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On April 2, the 'Qingming Festival' coincides with the Western 'Easter' holiday, leading many financial markets to enter a closure mode. On April 3 (tomorrow), stock markets in Europe, the U.S., Hong Kong, Taiwan, and Australia will be closed for the day; the Chicago Mercantile Exchange (CME) will not trade gold, silver, and crude oil futures all day, and forex, U.S. stocks, and U.S. Treasury futures will close early; the Intercontinental Exchange (ICE) will not trade Brent crude oil futures all day; the Shanghai Gold Exchange, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange will not conduct night trading. The holiday for many financial markets will last until next Monday, with the Hong Kong market closed until next Tuesday, while the U.S. market will open normally next Monday. Investors are advised to take note. (Jin Shi)

[Multiple Markets to Close Tomorrow; No Trading in Gold, Silver, and Oil]On April 2, the 'Qingming Festival' coincides with the Western 'Easter' holiday, leading many financial markets to enter a closure mode. On April 3 (tomorrow), stock markets in Europe, the U.S., Hong Kong, Taiwan, and Australia will be closed for the day; the Chicago Mercantile Exchange (CME) will not trade gold, silver, and crude oil futures all day, and forex, U.S. stocks, and U.S. Treasury futures will close early; the Intercontinental Exchange (ICE) will not trade Brent crude oil futures all day; the Shanghai Gold Exchange, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, and Dalian Commodity Exchange will not conduct night trading. The holiday for many financial markets will last until next Monday, with the Hong Kong market closed until next Tuesday, while the U.S. market will open normally next Monday. Investors are advised to take note. (Jin Shi)

Multiple Markets to Close Tomorrow; No Trading in Gold, Silver, and Oil

According to monitoring by 1M AI News, an analysis article published by Axios states that the AI competition is increasingly resembling a capital allocation problem rather than a model competition. Computing power procurement needs to be locked in one to two years in advance; over-purchasing can lead to bankruptcy, while under-purchasing risks losing customers. Anthropic CEO Dario Amodei stated in the Dwarkesh Podcast that if procurement is based on a 10-fold annual growth rate but only achieves 5-fold or is delayed by a year, 'there is no hedging tool in the world that can prevent bankruptcy.' While the unit cost of computing power is indeed decreasing, the demand is rising even faster, leading to a continuous increase in total expenditure, which is a classic case of the Jevons Paradox. The article points out that currently, no one has answered this question correctly. Anthropic chooses restraint, preferring to limit flow and lose customers rather than over-purchase, avoiding peak user training tasks; OpenAI opts for an aggressive approach, making significant investments in computing power. Both strategies come with costs: Anthropic's paying users frequently encounter flow limits and interruptions, with Dylan Patel from semiconductor analysis firm SemiAnalysis warning that they may be forced to turn to lower-quality computing power; OpenAI's spending discipline has already been reflected in the secondary market, with investors shifting from OpenAI to Anthropic. This year, capital expenditures on AI by large-scale cloud providers are expected to approach $700 billion, and even at this record level, the industry's supply of computing power still cannot keep up with demand. The closer it gets to an IPO, the harder it becomes to conceal the answer to this question.

[AI Competition Shifts from Model Rivalry to Capital Allocation Game]According to monitoring by 1M AI News, an analysis article published by Axios states that the AI competition is increasingly resembling a capital allocation problem rather than a model competition. Computing power procurement needs to be locked in one to two years in advance; over-purchasing can lead to bankruptcy, while under-purchasing risks losing customers. Anthropic CEO Dario Amodei stated in the Dwarkesh Podcast that if procurement is based on a 10-fold annual growth rate but only achieves 5-fold or is delayed by a year, 'there is no hedging tool in the world that can prevent bankruptcy.' While the unit cost of computing power is indeed decreasing, the demand is rising even faster, leading to a continuous increase in total expenditure, which is a classic case of the Jevons Paradox. The article points out that currently, no one has answered this question correctly. Anthropic chooses restraint, preferring to limit flow and lose customers rather than over-purchase, avoiding peak user training tasks; OpenAI opts for an aggressive approach, making significant investments in computing power. Both strategies come with costs: Anthropic's paying users frequently encounter flow limits and interruptions, with Dylan Patel from semiconductor analysis firm SemiAnalysis warning that they may be forced to turn to lower-quality computing power; OpenAI's spending discipline has already been reflected in the secondary market, with investors shifting from OpenAI to Anthropic. This year, capital expenditures on AI by large-scale cloud providers are expected to approach $700 billion, and even at this record level, the industry's supply of computing power still cannot keep up with demand. The closer it gets to an IPO, the harder it becomes to conceal the answer to this question.

