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On April 7, Michael Cembalest, Chairman of JPMorgan Asset Management, released a report describing how the U.S.-Iran Gulf conflict has evolved from a 'cleansing of evil' to a situation where all parties suffer. The report points out two major misjudgments by investors regarding the situation in Iran. Firstly, the market has misjudged that U.S. energy independence (as a net exporter) could serve as a 'firewall' against Strait blockades or oil price shocks. However, this is not the case—U.S. fossil fuels still account for 85% of final energy consumption, and a rise in global oil prices will directly increase domestic prices for crude oil, gasoline, and jet fuel in the U.S. at a transmission rate exceeding 100%, with price increases for various hydrocarbons even surpassing those in Europe and Asia. Secondly, the market has underestimated the costs and effects of Iran's strategy of 'leveraging the global economy,' leading to overly optimistic expectations for de-escalation. Iran has found that controlling the Strait is cheaper and more effective than anticipated, thus there is no pressure for a quick retreat. Cembalest emphasized in the report that a rapid transition to renewable energy to reduce dependence on fossil fuels would take 10-15 years at the current rate, which he described as 'a fervent fantasy.' Overall, this conflict has exposed the limitations of U.S. military and energy strategies, with no clear winners. Cembalest also cautioned investors to be aware of systemic risks.

[JPMorgan Identifies Two Major Misjudgments in the Market: Energy Independence Won't Save the U.S., and Optimism Over Situation Easing is Overstated]On April 7, Michael Cembalest, Chairman of JPMorgan Asset Management, released a report describing how the U.S.-Iran Gulf conflict has evolved from a 'cleansing of evil' to a situation where all parties suffer. The report points out two major misjudgments by investors regarding the situation in Iran. Firstly, the market has misjudged that U.S. energy independence (as a net exporter) could serve as a 'firewall' against Strait blockades or oil price shocks. However, this is not the case—U.S. fossil fuels still account for 85% of final energy consumption, and a rise in global oil prices will directly increase domestic prices for crude oil, gasoline, and jet fuel in the U.S. at a transmission rate exceeding 100%, with price increases for various hydrocarbons even surpassing those in Europe and Asia. Secondly, the market has underestimated the costs and effects of Iran's strategy of 'leveraging the global economy,' leading to overly optimistic expectations for de-escalation. Iran has found that controlling the Strait is cheaper and more effective than anticipated, thus there is no pressure for a quick retreat. Cembalest emphasized in the report that a rapid transition to renewable energy to reduce dependence on fossil fuels would take 10-15 years at the current rate, which he described as 'a fervent fantasy.' Overall, this conflict has exposed the limitations of U.S. military and energy strategies, with no clear winners. Cembalest also cautioned investors to be aware of systemic risks.

JPMorgan Identifies Two Major Misjudgments in the Market: Energy Independence Won't Save the U.S., and Optimism Over Situation Easing is Overstated

On April 7, a senior Iranian official stated that Tehran has rejected any temporary ceasefire agreement with the United States.

[Iranian Senior Official: Tehran Rejects Any Temporary Ceasefire Agreement with the U.S.]On April 7, a senior Iranian official stated that Tehran has rejected any temporary ceasefire agreement with the United States.

Iranian Senior Official: Tehran Rejects Any Temporary Ceasefire Agreement with the U.S.

On April 7, 0xngmi, the founder of Defillama, discussed the upcoming launch of Polymarket's native stablecoin, Polymarket USD. He mentioned that there is a total of approximately $1.25 billion in user wallets on Polymarket, and if the platform is willing to retain the interest income, it could generate $54 million in annual interest based on current interest rates.

[Opinion: Polymarket Can Generate $54 Million in Annual Interest from $1.25 Billion User Funds]On April 7, 0xngmi, the founder of Defillama, discussed the upcoming launch of Polymarket's native stablecoin, Polymarket USD. He mentioned that there is a total of approximately $1.25 billion in user wallets on Polymarket, and if the platform is willing to retain the interest income, it could generate $54 million in annual interest based on current interest rates.

