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On May 14, according to The Paper, during a conference call discussing AI-related expenditures, Tencent executives stated that they are seeing an increase in demand for AI-related services from both internal products and external model users. "We previously guided that capital expenditures this year would increase compared to last year, and we are now more confident in this guidance. We expect significant increases in capital expenditures, with more domestic AI chips being supplied month by month in the second half of this year." Regarding the returns on AI products, Tencent President Liu Chiping mentioned that model training is essentially an investment in the future and may not yield immediate returns. However, over time, capabilities will accumulate and help unlock various business opportunities. On the performance of C-end services, Liu believes that in Western markets, the penetration rate of paid services is very high, and consumption levels are elevated. Subscription prices in Western markets are several times higher than those for equivalent services in China, whether for music or video services. The paid penetration rate in China is roughly in the single digits. When applying this to the Chinese market, based on a subscription model, the scale is not as large. When a service must be supported through payment, it is unlikely to be a winner-takes-all business; there will be multiple participants in the market, each holding a certain market share and subscription volume. Additionally, regarding e-commerce or advertising as monetization methods, "we have considered this, but it is still in the early stages. Even in the U.S. market, where eCPM is much higher, leading players have yet to launch very mature advertising models." (Dongxin News Agency)

[Tencent Executive Elaborates on AI Strategy: More Domestic Chips Supply in H2, C-end Monetization Still in Early Stage]On May 14, according to The Paper, during a conference call discussing AI-related expenditures, Tencent executives stated that they are seeing an increase in demand for AI-related services from both internal products and external model users. "We previously guided that capital expenditures this year would increase compared to last year, and we are now more confident in this guidance. We expect significant increases in capital expenditures, with more domestic AI chips being supplied month by month in the second half of this year." Regarding the returns on AI products, Tencent President Liu Chiping mentioned that model training is essentially an investment in the future and may not yield immediate returns. However, over time, capabilities will accumulate and help unlock various business opportunities. On the performance of C-end services, Liu believes that in Western markets, the penetration rate of paid services is very high, and consumption levels are elevated. Subscription prices in Western markets are several times higher than those for equivalent services in China, whether for music or video services. The paid penetration rate in China is roughly in the single digits. When applying this to the Chinese market, based on a subscription model, the scale is not as large. When a service must be supported through payment, it is unlikely to be a winner-takes-all business; there will be multiple participants in the market, each holding a certain market share and subscription volume. Additionally, regarding e-commerce or advertising as monetization methods, "we have considered this, but it is still in the early stages. Even in the U.S. market, where eCPM is much higher, leading players have yet to launch very mature advertising models." (Dongxin News Agency)

Tencent Executive Elaborates on AI Strategy: More Domestic Chips Supply in H2, C-end Monetization Still in Early Stage

According to monitoring by Beating, Doubao, the AI assistant under ByteDance, may soon add offline payment capabilities to its 'Scan' feature. Internal testing screenshots show that a 'Pay Order' entry has appeared at the bottom of Doubao's scan interface.

[Doubao 'Scan' Feature May Integrate Payment Functionality, AI Explores Offline Transaction Entry]According to monitoring by Beating, Doubao, the AI assistant under ByteDance, may soon add offline payment capabilities to its 'Scan' feature. Internal testing screenshots show that a 'Pay Order' entry has appeared at the bottom of Doubao's scan interface.

Doubao 'Scan' Feature May Integrate Payment Functionality, AI Explores Offline Transaction Entry

On May 14, according to monitoring by Farside Investors, Bitcoin ETFs experienced a net outflow of $630.4 million yesterday. Among them, IBIT had a net outflow of $284.7 million, ARKB saw a net outflow of $177.1 million, and FBTC recorded a net outflow of $133.2 million. Ethereum ETFs faced a net outflow of $36.3 million, with ETHA experiencing a net outflow of $21.1 million and FETH a net outflow of $14 million.

[Bitcoin ETF Sees $630.4 Million Net Outflow, Ethereum ETF $36.3 Million]On May 14, according to monitoring by Farside Investors, Bitcoin ETFs experienced a net outflow of $630.4 million yesterday. Among them, IBIT had a net outflow of $284.7 million, ARKB saw a net outflow of $177.1 million, and FBTC recorded a net outflow of $133.2 million. Ethereum ETFs faced a net outflow of $36.3 million, with ETHA experiencing a net outflow of $21.1 million and FETH a net outflow of $14 million.

Bitcoin ETF Sees $630.4 Million Net Outflow, Ethereum ETF $36.3 Million

On May 14, the Financial Times reported that the Bank of England is preparing to relax its previously proposed restrictions on stablecoins, following ongoing pressure from the digital asset industry. Senior officials at the Bank of England have indicated that the initial proposals may have been 'too conservative.' Sarah Breeden, the Bank's Deputy Governor for Financial Stability, stated that as stablecoins gradually enter the market, the Bank is 'seriously exploring whether there are alternative ways to manage the important risks we perceive.' There are divisions within the regulatory bodies regarding the stablecoin industry, which serves as a crucial infrastructure for cryptocurrency trading. Some regulators are concerned that stablecoins could threaten global financial stability, while others believe that they represent a promising innovation that can make payments cheaper and more efficient.