AI Competition Shifts from Model Rivalry to Capital Allocation Game

On April 2, Bloomberg reported that several global hedge funds known for their stable returns experienced losses in March due to the disruption of energy, bond, and stock markets caused by the conflict in the Middle East, which forced traders to unwind crowded positions. Sources revealed that multiple multi-strategy hedge funds, including ExodusPoint Capital Management, Balyasny Asset Management, and Millennium Management, recorded declines, giving back all or part of their gains from the previous two months. However, there were also some standout winners, such as the Alpha fund from Kepos Capital and ADAPT Investment Managers from Switzerland.

[Iran Conflict Disrupts Markets, Major Hedge Funds Known for Stability Suffer Losses in March]On April 2, Bloomberg reported that several global hedge funds known for their stable returns experienced losses in March due to the disruption of energy, bond, and stock markets caused by the conflict in the Middle East, which forced traders to unwind crowded positions. Sources revealed that multiple multi-strategy hedge funds, including ExodusPoint Capital Management, Balyasny Asset Management, and Millennium Management, recorded declines, giving back all or part of their gains from the previous two months. However, there were also some standout winners, such as the Alpha fund from Kepos Capital and ADAPT Investment Managers from Switzerland.

Iran Conflict Disrupts Markets, Major Hedge Funds Known for Stability Suffer Losses in March

According to 1M AI News monitoring, OpenAI will release a series of policy papers and proposals on superintelligence next week in conjunction with the launch of its new model, Spud. The topics will include industrial policy and the employment impact of AI, led by CEO Sam Altman, Chief Futurist Joshua Achiam, and Vice President of Global Affairs Chris Lehane. Insiders reveal that the proposals will address 'rethinking the social contract' and 'ensuring superintelligence serves everyone,' with some content potentially sparking controversy, aiming to shift the AI discussion from the tech sphere to a broader public level. Recently, OpenAI has cut Sora, exited its Disney licensing agreement, and canceled its erotic companion program, while its product division has been renamed 'AGI Deployment.' With $122 billion in funding secured and an IPO planned for this year, OpenAI appears eager to define the agenda before regulatory measures are implemented, especially with the upcoming midterm elections in 2026 and declining public support for AI. However, there seems to be a lack of alignment within OpenAI's leadership on AI politics. Achiam previously criticized pro-AI lobbying groups on X for spending money to attack New York congressional candidate Alex Bores, who supports regulation, stating that this 'will later be seen as a meaningless self-inflicted wound.' This has been widely interpreted as a reference to OpenAI President Brockman, who is a major funder of the anti-regulation super PAC. While calling for 'rethinking the social contract,' OpenAI is simultaneously funding efforts to undermine candidates advocating for regulation, indicating that the organization has not yet clarified its approach to dealing with the government.