Opinion: Polymarket Can Generate $54 Million in Annual Interest from $1.25 Billion User Funds

An Iranian senior official stated that Tehran has set preconditions for negotiating 'durable peace' with the United States. Tehran demands tolls for vessels passing through the Strait of Hormuz.

[Tehran Sets Preconditions for Negotiating 'Durable Peace' with the U.S.]An Iranian senior official stated that Tehran has set preconditions for negotiating 'durable peace' with the United States. Tehran demands tolls for vessels passing through the Strait of Hormuz.

Tehran Sets Preconditions for Negotiating 'Durable Peace' with the U.S.

On April 7, the Iranian Revolutionary Guard Corps (IRGC) stated that it will focus on targeting the infrastructure of the United States and its allies, rendering them unable to access oil and gas resources in the region for the coming years. Regional allies of the U.S. should also understand that until now, due to friendly relations with these countries, we have exercised great restraint in choosing our targets for retaliation and have acted thoughtfully. However, from now on, all these considerations will no longer exist.

[IRGC: Focus on Targeting U.S. and Allies' Infrastructure to Block Oil and Gas Access]On April 7, the Iranian Revolutionary Guard Corps (IRGC) stated that it will focus on targeting the infrastructure of the United States and its allies, rendering them unable to access oil and gas resources in the region for the coming years. Regional allies of the U.S. should also understand that until now, due to friendly relations with these countries, we have exercised great restraint in choosing our targets for retaliation and have acted thoughtfully. However, from now on, all these considerations will no longer exist.

IRGC: Focus on Targeting U.S. and Allies' Infrastructure to Block Oil and Gas Access

On April 7, BlackRock strategists stated in a report that the impact of high energy prices is likely to be reflected in the US Consumer Price Index (CPI) data for March, which will be released on Friday. Economists surveyed by The Wall Street Journal generally expect the seasonally unadjusted CPI year-on-year rate for March to rise from 2.4% in February to 3.3%. The strategists noted that the war in the Middle East has caused supply chain bottlenecks, which are expected to drive up inflation.

[BlackRock: Middle East War Will Raise US Inflation in March]On April 7, BlackRock strategists stated in a report that the impact of high energy prices is likely to be reflected in the US Consumer Price Index (CPI) data for March, which will be released on Friday. Economists surveyed by The Wall Street Journal generally expect the seasonally unadjusted CPI year-on-year rate for March to rise from 2.4% in February to 3.3%. The strategists noted that the war in the Middle East has caused supply chain bottlenecks, which are expected to drive up inflation.

BlackRock: Middle East War Will Raise US Inflation in March

On April 7, BlackRock strategists stated in a report that the impact of high energy prices is likely to be reflected in the US March CPI data to be released on Friday. Economists surveyed by The Wall Street Journal generally expect the seasonally unadjusted CPI year-on-year rate for March to rise from 2.4% in February to 3.3%. The strategists noted that the war in the Middle East has created supply chain bottlenecks, which are expected to drive up inflation.

[BlackRock: Middle East War Will Drive Up US Inflation in March]On April 7, BlackRock strategists stated in a report that the impact of high energy prices is likely to be reflected in the US March CPI data to be released on Friday. Economists surveyed by The Wall Street Journal generally expect the seasonally unadjusted CPI year-on-year rate for March to rise from 2.4% in February to 3.3%. The strategists noted that the war in the Middle East has created supply chain bottlenecks, which are expected to drive up inflation.

