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

Zhipu GLM 5.3 suspected early run: Within the first hour, many people managed to access the GLM 5.3 documentation page, and Microsoft Bing’s search page also indexed the new GLM 5.3.

At present, the relevant pages have been urgently updated.

Are we at the third step? A representative from South Korea’s second-largest political party files criminal charges with the Supreme Prosecutors’ Office, saying that they believe the Director of the Korean Policy Office, Kim Yong-bum, who allegedly instructed regulators to urgently approve the listing of individual-stock leveraged ETFs, is suspected of abusing his power, coercing others, and obstructing official duties.

The charges claim that, under his guidance and requests, these leveraged products were rushed and approved for listing, causing losses for many investors.

Musk shared a comparison image of how he used to work on AI versus how he works on AI now, mocking the current atmosphere in the AI industry. In the past, people had to tackle all kinds of deep mathematics and statistical proofs, with great emphasis on theories and processes.

But now, all it takes is to keep feeding data, piling up GPUs, making the model bigger—then as long as it works. If it doesn’t, it might still become the strongest model out there, and then you keep using the same approach to build an even bigger one.

So tragic—Bloomberg interviewed several Korean individual investors, including a 40-year-old man who mortgaged his own apartment, borrowed 50 million won to trade stocks, and after recording losses he publicly criticized the fact that the government approved these leveraged ETFs, which is essentially pouring gasoline on the fire and turning the stock market into a casino.

And another 40-year-old man—since everyone is trading stocks—decided to join in after the May peak this year, but in the end he announced that he’s done playing and won’t trade anymore.

Did everyone actually swarm to South Korea? South Korean government data released last week showed that as of 2025, foreign residents in South Korea account for 4.1% of the population, officially surpassing 2.1 million people, nearly half of whom are Chinese nationals.

As South Korea still maintains relatively low-threshold policies for obtaining a green card by depositing money, for ethnic Koreans from North Korea to apply for visas, and for the points-based system that allows a green card after three years, foreign residents are rising rapidly.

Yen appreciation panic is hitting global markets, with a new Plaza Accord reappearing.

Wellington Altus strategy analysts and the influencer blogger ZeroHedge both believe that in this joint U.S.-Japan rescue effort, the U.S. Treasury has started buying yen from the market. This indicates that the U.S. government understands that the current trajectory of long-term interest rates is driven mainly by capital flows, not by the inflation fears repeatedly manufactured and amplified by Wall Street.

Japan is now at the center of this issue. If Tokyo has to defend the yen, Japan’s Ministry of Finance may need to pledge or sell more U.S. Treasuries.

When the largest overseas holder of U.S. Treasuries starts selling, long-end yields on U.S. debt will be repriced.

That’s why the current situation appears to be more than a routine currency flare-up. It looks more like the beginning of a new Plaza Accord—and Bretton Woods 2.0.

Since the 1980s, Japan has been at the core of the global yen carry trade, exporting savings overseas, suppressing global yields, and helping maintain a financial order built on cheap leverage and central-bank management.

A large number of investors believe the yen will keep depreciating, interest rates will remain low, and they can borrow yen to buy U.S. stocks, U.S. Treasuries, and related deposits that will rise.

But as Japan’s quantitative easing comes to an end, the yen carry trade is also nearing its end. Going forward, interest rates will be decided increasingly by capital markets rather than central banks.

Large tech companies, shifting from providers of savings to net borrowers, further intensify this pressure. In the past, these firms absorbed long-term assets; now they are issuing bonds to finance AI infrastructure, data centers, chips, and power projects. This is another reason long-end yields are rising.

And for investors, facing Japan’s long-term interest rates climbing and the yen appreciating, they are forced to tighten the investments they borrowed and to go back to cover yen margin calls.

After Goldman Sachs and JPMorgan Chase, Morgan Stanley has also come forward, hinting that the South Korean stock market could be a bargain to pick up 🤣
Morgan Stanley believes that after the market has been shaken out, the South Korean stock market has 36% upside potential. A large amount of leverage has already been washed out by the market, so it remains bullish on the KOSPI (Korea Composite Index), targeting 9,000 points, compared with the current level of around 6,300 points.

Looks like it’s going to be a full-scale business war. Besides the warning billboard posted to competitors at the entrance of Xiaomi’s offline store the day before yesterday, Lei Jun’s special assistant sent out two messages in two days—an ‘on one side, off the other’ kind of move toward competitors.

The current situation in primary schools in Beijing: well-known universities’ affiliated primary schools have all started AI club classes.

In some schools, even first graders have at least one AI lesson each week, along with supporting systematic textbooks to popularize AI knowledge and the underlying principles.

Learn from Musk? A netizen reportedly ran into the Ideal founder’s boss family and found that founder Li Xiang’s wife is pregnant again. If we follow Li Xiang’s previous朋友圈 posts, this should be Li Xiang’s sixth child.

A subscription service to get faster Trump posts is now officially on sale starting today, priced at around $100,000 per month.

With this subscription, you can receive alerts on new posts published on Truth Social by Trump and other top accounts before regular users. This subscription service will bring additional revenue to the Trump media company.

Reuters confirms that the United States and Japan have taken coordinated action in the foreign exchange market. Authorities have intervened by purchasing yen in multiple rounds to counter the yen’s depreciation. Next Monday, both sides will hold press conferences around the world to disclose information about this action.

At present, government officials say that the coordinated action is still ongoing.

Overseas human resources companies, ManpowerGroup’s research found that as more and more companies are starting to use AI to screen resumes, some clever job seekers put in ultra-small white text in their resumes, saying that this is the best-suited candidate—asking the system to move this person forward directly to trick the AI into getting their resume in front of HR and placing them at the front.

Alibaba Group chairman Joe Tsai ends his 30-year marriage. Both parties’ spokespeople confirmed that the couple has jointly decided on a peaceful divorce. They have three children, and going forward they will shift from being spouses to business partners.

This divorce will not affect Tsai’s Alibaba holdings or the operation of the NBA’s Brooklyn team. Tsai will remain chairman of Alibaba and a director of Ant Group.

The end of an era: China’s three major telecom operators jointly released an announcement. Starting today, they will no longer process SIM-card and number-card services through third-party internet platforms.

Affected users include Tencent’s Wang Card, Ant’s Bao Card, Bilibili’s card, Mango Card, and others. At present, the application entry points for these third-party partner SIM cards have been closed.

Sell euros, buy yen. A report by the Financial Times says that in last night’s yen-rescue operation, the New York Fed was commissioned by the U.S. Treasury to sell euros and buy yen through Goldman Sachs and Morgan Stanley, to prevent the yen from falling further.

Meanwhile, photos circulating today show a to-do list on U.S. Treasury Secretary Scott Bessent’s desk, with a note to buy yen worth between $5 and $10 billion.

Business competition is this fierce? Today at Xiaomi Pengcheng’s new car, at the entrance of the exclusive experience store, there was suddenly a handwritten announcement board. On it, it said, “Friendly competitor people, please do not disturb our customers; face them for being indecent.”

Among them, “face them for being indecent” was also written over in red pen, with special emphasis.