anhalt.
Labeled as a far-right political force by its more established rivals, the opposition AfD now aims to win more than 40% in the next national vote, scheduled to be take place in 2029.
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Anthropic has blamed a misconfiguration in a blog post explaining the four incidents of its Claude models hacking third-party systems after they broke onto the internet during testing. However, the assessment stopped short of explaining why the models actually pressed on with the attacks, with the company admitting that it did not have those answers yet.
That admission by Anthropic has offered fresh points to AI doomers that have been questioning how much control AI labs actually have over the models they are putting out to the public, and even more so, the more powerful systems they use internally.
How did Anthropic AI models break onto the internet?
Anthropic presented the definitive answer to how its models escaped their testing sandbox in a Wednesday blog post that clarified that a single outside partner was responsible for running the cybersecurity evaluations in all four confirmed incidents.
Apparently, the test machines were not completely cut off from the internet due to a setup error, even though Claude was told it was operating in a sealed simulation without a route to the open web.
The evaluation partner in those simulations, Irregular, put the error down to a naming mistake: a fictional company used in a hacking drill happened to match a real domain. So, in operating under the assumption that everything in the simulation was fair game, the models hacked the real third-party sites using weak passwords and exposed endpoints.
The latest of the four incidents, involving an early build of Claude Opus 4.6, was only reported this week even though it happened way back in January. Anthropic itself had covered the other three incidents involving an Opus 4.7, Mythos 5 and an internal research model in July.
Anthropic said it never caught the January incident until last month. That discovery prompted a wider sweep of roughly 481 million transcripts, which did not turn up any new cases more serious than what it already knew.
Model Incident Date Reported Date Details Claude Opus 4.6 January September Discovered during August sweep Claude Opus 4.7 July July Covered in initial July disclosure Mythos 5 July July Showed notably high biased reasoning Internal Research Model July July Covered in initial July disclosure
Anthropic cannot explain some of its models’ behaviors
The explanation of how the models broke free on the internet was one thing; Anthropic did not have answers as to why the models ignored signs that they had reached the real internet (biased reasoning) and why they caused damage to complete tasks (recklessness).
Anthropic researchers came up empty when they dug into internal training to figure out the rationale for the biased reasoning. The red flags never showed up in the AI lab’s pre-release checks, either before the models were shipped to testing.
By its own admission, catching the worst behaviors ahead of model release “remains challenging.”
However, Anthropic has said it will submit transcripts and grant staff access to the METR research nonprofit, which will now start an eight-week independent review of the incidents.
Bad timing with a $2 trillion IPO on the horizon
The disclosure arrived alongside open dissent inside the industry. Jacob Coxon, who spent about three years on pretraining research at OpenAI and Anthropic, said on X on Wednesday that he had quit because neither firm was “acting responsibly,” warning they were racing toward self-improving superintelligence.
Anthropic safety researcher Evan Hubinger separately told the BBC he put the odds that AI “could kill all humans” within a decade above 10%.
Those warnings now shadow a large IPO. Venture investor and Trump’s former AI and crypto czar, David Sacks, said on Thursday that Anthropic’s offering “must be paused until the claims of this ‘whistleblower’ can be investigated,” Cryptopolitan reported.
Anthropic is chasing a public valuation near $2 trillion, against a recent private mark of about $965 billion, which leaves the safety questions and the financial ones increasingly hard to separate.
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Solana is the venue for a new wave of token launches, canceling the narrative of fatigue from new launches. The expansion comes from renewed competition with Robinhood Chain over new types of on-chain assets.
Solana had its best day for token launches, with a total of 263K new assets minted. After months of stagnant meme token trading, Solana raised the issue of new token fatigue and a withdrawal of traders from the trenches.
The latest token launch results were an outlier, surpassing even the best days during peak meme token seasons. The recent data by Solscan shows an absolute record in new token launches, arriving just days after the emergence of the StonkFun platform.
As Cryptopolitan reported, reflection tokens were one of the new trends that caused a wave of launches. Along with the Robinhood chain, Solana was the main venue for memes reflecting other assets. The recent rise in launches boosted the revenues of the Raydium DEX, as well as the emerging StonkFun launchpad.
Unlike regular memes, the new wave of reflection tokens seeks multiple types of pairings, including tokenized stock, RWA perpetual futures, other tokens, NFTs, and blue-chip crypto assets. This new model was adopted quickly and seems to be entering an even more active stage of user FOMO, automation, and competition.