BlackRock: Middle East War Will Drive Up US Inflation in March

According to monitoring by 1M AI News, Anthropic's AI programming tool Claude Code is experiencing a severe reputation crisis. The AI director from AMD publicly submitted a problem report on the official GitHub repository, accusing Claude Code of systematic capability degradation since February of this year based on a quantitative analysis of tens of thousands of conversation logs. The report claims that cognitive depth has plummeted by 67%, and the model's behavior has significantly deviated. This report quickly sparked discussions in the developer community, putting Anthropic in the spotlight. Analysis of 6,852 conversation logs shows that the median cognitive depth has dropped by 67%, research investment before code modification has decreased by about 70%, and instances of negative behaviors such as evasion and premature termination surged to 173 times within 17 days. The AI director from AMD stated, "Claude can no longer be trusted to perform complex engineering tasks," and their team has switched to other service providers. Anthropic team member Boris responded that the issues stem from the introduction of the "adaptive thinking" mechanism on February 9 and the adjustment of the default thinking level from high to medium on March 3, asserting that it is not a core capability degradation of the model and suggesting users manually increase the effort level to restore performance. However, numerous developers reported that even when parameters are set to the highest level, the model's tendency to "rush to complete tasks" remains evident, believing that the official explanation fails to address the essence of the problem. The report has elicited strong reactions in the developer community, with many users stating they have canceled their subscriptions and switched to alternative tools like OpenAI Codex. Meanwhile, the degradation has led to a catastrophic increase in API costs: with the question volume remaining stable, monthly costs skyrocketed from $345 to $42,121, a 122-fold increase. Analysis also pointed out that the previously launched "hide thinking content" feature objectively obscured this degradation process, further exacerbating users' distrust.

[Claude Code Faces Major Trust Crisis After Update, Cognitive Depth Drops 67%]According to monitoring by 1M AI News, Anthropic's AI programming tool Claude Code is experiencing a severe reputation crisis. The AI director from AMD publicly submitted a problem report on the official GitHub repository, accusing Claude Code of systematic capability degradation since February of this year based on a quantitative analysis of tens of thousands of conversation logs. The report claims that cognitive depth has plummeted by 67%, and the model's behavior has significantly deviated. This report quickly sparked discussions in the developer community, putting Anthropic in the spotlight. Analysis of 6,852 conversation logs shows that the median cognitive depth has dropped by 67%, research investment before code modification has decreased by about 70%, and instances of negative behaviors such as evasion and premature termination surged to 173 times within 17 days. The AI director from AMD stated, "Claude can no longer be trusted to perform complex engineering tasks," and their team has switched to other service providers. Anthropic team member Boris responded that the issues stem from the introduction of the "adaptive thinking" mechanism on February 9 and the adjustment of the default thinking level from high to medium on March 3, asserting that it is not a core capability degradation of the model and suggesting users manually increase the effort level to restore performance. However, numerous developers reported that even when parameters are set to the highest level, the model's tendency to "rush to complete tasks" remains evident, believing that the official explanation fails to address the essence of the problem. The report has elicited strong reactions in the developer community, with many users stating they have canceled their subscriptions and switched to alternative tools like OpenAI Codex. Meanwhile, the degradation has led to a catastrophic increase in API costs: with the question volume remaining stable, monthly costs skyrocketed from $345 to $42,121, a 122-fold increase. Analysis also pointed out that the previously launched "hide thinking content" feature objectively obscured this degradation process, further exacerbating users' distrust.

Claude Code Faces Major Trust Crisis After Update, Cognitive Depth Drops 67%

According to 1M AI News, NVIDIA announced its acquisition of SchedMD in December 2025. SchedMD is the main developer of the open-source job scheduling software Slurm, which is widely used for managing computational task scheduling in supercomputers and AI data centers. It is reported that around 60% of supercomputers globally use Slurm, including AI training clusters from companies like Anthropic, Meta, and Mistral, as well as supercomputers used by various governments for weather forecasting and nuclear weapons development. Slurm is particularly adept at managing NVIDIA chips, but it also has extensive applications on non-NVIDIA hardware. This acquisition has recently sparked concerns among AI experts and supercomputer users, who worry that NVIDIA may subtly favor its own chips (such as CUDA and InfiniBand) through software updates, potentially degrading the performance of competitors' hardware like AMD and Intel. Some have cited NVIDIA's previous acquisition of Bright Computing as a precedent, suggesting that similar integration could lead to performance penalties for other chips. Intersect360 Research CEO Addison Snell expressed concerns that NVIDIA might transform this universal open-source tool into a product that is 'more suitable or exclusive to its own hardware,' impacting fair competition. NVIDIA responded by stating that Slurm remains open-source and that the company will continue to provide enhancements and support for all users, emphasizing its commitment to 'open source and vendor neutrality' in development, and asserting that customers will generally benefit. The company plans to maintain training and technical support for hundreds of SchedMD clients while denying that past acquisitions have harmed multi-hardware compatibility. This incident is seen as a crucial test of whether NVIDIA can truly maintain openness in the AI and high-performance computing sectors.