[Bank of England May Ease Stablecoin Regulations]On May 14, the Financial Times reported that the Bank of England is preparing to relax its previously proposed restrictions on stablecoins, following ongoing pressure from the digital asset industry. Senior officials at the Bank of England have indicated that the initial proposals may have been 'too conservative.' Sarah Breeden, the Bank's Deputy Governor for Financial Stability, stated that as stablecoins gradually enter the market, the Bank is 'seriously exploring whether there are alternative ways to manage the important risks we perceive.' There are divisions within the regulatory bodies regarding the stablecoin industry, which serves as a crucial infrastructure for cryptocurrency trading. Some regulators are concerned that stablecoins could threaten global financial stability, while others believe that they represent a promising innovation that can make payments cheaper and more efficient.

Bank of England May Ease Stablecoin Regulations

On May 14, according to HyperInsight monitoring, as the cryptocurrency market declines, 'Machi Brother' Huang Licheng has incurred losses exceeding $2.32 million in the past week, with long positions decreasing to $23.27 million, putting ETH long positions at risk of liquidation. Currently, he holds: $19.07 million in ETH long positions, with an opening price of $2,325.24 and an estimated liquidation price of $2,217.86; and $4.20 million in BTC long positions, with an opening price of $80,327.3 and an estimated liquidation price of $74,471.1.

[Machi Faces Liquidation Risk Again as Long Positions Drop to $23.27 Million]On May 14, according to HyperInsight monitoring, as the cryptocurrency market declines, 'Machi Brother' Huang Licheng has incurred losses exceeding $2.32 million in the past week, with long positions decreasing to $23.27 million, putting ETH long positions at risk of liquidation. Currently, he holds: $19.07 million in ETH long positions, with an opening price of $2,325.24 and an estimated liquidation price of $2,217.86; and $4.20 million in BTC long positions, with an opening price of $80,327.3 and an estimated liquidation price of $74,471.1.

Machi Faces Liquidation Risk Again as Long Positions Drop to $23.27 Million

7:00-12:00 Keywords: Aave, Metaplanet, DeFi Development, Cerebras Systems 
1. Aave: Cross-chain between the rsETH mainnet and L2 has reopened; 
2. Metaplanet has postponed its preferred stock listing plan due to structural issues in the Japanese market; 
3. The U.S. government seeks to confiscate $1.07 million in assets before sentencing of former Celsius executives; 
4. Aave proposes to integrate the Babylon protocol in version V4, launching a native BTC lending module; 
5. Solana Treasury's DeFi Development report states that the value of each SOL share has increased by 108% year-on-year; 
6. Bipartisan negotiations on the Clarity Act failed to reach an agreement overnight, with Democrats divided over ethical and BRCA provisions; 
7. AI chip manufacturer Cerebras Systems has raised $5.55 billion in its IPO, making it the largest fundraising of the year to date.

[Key Updates for May 14 Afternoon]7:00-12:00 Keywords: Aave, Metaplanet, DeFi Development, Cerebras Systems 
1. Aave: Cross-chain between the rsETH mainnet and L2 has reopened; 
2. Metaplanet has postponed its preferred stock listing plan due to structural issues in the Japanese market; 
3. The U.S. government seeks to confiscate $1.07 million in assets before sentencing of former Celsius executives; 
4. Aave proposes to integrate the Babylon protocol in version V4, launching a native BTC lending module; 
5. Solana Treasury's DeFi Development report states that the value of each SOL share has increased by 108% year-on-year; 
6. Bipartisan negotiations on the Clarity Act failed to reach an agreement overnight, with Democrats divided over ethical and BRCA provisions; 
7. AI chip manufacturer Cerebras Systems has raised $5.55 billion in its IPO, making it the largest fundraising of the year to date.

Key Updates for May 14 Afternoon

On May 14, according to China News Service, Trump stated that entrepreneurs from major U.S. companies want to come to China, but he will not allow their seconds and thirds to come.

[Trump: Entrepreneurs from Major U.S. Companies Want to Come to China, But I Won't Allow Their Seconds and Thirds]On May 14, according to China News Service, Trump stated that entrepreneurs from major U.S. companies want to come to China, but he will not allow their seconds and thirds to come.

Trump: Entrepreneurs from Major U.S. Companies Want to Come to China, But I Won't Allow Their Seconds and Thirds

On May 14, according to China News Service, US President Trump stated that the relationship between the United States and China will be the best in history.

[Trump: US-China Relations Will Be the Best in History]On May 14, according to China News Service, US President Trump stated that the relationship between the United States and China will be the best in history.