Additionally, launchpad platforms have built-in revenue sharing. On-chain estimates show StonkFun shares $10,000 for each $1M in trading volume through token burns. Robinhood’s Pons also levies a tax but shares the revenues with token creators.
The new Solana token boom also shows that new traders can emerge with the promise of underlying value, avoiding the worst rug pulls and losses in traditional meme tokens.
Solana platforms get ahead of Robinhood
In the past week, competition heated up between new launchpads, most of them dealing with reflection meme tokens and various ways to pair up assets. The reflection token landscape is shifting all the time, with most of the new launches linked to high-profile equities and their on-chain representation.
For the past two days, StonkFun has surpassed Pons, the native Robinhood launchpad. StonkFun, built on Solana, pairs up memes with high-profile crypto assets like ZEC or with the most hyped AI narrative stocks. The competition may intensify, as PumpFun also launched its own version of reflection tokens, offering the ‘custom pairs‘ option.
While data lags, the recent gains may be due to new launches. StonkFun also carries high-profile memes like STONK (reflecting SPCX) and ZCAT (reflecting ZEC), which are also the most liquid and among the day’s top gainers.
STONK rallied to $0.22, boosted by the overall performance of StonkFun, tracking the general trend of reflection tokens. The token also rallied after StonkFun announced it would distribute dividends to any token holder in its ecosystem.
STONK reflected the rise of StonkFun and reflection tokens in the past week, leading up to the record new token mints on Solana. | Source: Coingecko
The expansion of new launches also tracks the increasing representation of real-world assets (RWA) on Solana. Recently, Sunrise added more than 20 new tokenized stocks. The recent rush to build new launchpads and issue tokens is seen as a signal for an RWA supercycle.
Until recently, RWAs were mostly experimental and traded with low liquidity. Integrating stocks into DeFi, trading in the trenches, and automated token trading may boost liquidity and discover new use cases.
The new launchpads remain unregulated, and any connections with stock or asset ownership can vary from project to project. For now, most of the growth is based on a mix of FOMO and demand for passive income, as well as exposure to existing on-chain RWA.
Meteora boosts token launches on Solana
Some of the new Solana launches may be tied to the Meteora platform. Meteora allowed the creation of pairs between any two Solana assets.
The DEX allows for any token to be traded against other assets, creating a new source of liquidity, instead of only relying on USDC and other stablecoins.
Meteora’s offer has already drawn in Perpspad for new trading pairs, where new tokens reflect RWA perpetual futures positions.
Meteora is also one of the largest liquidity pools on Solana and may be adopted as the venue for the next wave of RWA-backed meme launches.

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Open Interest on Hyperliquid has reached levels not seen in nearly eleven months. Data from DefiLlama shows that OI crossed the $14 billion mark on September 4 and now reads at $14.669 billion.
Open interest on the platform bottomed in February this year at around $4.76 billion. That is around a 210% growth in OI over the past seven months. What is also notable is the fact that there wasn’t a period that saw rapid growth as well. When looking at the chart, the growth has been gradual ever since March, indicating that this climb up is structurally different from the quick leverage buildup in October last year.
Coinbase Routing, A CFTC Comment and an $820 Million Unlock
Over the course of the last month there have been separate events that have been beneficial for the plaftorm. On August 19th, Coinbase announced that its Base app would use Hyperliquid-powered perpetual futures, giving users access to 290+ perp markets across crypto, commodities and equities. This effectively opened a massive distribution channel for the platform. Then, a day later, President Trump brought the regulatory debate into focus when he said that the CFTC is actively working on bringing Hyperliquid onshore.
After this was a test on September 6, when 9.92 million HYPE was unlocked, worth roughly $820 million. This was the one event here that could have wobbled the open interest climb but the market did not budge and OI printed its local high the very next day.
HIP-3 Built the First Leg, Core Perps are Building This One
When we break down what’s driving the open interest within Hyperliquid, the composition here has shifted over the past month as well. Builder-deployed HIP-3 markets carried the open interest growth earlier in the year, growing from 18% of total OI on the platform to more than 34% in August and crossing $4 billion. The trend here has now changed. Total OI added $3.80 billion this past month while data from hyperscreener shows that HIP-3 declined by around $200 million.
That shift changes what the growth is worth. Core markets route about 99% of fees into HYPE buybacks. Builder markets let deployers keep up to half of what they generate. Growth on the core side feeds the token more directly, and the core side is where the last month of size went.
