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On May 8, Federal Reserve Governor Milan stated on Friday that he hopes current Fed Chair Powell will only briefly remain as a governor after stepping down from the chairmanship. Milan remarked, "I think it is important to ensure that this is just a transitional phase, rather than having some ulterior motive behind Powell's continued role as a governor." Following last week's meeting, Powell indicated that he would continue to serve as a Federal Reserve governor for a period after his chairmanship ends, with his term as governor lasting until 2028. He expressed a desire to see if the Trump administration's legal attacks on the Fed would cease. 

While Powell's continued presence on the Fed Board could provide a counterbalance to support the status quo amid the Walsh plan for Fed reform, Powell stated last week, "I do not want to be a high-profile dissenter or anything like that." Milan emphasized, "It is important to ensure that this is a transitional phase and to avoid creating divisions of loyalty within the Fed," and to prevent "uncertainty about who is in charge." He added, "This is also why I believe that while Powell's continued presence may help with the transition, we still need to ensure that this is just a transitional period." (Jinshi)

[Fed Governor Milan: Powell Should Only Serve Briefly as Governor After Chairmanship]On May 8, Federal Reserve Governor Milan stated on Friday that he hopes current Fed Chair Powell will only briefly remain as a governor after stepping down from the chairmanship. Milan remarked, "I think it is important to ensure that this is just a transitional phase, rather than having some ulterior motive behind Powell's continued role as a governor." Following last week's meeting, Powell indicated that he would continue to serve as a Federal Reserve governor for a period after his chairmanship ends, with his term as governor lasting until 2028. He expressed a desire to see if the Trump administration's legal attacks on the Fed would cease. 

While Powell's continued presence on the Fed Board could provide a counterbalance to support the status quo amid the Walsh plan for Fed reform, Powell stated last week, "I do not want to be a high-profile dissenter or anything like that." Milan emphasized, "It is important to ensure that this is a transitional phase and to avoid creating divisions of loyalty within the Fed," and to prevent "uncertainty about who is in charge." He added, "This is also why I believe that while Powell's continued presence may help with the transition, we still need to ensure that this is just a transitional period." (Jinshi)

Fed Governor Milan: Powell Should Only Serve Briefly as Governor After Chairmanship

On May 8, Fed Governor Mulan stated that he still prefers to cut rates early. (Jin Shi)

[Fed Governor Mulan: Still Preferring Early Rate Cuts]On May 8, Fed Governor Mulan stated that he still prefers to cut rates early. (Jin Shi)

Fed Governor Mulan: Still Preferring Early Rate Cuts

On May 8, according to two informed sources, DeepSeek founder and CEO Liang Wenfeng plans to contribute the maximum amount in the company's first round of financing. The company aims to raise as much as 50 billion yuan (approximately 7.35 billion USD) in this round, which is expected to set a record for the largest single financing in the history of Chinese AI companies. This financing will also accelerate the company's revenue planning and advance its path to profitability. The sources indicated that DeepSeek has recently informed some investors of its intention to speed up the iteration and release of its large models to align with industry standards. One of the sources revealed that the company plans to launch the iterative version V4.1 of its V4 model in June.

[DeepSeek Plans to Raise 50 Billion Yuan, Launches V4.1 in June]On May 8, according to two informed sources, DeepSeek founder and CEO Liang Wenfeng plans to contribute the maximum amount in the company's first round of financing. The company aims to raise as much as 50 billion yuan (approximately 7.35 billion USD) in this round, which is expected to set a record for the largest single financing in the history of Chinese AI companies. This financing will also accelerate the company's revenue planning and advance its path to profitability. The sources indicated that DeepSeek has recently informed some investors of its intention to speed up the iteration and release of its large models to align with industry standards. One of the sources revealed that the company plans to launch the iterative version V4.1 of its V4 model in June.

DeepSeek Plans to Raise 50 Billion Yuan, Launches V4.1 in June

On May 8, AI blockchain land registration platform provider Balcony announced the completion of a $12.7 million seed round financing, led by Blockchange Ventures. The platform utilizes Avalanche blockchain and AI threat detection technology to integrate decentralized real estate records into a tamper-proof digital registration system. The funds from this round will be used to expand the engineering team, advance market development, and deploy its Keystone platform across various counties in the United States.

[Blockchain Land Record Project Balcony Completes $12.7 Million Seed Round Financing]On May 8, AI blockchain land registration platform provider Balcony announced the completion of a $12.7 million seed round financing, led by Blockchange Ventures. The platform utilizes Avalanche blockchain and AI threat detection technology to integrate decentralized real estate records into a tamper-proof digital registration system. The funds from this round will be used to expand the engineering team, advance market development, and deploy its Keystone platform across various counties in the United States.