Trump: US-China Relations Will Be the Best in History

According to Beating monitoring, OpenAI CEO Sam Altman announced that within the next 30 days, companies interested in switching to Codex will receive two months of full enterprise access for free. This promotion is perfectly timed. On the same day, competitor Anthropic separated the billing for third-party Agent tools from the Claude subscription pool, sparking community complaints about a "de facto reduction" in service. Just last month, OpenAI waived the seat fees for the commercial version of Codex. Now, taking advantage of the competitor's usage restrictions, they are offering two months free to attract enterprise teams that may be wavering due to price increases from their rival. Companies can apply through the OpenAI website or use promotional codes from partner channels (such as Stripe Atlas) to redeem this benefit.

[OpenAI Offers Two Months of Free Codex to Companies Switching from Claude]According to Beating monitoring, OpenAI CEO Sam Altman announced that within the next 30 days, companies interested in switching to Codex will receive two months of full enterprise access for free. This promotion is perfectly timed. On the same day, competitor Anthropic separated the billing for third-party Agent tools from the Claude subscription pool, sparking community complaints about a "de facto reduction" in service. Just last month, OpenAI waived the seat fees for the commercial version of Codex. Now, taking advantage of the competitor's usage restrictions, they are offering two months free to attract enterprise teams that may be wavering due to price increases from their rival. Companies can apply through the OpenAI website or use promotional codes from partner channels (such as Stripe Atlas) to redeem this benefit.

OpenAI Offers Two Months of Free Codex to Companies Switching from Claude

According to Blockworks and U.today, the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs continues with a new court ruling. The court has now ruled on the parties' motions to preclude expert testimony from consideration at summary judgment and trial.  In the ruling, Judge Analisa Torres granted some of the motions and denied others, with neither the plaintiff nor the defendants gaining the upper hand. However, one of the key outcomes of the ruling was the exclusion of Expert No. 1, Patrick Doody, from testifying about the perceptions of a reasonable XRP purchaser. It is worth noting that the SEC had previously hired Doody to analyze the expectations of token purchasers, but the judge has now granted Ripple's motion to exclude his testimony. The exclusion of Doody's testimony has implications for the SEC's case, as the agency has to prove that investors had a reasonable expectation of profits from Ripple's efforts. Without Doody's testimony, it is unclear how the SEC will prove "reasonable" reliance. Ripple’s most recent filing points to a recent Supreme Court ruling, which touches on the so-called “fair notice” defense employed by its counsel. The Due Process Clause of the US Constitution requires individuals be given fair notice of which actions are prohibited by law. For Ripple, the fair notice notice defense goes like this: It couldn’t have known to register XRP with securities regulators, as the agency had never provided enough clarity on what makes a security within the crypto context. Drawing supposed parallels between Bittner and Ripple execs, Ripple Labs’ counsel says Bittner’s recent ruling is analogous to its fight against the SEC, and should be taken into consideration. Ripple Labs relied on SEC’s previous statements and actions that led them to understand that XRP was not a security, or so its defense goes. Therefore, the firm had no reason to believe that they were violating securities laws. Whether Judge Torres feels the same way is another matter. Torres is expected to rule on both sides’ summary judgements sometime this year, which, outside of a settlement, would end the case without a jury.

Detail

【Ripple’s legal battle with SEC continues with latest ruling from judge】According to Blockworks and U.today, the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs continues with a new court ruling. The court has now ruled on the parties' motions to preclude expert testimony from consideration at summary judgment and trial.  In the ruling, Judge Analisa Torres granted some of the motions and denied others, with neither the plaintiff nor the defendants gaining the upper hand. However, one of the key outcomes of the ruling was the exclusion of Expert No. 1, Patrick Doody, from testifying about the perceptions of a reasonable XRP purchaser. It is worth noting that the SEC had previously hired Doody to analyze the expectations of token purchasers, but the judge has now granted Ripple's motion to exclude his testimony. The exclusion of Doody's testimony has implications for the SEC's case, as the agency has to prove that investors had a reasonable expectation of profits from Ripple's efforts. Without Doody's testimony, it is unclear how the SEC will prove "reasonable" reliance. Ripple’s most recent filing points to a recent Supreme Court ruling, which touches on the so-called “fair notice” defense employed by its counsel. The Due Process Clause of the US Constitution requires individuals be given fair notice of which actions are prohibited by law. For Ripple, the fair notice notice defense goes like this: It couldn’t have known to register XRP with securities regulators, as the agency had never provided enough clarity on what makes a security within the crypto context. Drawing supposed parallels between Bittner and Ripple execs, Ripple Labs’ counsel says Bittner’s recent ruling is analogous to its fight against the SEC, and should be taken into consideration. Ripple Labs relied on SEC’s previous statements and actions that led them to understand that XRP was not a security, or so its defense goes. Therefore, the firm had no reason to believe that they were violating securities laws. Whether Judge Torres feels the same way is another matter. Torres is expected to rule on both sides’ summary judgements sometime this year, which, outside of a settlement, would end the case without a jury.

Ripple’s legal battle with SEC continues with latest ruling from judge

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Ripple’s legal battle with SEC continues with latest ruling from judge

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