Hyperliquid now holds about 76% of perp DEX open interest
Artemis data from September 8 puts total open interest across tracked perp DEXs at $19.2 billion, with Hyperliquid at $14.6 billion of it. Aster sits at $2.5 billion, Lighter at $1.1 billion and edgeX at $598.6 million. Everything else on the list is under $210 million.
That spread is the real story here. Through late 2025 the stacked chart looked genuinely competitive, with challengers taking meaningful share during the October peak. A year on, the field has consolidated and Hyperliquid has taken roughly three quarters of it. The size showing up now is size that used to sit on centralized venues.
What the Number Does Not Say
Open interest is the notional value of open positions. It is not capital coming into the platform and it does not point in a direction. A $14.7 billion book can be built by longs, shorts or a balanced mix of both, and higher OI means more positions available to liquidate if price moves hard. October 2025 demonstrated exactly that.
What it does measure is where traders are willing to leave size sitting. On that count, the answer has changed.
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David Sacks said on Thursday that Anthropic’s initial public offering should be put on hold after Jacob Coxon informed the public that AI laboratories are “gambling with our lives.” In his post on X, Sacks stated that the IPO “must be paused until the claims of this ‘whistleblower’ can be investigated.”
With the public offering at the forefront of the investor’s attention, the disagreement about lab safety becomes a critical governance issue. With Anthropic vying for a valuation of almost $2 trillion in public markets, it raises the question of whether safety issues are separate from the investment at stake, especially as researchers and lawmakers have publicly questioned the speed of frontier AI development.
The resignation “sent shock waves through Silicon Valley”
The controversy started after Coxon resigned from Anthropic earlier this week. The ex-pre-training researcher from OpenAI and Anthropic claimed that neither firm was “acting responsibly” and blamed them for competing to achieve self-improving superintelligence.
I resigned from Anthropic today. I spent the last three years doing pretraining research at both OpenAI and Anthropic. Neither company is acting responsibly. They are racing straight to self-improving superintelligence and gambling with our lives. More thoughts below.
— Jacob Coxon (@hilbertspaess) September 9, 2026
Coxon had stated that some of his colleagues depict the upcoming year or two as “crunch time for humanity.” He warned that advanced systems can go beyond human capabilities and may result in human extinction by the end of the decade.
He is not the only person discussing the issue of extreme risk. Evan Hubinger, a researcher from Anthropic, stated that the possibility of AI killing all people within 10 years is more than 10%. Meanwhile, news has surfaced about the same concerns expressed by other scientists from Anthropic.
At the same time, Anthropic emphasized that it has been aware of both benefits and risks of AI for a long time. The company shared the data about its safety research and called for a “lawful, verifiable way” for the industry to coordinate how powerful models should be introduced to the public.
Washington gets loud, on both flanks
The debate easily reached Washington. Republican Senator Ted Cruz described AI as a “catastrophic risk,” while independent Senator Bernie Sanders stated that American citizens want artificial superintelligence halted until safety regulations are in place.
Democrats are also demanding action on this issue. Representative Ted Lieu linked Coxon’s warning to a bipartisan “AI Kill Switch Bill,” while Representative Lori Trahan said that Congress can no longer remain passive in this situation.
The bipartisan pressure adds more momentum to Sacks’ statement than just a social media message. Safety issues are clashing with Anthropic objectives.
A near-$2 trillion listing runs into a safety test
The timing is particularly uncomfortable for Anthropic. Cryptopolitan previously reported that the company is expected to begin IPO marketing in mid-October and list before the November US midterm elections after confidentially filing a draft S-1 with the SEC on June 1. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working on the deal.
Anthropic’s latest private financing valued it at about $965 billion, compared with OpenAI’s $852 billion private mark. Reported public-market ambitions are considerably higher: Anthropic backers have discussed a valuation near $2 trillion, while OpenAI has been associated with a target around $1 trillion. Morningstar, citing PitchBook data, put their latest private valuations at $965 billion and $852 billion, respectively.
Anthropic vs OpenAI Valuations: Private Marks and Reported 2026 IPO Targets
That would mean Anthropic is asking investors to accept roughly a 107% jump from its latest private valuation, compared with about 17% for OpenAI.
The annualized revenue of Anthropic has reached $65 billion at the end of July; however, public investors are still waiting for the audited margins as well as for compute expenses and customer concentration statistics, which will influence whether this high cost would be sustained.