[OpenAI to Launch Superintelligence Policy Proposals with Spud Next Week, Advocating for 'Rethinking the Social Contract']According to 1M AI News monitoring, OpenAI will release a series of policy papers and proposals on superintelligence next week in conjunction with the launch of its new model, Spud. The topics will include industrial policy and the employment impact of AI, led by CEO Sam Altman, Chief Futurist Joshua Achiam, and Vice President of Global Affairs Chris Lehane. Insiders reveal that the proposals will address 'rethinking the social contract' and 'ensuring superintelligence serves everyone,' with some content potentially sparking controversy, aiming to shift the AI discussion from the tech sphere to a broader public level. Recently, OpenAI has cut Sora, exited its Disney licensing agreement, and canceled its erotic companion program, while its product division has been renamed 'AGI Deployment.' With $122 billion in funding secured and an IPO planned for this year, OpenAI appears eager to define the agenda before regulatory measures are implemented, especially with the upcoming midterm elections in 2026 and declining public support for AI. However, there seems to be a lack of alignment within OpenAI's leadership on AI politics. Achiam previously criticized pro-AI lobbying groups on X for spending money to attack New York congressional candidate Alex Bores, who supports regulation, stating that this 'will later be seen as a meaningless self-inflicted wound.' This has been widely interpreted as a reference to OpenAI President Brockman, who is a major funder of the anti-regulation super PAC. While calling for 'rethinking the social contract,' OpenAI is simultaneously funding efforts to undermine candidates advocating for regulation, indicating that the organization has not yet clarified its approach to dealing with the government.

OpenAI to Launch Superintelligence Policy Proposals with Spud Next Week, Advocating for 'Rethinking the Social Contract'

On April 2, according to Coinglass data, STO plummeted by 67% in the past 22 minutes, with liquidations totaling $19.77 million in the last hour. This includes $2.32 million in long liquidations and $17.44 million in short liquidations. The data indicates that even with the price surge, most traders opted to short rather than go long.

[STO Liquidations Near $20 Million in the Past Hour]On April 2, according to Coinglass data, STO plummeted by 67% in the past 22 minutes, with liquidations totaling $19.77 million in the last hour. This includes $2.32 million in long liquidations and $17.44 million in short liquidations. The data indicates that even with the price surge, most traders opted to short rather than go long.

STO Liquidations Near $20 Million in the Past Hour

On April 2, the dYdX Foundation announced that community on-chain vote #372 has passed, approving the use of the Insurance Fund to provide financial support for the DAO. The proposal specifically involves transferring $10 million USDC from the dYdX chain insurance fund to three different entities: $2.5 million USDC to the dYdX operational sub-DAO as operational funds, $5 million USDC to the dYdX treasury sub-DAO as discretionary reserves, and $2.5 million USDC to the dYdX Foundation for ecosystem development and governance support. The insurance fund currently holds approximately $17 million USDC, of which about $7 million USDC is designated as a protocol security buffer.

[dYdX Community Approves Use of $10 Million USDC Insurance Fund to Support DAO]On April 2, the dYdX Foundation announced that community on-chain vote #372 has passed, approving the use of the Insurance Fund to provide financial support for the DAO. The proposal specifically involves transferring $10 million USDC from the dYdX chain insurance fund to three different entities: $2.5 million USDC to the dYdX operational sub-DAO as operational funds, $5 million USDC to the dYdX treasury sub-DAO as discretionary reserves, and $2.5 million USDC to the dYdX Foundation for ecosystem development and governance support. The insurance fund currently holds approximately $17 million USDC, of which about $7 million USDC is designated as a protocol security buffer.

dYdX Community Approves Use of $10 Million USDC Insurance Fund to Support DAO

Market data shows that TAO has fallen below $300, currently priced at $299, with a 24-hour decline of 4.2%. The market is experiencing significant volatility, so please ensure proper risk management.

[TAO Falls Below $300]Market data shows that TAO has fallen below $300, currently priced at $299, with a 24-hour decline of 4.2%. The market is experiencing significant volatility, so please ensure proper risk management.

TAO Falls Below $300

On April 2, according to HTX market data, STO has plummeted 60% in the past 15 minutes, currently priced at $0.8, while still showing a 24-hour increase of 211%.

[STO Plummets 60% in 15 Minutes, Still Up 211% in 24 Hours]On April 2, according to HTX market data, STO has plummeted 60% in the past 15 minutes, currently priced at $0.8, while still showing a 24-hour increase of 211%.

