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The onshore RMB against the USD officially closed at 6.7946 at 16:30 Beijing time, an increase of 8 points from the previous trading day's official closing price, and up 17 points from the previous night's closing.

[Onshore RMB Against USD Officially Closed at 6.7946]The onshore RMB against the USD officially closed at 6.7946 at 16:30 Beijing time, an increase of 8 points from the previous trading day's official closing price, and up 17 points from the previous night's closing.

Onshore RMB Against USD Officially Closed at 6.7946

On May 12, Wccftech reported that the Trump administration is exerting ongoing pressure on Tesla to move the manufacturing of its AI 6.5 chip from TSMC to Intel.

[Tesla's AI 6.5 Chip May Shift Production to Intel]On May 12, Wccftech reported that the Trump administration is exerting ongoing pressure on Tesla to move the manufacturing of its AI 6.5 chip from TSMC to Intel.

Tesla's AI 6.5 Chip May Shift Production to Intel

On May 11, WTI crude oil rose 3% intraday, currently priced at $101.58 per barrel. Brent crude surpassed $105 per barrel, increasing by 2.49% during the day.

[WTI Crude Oil Rises 3% Intraday, Brent Crude Surpasses $105 per Barrel]On May 11, WTI crude oil rose 3% intraday, currently priced at $101.58 per barrel. Brent crude surpassed $105 per barrel, increasing by 2.49% during the day.

WTI Crude Oil Rises 3% Intraday, Brent Crude Surpasses $105 per Barrel

On May 12, Morgan Stanley Wealth Management predicted that incoming Federal Reserve Chair Walsh will implement policies such as reducing the balance sheet and weakening forward guidance after taking office.

[Morgan Stanley: Walsh Expected to Implement Balance Sheet Reduction After Taking Office]On May 12, Morgan Stanley Wealth Management predicted that incoming Federal Reserve Chair Walsh will implement policies such as reducing the balance sheet and weakening forward guidance after taking office.

Morgan Stanley: Walsh Expected to Implement Balance Sheet Reduction After Taking Office

On May 12, the crypto financing market has shown a significant recovery since April, with a total fundraising amount of approximately $2.359 billion, primarily driven by a few large transactions. In the prediction market sector, Kalshi stood out with a single new financing of $1 billion, bringing the total financing for the sector to over $1 billion. Other financing in the prediction market includes $6 million from startup XO Market and $5 million raised by live prediction market Pumpcade in its seed round. VC funds also performed strongly, with Haun Ventures completing a $1 billion new fundraise and expanding its investment scope to the AI agency sector. Meanwhile, South Korean crypto venture firm Hashed Ventures raised $2.2 million during the same period. The stablecoin and payment infrastructure sector showed robust performance, with a total financing amount of approximately $128 million. Among them, payment infrastructure company Fun raised $72 million, and Latin American digital wallet platform Belo secured $14 million. The $12 million financing of Paxos Labs attracted market attention, led by long-term crypto venture firm Blockchain Capital, with participation from Robot Ventures, family office Maelstrom, and DeFi development company Uniswap Labs. Financing in the DeFi and RWA sectors amounted to about $88 million, with Galaxy Digital leading the $20 million financing for credit market Fence, which became the largest financing in the sector. Other financings included $17 million for on-chain RWA lending and stablecoin project OpenTrade, $3.75 million for lending platform Votre, and $8 million for asset tokenization company KAIO. The intersection of AI and crypto saw smaller financing amounts, totaling $24 million. AI + blockchain land registration platform Balcony raised $12.7 million, AI digital asset trading agency platform Fere AI raised $1.3 million, and AI quantitative trading platform AlphaNet secured $10 million.

[Significant Recovery in Crypto Financing Since April, Strong Performance in Prediction Markets, VC Funds, Stablecoins, and RWA]On May 12, the crypto financing market has shown a significant recovery since April, with a total fundraising amount of approximately $2.359 billion, primarily driven by a few large transactions. In the prediction market sector, Kalshi stood out with a single new financing of $1 billion, bringing the total financing for the sector to over $1 billion. Other financing in the prediction market includes $6 million from startup XO Market and $5 million raised by live prediction market Pumpcade in its seed round. VC funds also performed strongly, with Haun Ventures completing a $1 billion new fundraise and expanding its investment scope to the AI agency sector. Meanwhile, South Korean crypto venture firm Hashed Ventures raised $2.2 million during the same period. The stablecoin and payment infrastructure sector showed robust performance, with a total financing amount of approximately $128 million. Among them, payment infrastructure company Fun raised $72 million, and Latin American digital wallet platform Belo secured $14 million. The $12 million financing of Paxos Labs attracted market attention, led by long-term crypto venture firm Blockchain Capital, with participation from Robot Ventures, family office Maelstrom, and DeFi development company Uniswap Labs. Financing in the DeFi and RWA sectors amounted to about $88 million, with Galaxy Digital leading the $20 million financing for credit market Fence, which became the largest financing in the sector. Other financings included $17 million for on-chain RWA lending and stablecoin project OpenTrade, $3.75 million for lending platform Votre, and $8 million for asset tokenization company KAIO. The intersection of AI and crypto saw smaller financing amounts, totaling $24 million. AI + blockchain land registration platform Balcony raised $12.7 million, AI digital asset trading agency platform Fere AI raised $1.3 million, and AI quantitative trading platform AlphaNet secured $10 million.