The risk premium question
None of this suggests AI spending is about to collapse. Goldman Sachs Research expects global AI investment to exceed $1 trillion in 2026, including about $581 billion in the US.
The bigger issue is whether investors now demand a higher risk discount.
The International AI Safety Report 2026 warns that competitive pressure can encourage faster releases at the expense of risk mitigation, while many frontier-AI safeguards remain voluntary. Reuters has also highlighted how rapid capability gains and increasingly autonomous AI behavior are intensifying safety concerns.
Anthropic therefore faces two tests at once: convincing investors that its economics justify a near-$2 trillion valuation, and that the risks surrounding increasingly powerful AI systems can be governed. As the IPO approaches, those two questions are becoming harder to separate.
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President Donald Trump is promising American adults $5,000 each if Republicans keep the House and Senate after the November midterms. Trump announced the idea Wednesday at the GOP gathering in Dallas while Republicans try to hold their congressional majorities.
Sending that much money across the United States would mean a large federal expense. With each person getting $5,000, the cost could pass $1 trillion quickly. The government is currently spending about $1.8 trillion more than it collects on an annual basis, all amid inflation concerns for consumers and the markets.
Trump made the offer depend on the election result. “If the Republicans win, you win with us, and you get $5,000,” he said. “It will be called the Trump Dividend.”
He described the checks like cash companies sometimes return to shareholders, while pointing to what he called “our tremendous strength and success economically.”
JD Vance limits Trump’s $5,000 proposal while the funding numbers fall short
Vice President JD Vance wasted no time in trying to scale down the proposal an hour after Trump’s address, stating that some of America’s wealthiest could be cut out of the plan. Tariff revenue could be used in order to cover the expenses as well. But here lies the issue, as tariff receipts are significantly lower than the required sum for this payment scheme.
Before even the Supreme Court rejected most of Trump’s tariffs last year, the government was already not receiving enough funds to pay for such an endeavor worth $1 trillion or more. In order to implement a national payment system, Congress needs to find additional sources of funding.
The proposal also lands at a rough time for federal finances. Total U.S. debt went above $40 trillion for the first time last month. Trump has often complained that the party holding the White House usually gives up seats during midterm elections. Republicans are trying to stop that from happening this November.
“We’re going to change that,” Trump said. “There’s no reason for it.”
The proposal also recalls Elon Musk’s role in last year’s Wisconsin Supreme Court contest. Elon handed million-dollar checks to voters as he tried to help a candidate win. The candidate ended up losing anyway.
Trump has brought up cash payments before, but he had never connected the idea this directly to Republicans keeping Congress. Earlier this year, he talked about a $2,000 dividend and said he might be able to issue it without congressional approval. Last year, he sent service members $1,776 apiece and called the payment a “warrior dividend.”
Republican Sen. Bernie Moreno of Ohio backed the new proposal almost immediately today. “I will get a bill ready so that we can get the Trump Dividend passed immediately after the November 3rd election,” Bernie wrote on X late Wednesday. “Because Republicans (and America) will win!”
Rising federal debt and the Iran war complicate Trump’s latest cash proposal
Trump also used part of the Dallas speech to talk about the war with Iran. He said Tehran had been “two, maybe three weeks away from having a nuclear weapon.” During the same appearance, he acknowledged the financial pain coming from the conflict as crude prices moved higher.
Trump then acted out a conversation he said he had with his economic advisers before the fighting started. “I hate to do this to you,” Trump said he told them, while saying the economy had been doing well before the choice to begin the war.
Federal finances are already carrying a heavy debt load. Government debt is now about the same size as 100% of U.S. national income, based on Treasury figures. America has not been around that level since the World War II period.
The numbers looked different before that. Federal debt was close to 40% of GDP in the early 1940s. Massive wartime expenses then sent the ratio above 100% during 1945 and 1946, when it reached the highest point of that period.
Following the conclusion of the war, economic growth and federal budgetary constraints gradually reduced that ratio. By the mid-1970s, the nation’s debt-to-GDP ratio was below 25%. For decades after that, it remained within the range of 30% to 40%.
The global economic downturn of 2008 was to alter that trend. The COVID-19 outbreak arrived in 2020, bringing another large round of government support. Debt then returned to close to 100% and has remained around there since. Treasury data also shows the ratio kept moving higher during the first quarter of this year.
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