[NVIDIA's Acquisition of SchedMD Raises Concerns in AI Community Over Potential Performance Bias Against Competitors]According to 1M AI News, NVIDIA announced its acquisition of SchedMD in December 2025. SchedMD is the main developer of the open-source job scheduling software Slurm, which is widely used for managing computational task scheduling in supercomputers and AI data centers. It is reported that around 60% of supercomputers globally use Slurm, including AI training clusters from companies like Anthropic, Meta, and Mistral, as well as supercomputers used by various governments for weather forecasting and nuclear weapons development. Slurm is particularly adept at managing NVIDIA chips, but it also has extensive applications on non-NVIDIA hardware. This acquisition has recently sparked concerns among AI experts and supercomputer users, who worry that NVIDIA may subtly favor its own chips (such as CUDA and InfiniBand) through software updates, potentially degrading the performance of competitors' hardware like AMD and Intel. Some have cited NVIDIA's previous acquisition of Bright Computing as a precedent, suggesting that similar integration could lead to performance penalties for other chips. Intersect360 Research CEO Addison Snell expressed concerns that NVIDIA might transform this universal open-source tool into a product that is 'more suitable or exclusive to its own hardware,' impacting fair competition. NVIDIA responded by stating that Slurm remains open-source and that the company will continue to provide enhancements and support for all users, emphasizing its commitment to 'open source and vendor neutrality' in development, and asserting that customers will generally benefit. The company plans to maintain training and technical support for hundreds of SchedMD clients while denying that past acquisitions have harmed multi-hardware compatibility. This incident is seen as a crucial test of whether NVIDIA can truly maintain openness in the AI and high-performance computing sectors.

NVIDIA's Acquisition of SchedMD Raises Concerns in AI Community Over Potential Performance Bias Against Competitors

Ethereum co-founder Vitalik Buterin believes that solo validators that choose not to include certain transactions should “be tolerated” to stop the Ethereum community from becoming the “morality police.”
Vitalik Buterin made the comment in reply to a Twitter poll from latetot.eth, discussing a hypothetical scenario whereby a validator censors a transaction that doesn’t align with their beliefs.
The thread, published on Oct. 17, asked what should happen if a solo validator, in a country at war with another, decides not to process a block because it includes donations to the opposing military force. 
According to Ethereum’s co-founder, the answer for a censorship case should be aligned with the level of transgression.
In Ethereum proof-of-stake (PoS), validators decide what transactions to include in their blocks if any. PoS is a modern consensus method that powers decentralized finance (DeFi) projects and cryptocurrencies.

Detail

【Ethereum solo validators that censor blocks should ‘be tolerated’ — Buterin】Ethereum co-founder Vitalik Buterin believes that solo validators that choose not to include certain transactions should “be tolerated” to stop the Ethereum community from becoming the “morality police.”
Vitalik Buterin made the comment in reply to a Twitter poll from latetot.eth, discussing a hypothetical scenario whereby a validator censors a transaction that doesn’t align with their beliefs.
The thread, published on Oct. 17, asked what should happen if a solo validator, in a country at war with another, decides not to process a block because it includes donations to the opposing military force. 
According to Ethereum’s co-founder, the answer for a censorship case should be aligned with the level of transgression.
In Ethereum proof-of-stake (PoS), validators decide what transactions to include in their blocks if any. PoS is a modern consensus method that powers decentralized finance (DeFi) projects and cryptocurrencies.

Ethereum solo validators that censor blocks should ‘be tolerated’ — Buterin

Article

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Anthropic Expects Annual Revenue to Exceed $30 Billion by 2026

Ethereum solo validators that censor blocks should ‘be tolerated’ — Buterin

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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