Blockchain Land Record Project Balcony Completes $12.7 Million Seed Round Financing

On May 8, Bloomberg reported that a small pharmaceutical company, which was even at risk of being delisted from the Nasdaq stock exchange, quickly transformed into an AI company within just two months after celebrating a new patent for cancer treatment. This move has somewhat (albeit temporarily) rescued its stock price. The company, now named AIxCrypto Holdings LLC, trades under the ticker symbol AIXC. Following the name change, its stock price more than doubled in late September.

[Bloomberg: 'Extreme Hype Period' Emerges as Small Companies Join AI Craze]On May 8, Bloomberg reported that a small pharmaceutical company, which was even at risk of being delisted from the Nasdaq stock exchange, quickly transformed into an AI company within just two months after celebrating a new patent for cancer treatment. This move has somewhat (albeit temporarily) rescued its stock price. The company, now named AIxCrypto Holdings LLC, trades under the ticker symbol AIXC. Following the name change, its stock price more than doubled in late September.

Bloomberg: 'Extreme Hype Period' Emerges as Small Companies Join AI Craze

On May 8, CoinTelegraph reported that multiple Revolut users noted the app briefly displayed a drastic drop in Bitcoin price to around $39,900, with some users receiving push notifications stating that BTC's 52-week low was 2 cents. Prices of XRP, SOL, and stablecoins like USDT and USDC also experienced unusual fluctuations before quickly recovering. Revolut confirmed that some app functionalities were malfunctioning and that engineers are working on a fix.

[Revolut App Displays Bitcoin Price Anomaly, Showing BTC Drop to 2 Cents]On May 8, CoinTelegraph reported that multiple Revolut users noted the app briefly displayed a drastic drop in Bitcoin price to around $39,900, with some users receiving push notifications stating that BTC's 52-week low was 2 cents. Prices of XRP, SOL, and stablecoins like USDT and USDC also experienced unusual fluctuations before quickly recovering. Revolut confirmed that some app functionalities were malfunctioning and that engineers are working on a fix.

Revolut App Displays Bitcoin Price Anomaly, Showing BTC Drop to 2 Cents

On May 8, Fed Governor Milan stated, 'I believe rate cuts are appropriate.' The Federal Reserve's policies have suppressed the job market. (Jin Shi)

[Fed Governor Milan: I Believe Rate Cuts Are Appropriate]On May 8, Fed Governor Milan stated, 'I believe rate cuts are appropriate.' The Federal Reserve's policies have suppressed the job market. (Jin Shi)

Fed Governor Milan: I Believe Rate Cuts Are Appropriate

According to monitoring by Dongcha Beating, the massive $725 billion investment in AI infrastructure is rapidly depleting the cash flow of Silicon Valley's four giants (Amazon, Alphabet, Microsoft, Meta). Wall Street predicts that the combined free cash flow of these four companies will drop to about $4 billion in the third quarter of this year, significantly lower than the pandemic-era quarterly average of $45 billion; the annual free cash flow is expected to hit a new low since 2014. In response to the enormous infrastructure consumption, these once 'cash-rich' tech giants are starting to rely on bond issuance, cutting back on buybacks, and off-balance-sheet financing: - Alphabet and Meta halt buybacks and issue bonds: Alphabet paused its stock buyback program for the first time since 2015 in the first quarter of this year and has cumulatively issued $48 billion in new bonds; Meta has issued $55 billion in debt over the past six months and has paused buybacks (the longest pause since 2017), as it lacks cloud business support and can only free up funds through layoffs. - Microsoft and Amazon pile on heavy assets: The value of servers and other equipment on Microsoft's balance sheet has tripled since mid-2022 to $191 billion, and supply chain price increases have added an extra $25 billion to its capital expenditures this year. Amazon is expected to burn through $10 billion in cash this year and plans to invest $200 billion by 2026. - Off-balance-sheet financing hides true expenses: Companies like Meta have started using special purpose vehicles (SPVs) to move billions of dollars in data center projects off their balance sheets to attract external funding. Oracle, which has secured a $300 billion contract with OpenAI, is also using off-balance-sheet financing and is not expected to return to positive cash flow until fiscal year 2030. This infrastructure frenzy is forcing tech giants to shift from light-asset 'cash cows' to heavy-asset traditional cyclical industries. However, faced with competitive pressure, no one dares to hit the brakes first in this 'prisoner's dilemma.'