Significant Recovery in Crypto Financing Since April, Strong Performance in Prediction Markets, VC Funds, Stablecoins, and RWA

On May 11, according to monitoring by Arkham, Bhutan is selling Bitcoin and has just transferred 100 BTC (worth $8.1 million) from its holding wallet. At the current selling rate, its BTC will be depleted by the end of September. Since the beginning of the year, Bhutan has sold a total of $230.39 million in BTC, with remaining BTC valued at $252 million, selling approximately $50 million per month. If all remaining BTC is sold at the current price, the on-chain profit will reach $767 million.

[Bhutan Transfers Another 100 BTC, Total Sales Reach $230 Million Since January]On May 11, according to monitoring by Arkham, Bhutan is selling Bitcoin and has just transferred 100 BTC (worth $8.1 million) from its holding wallet. At the current selling rate, its BTC will be depleted by the end of September. Since the beginning of the year, Bhutan has sold a total of $230.39 million in BTC, with remaining BTC valued at $252 million, selling approximately $50 million per month. If all remaining BTC is sold at the current price, the on-chain profit will reach $767 million.

Bhutan Transfers Another 100 BTC, Total Sales Reach $230 Million Since January

On May 12, Citi released a research report indicating that Alibaba's cloud division, Alibaba Cloud, possesses vertically integrated full-stack capabilities in artificial intelligence, ranging from chip subsidiary T-head, Infrastructure as a Service (IaaS), Platform as a Service (PaaS) to Model as a Service (MaaS). Coupled with the continuous advancements of its Tongyi Qianwen large language model (LLM) and Model-Scope platform, the firm is optimistic about the company's favorable position in the rapidly growing token economy, designating it as the top choice for AI investments in China. Citi reiterated its 'Buy' rating on Alibaba, setting a target price of HKD 204 for its Hong Kong shares and USD 205 for its ADRs. The firm believes that the company's continuously improving full-stack AI capabilities can lead to cost synergies and profit expansion. Citi expects that Alibaba Cloud's AI-related revenue will achieve a compound annual growth rate of 90% from fiscal years 2026 to 2031, accounting for 70% of total cloud business revenue by fiscal year 2031.

[Citi: Names Alibaba as Top AI Investment in China, Target Price HKD 204]On May 12, Citi released a research report indicating that Alibaba's cloud division, Alibaba Cloud, possesses vertically integrated full-stack capabilities in artificial intelligence, ranging from chip subsidiary T-head, Infrastructure as a Service (IaaS), Platform as a Service (PaaS) to Model as a Service (MaaS). Coupled with the continuous advancements of its Tongyi Qianwen large language model (LLM) and Model-Scope platform, the firm is optimistic about the company's favorable position in the rapidly growing token economy, designating it as the top choice for AI investments in China. Citi reiterated its 'Buy' rating on Alibaba, setting a target price of HKD 204 for its Hong Kong shares and USD 205 for its ADRs. The firm believes that the company's continuously improving full-stack AI capabilities can lead to cost synergies and profit expansion. Citi expects that Alibaba Cloud's AI-related revenue will achieve a compound annual growth rate of 90% from fiscal years 2026 to 2031, accounting for 70% of total cloud business revenue by fiscal year 2031.

Citi: Names Alibaba as Top AI Investment in China, Target Price HKD 204

On May 12, WFTV reported that Christopher Delgado, the former CEO of Goliath Ventures, publicly apologized to investors in an interview, stating he had "betrayed their trust" and expressed his willingness to return to the U.S. to face charges. He admitted that the company promised investors high monthly returns but actually used the funds to purchase a $14.5 million property in Florida, host luxury events, and fund high-end travel. One investor reportedly lost about $720,000. Previously, Christopher Delgado was charged by U.S. prosecutors with fraud and money laundering in connection with a $328 million crypto Ponzi scheme, facing up to 30 years in prison.