STO Plummets 60% in 15 Minutes, Still Up 211% in 24 Hours

On April 2, the General Office of the Ministry of Industry and Information Technology of China issued a notice regarding the implementation of a special action to empower the development of small and medium-sized enterprises (SMEs) through inclusive computing power. The notice mentioned the innovation of inclusive computing service models. It aims to improve the SME section of China's computing power platform, the computing resource docking section of the China SME Service Network, and the national computing power internet service node section (collectively referred to as the SME platform section), facilitating precise matching between SME demands and computing resource supply, and promoting flexible payment models such as 'card time', 'calculated time', and token billing. The initiative will explore innovative services like 'computing power banks' and 'computing power supermarkets' to support SMEs in depositing idle computing resources, enabling flexible access through cross-regional and cross-period scheduling. Additionally, an AI entrepreneurship support plan for SMEs will be implemented, encouraging local relevant departments to subsidize 'computing vouchers', 'storage vouchers', and 'transportation vouchers' to eligible SMEs through the SME platform section, simplifying the acquisition and usage processes.

[China's Ministry of Industry and Information Technology: Exploring Innovative Services like 'Computing Power Banks' and 'Computing Power Supermarkets' to Support SMEs in Depositing Idle Computing Resources]On April 2, the General Office of the Ministry of Industry and Information Technology of China issued a notice regarding the implementation of a special action to empower the development of small and medium-sized enterprises (SMEs) through inclusive computing power. The notice mentioned the innovation of inclusive computing service models. It aims to improve the SME section of China's computing power platform, the computing resource docking section of the China SME Service Network, and the national computing power internet service node section (collectively referred to as the SME platform section), facilitating precise matching between SME demands and computing resource supply, and promoting flexible payment models such as 'card time', 'calculated time', and token billing. The initiative will explore innovative services like 'computing power banks' and 'computing power supermarkets' to support SMEs in depositing idle computing resources, enabling flexible access through cross-regional and cross-period scheduling. Additionally, an AI entrepreneurship support plan for SMEs will be implemented, encouraging local relevant departments to subsidize 'computing vouchers', 'storage vouchers', and 'transportation vouchers' to eligible SMEs through the SME platform section, simplifying the acquisition and usage processes.

China's Ministry of Industry and Information Technology: Exploring Innovative Services like 'Computing Power Banks' and 'Computing Power Supermarkets' to Support SMEs in Depositing Idle Computing Resources

Accoring to Jin10, Federal Reserve Governor Waller said that the reasons for the Fed to adopt a central bank digital currency (CBDC) are not yet convincing. The adoption of a CBDC is actually a decision made by the U.S. Congress.

Detail

【Fed Governor Waller: Reasons for the Fed to adopt CBDC are not convincing】Accoring to Jin10, Federal Reserve Governor Waller said that the reasons for the Fed to adopt a central bank digital currency (CBDC) are not yet convincing. The adoption of a CBDC is actually a decision made by the U.S. Congress.

Fed Governor Waller: Reasons for the Fed to adopt CBDC are not convincing

Exchange 'Listing Curse' Investigation: Why 89% of New Tokens Ultimately Become Retail Investor Traps?

AI's Cost Dilemma: How Infrastructure Economics Will Reshape the Next Phase of the Market

Dogecoin ETFs Dead In March? Only 2 Days Of Inflows And Less Than $1M – Details

Musk Poaches the Web3 Prodigy Who Laid the Foundation for the Aave App

The Oil Order is Breaking Apart: What Happens Next in the Middle East?

Fidelity’s New Bitcoin Study Challenges The Traditional 60/40 Portfolio

Bernstein Analysts Say Bitcoin Price Has Bottomed, Here’s Where It’s Headed

ZachXBT flags USDC freeze – Why 16 exchange wallets were hit

Bitget UEX Daily | Trump Says Iran Requests Delay in Strikes; US Stocks Post Largest Drop Since US-Iran War Began; Apple Opens Siri to External AI

Trump Signature on US Dollar Sparks Debate Over Historic Break from Tradition

Article

U.S. Officials: Trump to Reiterate Timeline for Withdrawal from Iran in 2 to 3 Weeks

Fed Governor Waller: Reasons for the Fed to adopt CBDC are not convincing

Isenção de responsabilidade：O conteúdo acima não representa as posições da HTX.，A HTX não faz quaisquer recomendações de negociação.。

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