[$725 Billion AI Investment Drains Silicon Valley Cash Flow: Four Giants' Q3 Drops to $4 Billion, Alphabet Halts Buybacks for the First Time in a Decade]According to monitoring by Dongcha Beating, the massive $725 billion investment in AI infrastructure is rapidly depleting the cash flow of Silicon Valley's four giants (Amazon, Alphabet, Microsoft, Meta). Wall Street predicts that the combined free cash flow of these four companies will drop to about $4 billion in the third quarter of this year, significantly lower than the pandemic-era quarterly average of $45 billion; the annual free cash flow is expected to hit a new low since 2014. In response to the enormous infrastructure consumption, these once 'cash-rich' tech giants are starting to rely on bond issuance, cutting back on buybacks, and off-balance-sheet financing: - Alphabet and Meta halt buybacks and issue bonds: Alphabet paused its stock buyback program for the first time since 2015 in the first quarter of this year and has cumulatively issued $48 billion in new bonds; Meta has issued $55 billion in debt over the past six months and has paused buybacks (the longest pause since 2017), as it lacks cloud business support and can only free up funds through layoffs. - Microsoft and Amazon pile on heavy assets: The value of servers and other equipment on Microsoft's balance sheet has tripled since mid-2022 to $191 billion, and supply chain price increases have added an extra $25 billion to its capital expenditures this year. Amazon is expected to burn through $10 billion in cash this year and plans to invest $200 billion by 2026. - Off-balance-sheet financing hides true expenses: Companies like Meta have started using special purpose vehicles (SPVs) to move billions of dollars in data center projects off their balance sheets to attract external funding. Oracle, which has secured a $300 billion contract with OpenAI, is also using off-balance-sheet financing and is not expected to return to positive cash flow until fiscal year 2030. This infrastructure frenzy is forcing tech giants to shift from light-asset 'cash cows' to heavy-asset traditional cyclical industries. However, faced with competitive pressure, no one dares to hit the brakes first in this 'prisoner's dilemma.'

$725 Billion AI Investment Drains Silicon Valley Cash Flow: Four Giants' Q3 Drops to $4 Billion, Alphabet Halts Buybacks for the First Time in a Decade

On May 8, Reuters reported that the "Bitcoin Initiative," which aimed to encourage the Swiss National Bank (SNB) to include Bitcoin in its reserves, has announced the abandonment of its referendum campaign. With only a few weeks left before the deadline, the initiative collected approximately 50,000 signatures, less than half of the 100,000 signatures required by Swiss law to trigger a referendum. Initiative founder Yves Bennaim stated that the initiative will naturally expire but emphasized that discussions on this topic have made progress. The Swiss National Bank had previously expressed clear opposition to holding cryptocurrencies, citing their excessive price volatility and insufficient market liquidity, which do not meet central bank reserve requirements.

[Swiss Central Bank Bitcoin Initiative Terminated Due to Insufficient Signatures]On May 8, Reuters reported that the "Bitcoin Initiative," which aimed to encourage the Swiss National Bank (SNB) to include Bitcoin in its reserves, has announced the abandonment of its referendum campaign. With only a few weeks left before the deadline, the initiative collected approximately 50,000 signatures, less than half of the 100,000 signatures required by Swiss law to trigger a referendum. Initiative founder Yves Bennaim stated that the initiative will naturally expire but emphasized that discussions on this topic have made progress. The Swiss National Bank had previously expressed clear opposition to holding cryptocurrencies, citing their excessive price volatility and insufficient market liquidity, which do not meet central bank reserve requirements.

Swiss Central Bank Bitcoin Initiative Terminated Due to Insufficient Signatures

The U.S. prosecutors said FTX founder Sam Bankman-Fried used Virtual Private Network (VPN) to access the internet on Jan. 29 and Feb. 12, according to a Feb. 13 letter to Judge Lewis Kaplan.The prosecutors said SBF’s VPN use raises concern because the mechanism could hide online activities, make data transfers, and access the dark web. They added that some individuals use VPNs to access foreign crypto exchanges that block U.S. users.However, the prosecutors conceded that many individuals also use the services for “benign purposes.”The prosecutors added that SBF’s lawyers have eased the concerns and agreed that the defendant would not use the VPNs in the interim.

Detail

【US prosecutors raise concerns over SBF’s use of VPN】The U.S. prosecutors said FTX founder Sam Bankman-Fried used Virtual Private Network (VPN) to access the internet on Jan. 29 and Feb. 12, according to a Feb. 13 letter to Judge Lewis Kaplan.The prosecutors said SBF’s VPN use raises concern because the mechanism could hide online activities, make data transfers, and access the dark web. They added that some individuals use VPNs to access foreign crypto exchanges that block U.S. users.However, the prosecutors conceded that many individuals also use the services for “benign purposes.”The prosecutors added that SBF’s lawyers have eased the concerns and agreed that the defendant would not use the VPNs in the interim.

US prosecutors raise concerns over SBF’s use of VPN

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ETH falls below 2300 USDT

US prosecutors raise concerns over SBF’s use of VPN

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