[Former CEO of Goliath Ventures Apologizes for Crypto Ponzi Scheme]On May 12, WFTV reported that Christopher Delgado, the former CEO of Goliath Ventures, publicly apologized to investors in an interview, stating he had "betrayed their trust" and expressed his willingness to return to the U.S. to face charges. He admitted that the company promised investors high monthly returns but actually used the funds to purchase a $14.5 million property in Florida, host luxury events, and fund high-end travel. One investor reportedly lost about $720,000. Previously, Christopher Delgado was charged by U.S. prosecutors with fraud and money laundering in connection with a $328 million crypto Ponzi scheme, facing up to 30 years in prison.

Former CEO of Goliath Ventures Apologizes for Crypto Ponzi Scheme

On May 12, Citi released a research report stating that Alibaba's cloud computing arm, Alibaba Cloud, possesses vertically integrated AI capabilities ranging from chip subsidiary Tongyi Qianwen, Infrastructure as a Service (IaaS), Platform as a Service (PaaS), to Model as a Service (MaaS). Coupled with the continuous advancements of its Tongyi Qianwen large language model (LLM) and Model-Scope platform, the firm is optimistic about the company's favorable position in the rapidly growing token economy, designating it as the top choice for AI investments in China. Citi reaffirmed its 'Buy' rating on Alibaba, setting a target price of HKD 204 for its H-shares and USD 205 for its ADRs, believing that the company's continually improving AI stack capabilities will yield cost synergies and profit expansion opportunities. The bank anticipates that Alibaba Cloud's AI-related revenue will achieve a compound annual growth rate of 90% from fiscal years 2026 to 2031, accounting for 70% of total cloud business revenue by fiscal year 2031.

[Citi Names Alibaba as Top AI Investment Choice in China with H-Share Target Price of HKD 204]On May 12, Citi released a research report stating that Alibaba's cloud computing arm, Alibaba Cloud, possesses vertically integrated AI capabilities ranging from chip subsidiary Tongyi Qianwen, Infrastructure as a Service (IaaS), Platform as a Service (PaaS), to Model as a Service (MaaS). Coupled with the continuous advancements of its Tongyi Qianwen large language model (LLM) and Model-Scope platform, the firm is optimistic about the company's favorable position in the rapidly growing token economy, designating it as the top choice for AI investments in China. Citi reaffirmed its 'Buy' rating on Alibaba, setting a target price of HKD 204 for its H-shares and USD 205 for its ADRs, believing that the company's continually improving AI stack capabilities will yield cost synergies and profit expansion opportunities. The bank anticipates that Alibaba Cloud's AI-related revenue will achieve a compound annual growth rate of 90% from fiscal years 2026 to 2031, accounting for 70% of total cloud business revenue by fiscal year 2031.

Citi Names Alibaba as Top AI Investment Choice in China with H-Share Target Price of HKD 204

According to CNBC, Jim Messina, former President Barack Obama’s deputy chief of staff, is bringing some hefty lobbying guidance to a London-based cryptocurrency trading platform as the industry braces for new regulations in the U.S. and abroad. The veteran political operative joined Blockchain.com’s board early last year, becoming a key advisor on its government relations and policy strategy, chief business officer Lane Kasselman said in an interview with CNBC. Blockchain.com, was among a group of crypto companies that lobbied elements of the Digital Financial Assets Law, which would tighten oversight of the industry in California where many U.S.-based crypto firms are based. They “offered amendments and feedback” after the bill was introduced, Kasselman said. He said their “main amendment focus” was the bill’s “implementation period.” If signed into law by Gov. Gavin Newsom, the bill would go into effect in 2025 and require companies, such as digital-asset exchanges, to obtain licenses through the state’s Department of Financial Protection and Innovation.

Detail

【Former senior Obama advisor guides lobbying and policy strategy of London cryptocurrency firm】According to CNBC, Jim Messina, former President Barack Obama’s deputy chief of staff, is bringing some hefty lobbying guidance to a London-based cryptocurrency trading platform as the industry braces for new regulations in the U.S. and abroad. The veteran political operative joined Blockchain.com’s board early last year, becoming a key advisor on its government relations and policy strategy, chief business officer Lane Kasselman said in an interview with CNBC. Blockchain.com, was among a group of crypto companies that lobbied elements of the Digital Financial Assets Law, which would tighten oversight of the industry in California where many U.S.-based crypto firms are based. They “offered amendments and feedback” after the bill was introduced, Kasselman said. He said their “main amendment focus” was the bill’s “implementation period.” If signed into law by Gov. Gavin Newsom, the bill would go into effect in 2025 and require companies, such as digital-asset exchanges, to obtain licenses through the state’s Department of Financial Protection and Innovation.

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Former senior Obama advisor guides lobbying and policy strategy of London cryptocurrency firm

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