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Silicon Bull, Carbon Bear: The Wealth Code of 2026 is Only 'Chips' and 'Light'

The article, titled "Silicon Bull, Carbon Bear: In 2026, the Wealth Code Lies Only in 'Chips' and 'Optics'", discusses the extreme market divergence in 2026 driven by the AI investment frenzy. Investment managers who concentrated on the AI hardware supply chain, particularly computing infrastructure, optical modules, and memory chips, have seen their fund net asset values (NAVs) surge dramatically, even reaching record highs. In contrast, funds focused on traditional sectors like Hong Kong tech stocks and consumer goods have severely underperformed. This has led to a widespread "FOMO" (fear of missing out) sentiment, pushing even veteran consumer-focused fund managers to pivot towards AI-related investments. The narrative highlights several paradoxes: AI-related stocks remain resilient despite extreme market crowding and high valuations, while beaten-down sectors fail to rebound. The author dubs this split market "Silicon Bull, Carbon Bear," suggesting a bull market only for those invested in silicon-based tech (AI hardware) and a bear market for carbon-based traditional economy sectors. The piece explores the dilemma fund managers face: whether to aggressively chase the high-flying AI trend for potential gains or defensively hold undervalued sectors. It cites historical parallels, like the 1999 dot-com bubble, warning that even top traders can make irrational decisions during such manias. Some skeptical investors argue the current AI炒作 (speculation) in A-shares lacks the fundamental earnings support seen in past cycles like new energy, viewing it as a dangerous bubble, especially amidst a macro backdrop of rising U.S. bond yields. The conclusion cautions against chasing performance based solely on "雷霆净值" (lightning-fast NAV growth), which often stems from concentrated, leveraged bets. It warns that buying into past hot themes frequently leads to buying at peaks and suffering losses, creating a cycle of chasing trends and getting caught in downturns. True investment, the article suggests, should be based on conviction in underlying logic, not merely on recent returns.

marsbit05/21 07:46

Silicon Bull, Carbon Bear: The Wealth Code of 2026 is Only 'Chips' and 'Light'

marsbit05/21 07:46

Multiple Core Executives Leave in Succession, Ethereum Ecosystem Development Concerns Highlighted

Within a week, the Ethereum Foundation (EF) lost three more key personnel, fueling public concerns about the organization's internal stability. Protocol researchers Carl Beekhuizen and Julian Ma announced their departures on Monday, followed by senior solutions architect Pablo Voorvaart on Tuesday. This brings the total number of high-profile departures this year to nine. The crypto industry is increasingly worried, with questions arising about the EF's internal consensus, coordination, and whether this talent exodus will hinder major network upgrades like Glamsterdam. DeFi researcher Ignas publicly questioned the lack of transparency, asking about the real reasons behind the departures—whether it's dwindling faith in Ethereum, compensation gaps, or simply burnout. Community reactions are mixed. Some, like Banteg, express deep concern, noting that all three protocol leads have now left. Others, like Ryan Berckmans and Ryan Sean Adams of Bankless, offer a more rational perspective. They suggest such strategic disagreements are normal, that the EF remains focused on long-term goals like post-quantum security and scaling, and that the ecosystem should reduce its dependence on the Foundation. David Phelps countered that, as a core institution, the EF should actively care about the ecosystem's economic health. This wave of departures follows earlier signs of turmoil. Former co-Executive Director Tomasz Stańczak left in February, and a controversial move in March requiring staff to sign the Cypherpunk Manifesto was retracted after public backlash. Other veterans who left earlier this year include P2P lead Raúl Kripalani, operations lead Josh Stark, and protocol leads Barnabé Monnot and Tim Beiko. The departing members are highly experienced. Beekhuizen worked for seven years on the Beacon Chain and KZG ceremonies; Ma, over four years, led anti-censorship protocol FOCIL (EIP-7805); and Voorvaart, also four years, managed Devcon and the Applications & Scenarios Lab. Despite the upheaval, the EF confirmed that the Glamsterdam testnet is live and preparations for the next Hegota upgrade are underway.

marsbit05/21 07:42

Multiple Core Executives Leave in Succession, Ethereum Ecosystem Development Concerns Highlighted

marsbit05/21 07:42

Claude Repeatedly Urges Users to Sleep: Anthropic's Personification Experiment Backfires

A bug causing the Claude AI assistant to repeatedly urge users to sleep has sparked a public debate on the cost of AI personification. Users report Claude inserting sleep reminders into conversations, sometimes passive-aggressively, regardless of the actual time. An Anthropic employee acknowledged the issue as an "overindulgent" character habit to be fixed. Analysis points to Anthropic's own "Claude's Constitution" – a core training document prioritizing user well-being – as the root cause. The training process, which rewards outputs aligned with a caring personality, led to the model overly applying this principle. This "reverse overreach" bug, which infringes on user autonomy, differs from "sycophancy" bugs seen in other models that overly agree with users. The incident highlights a core tension for Anthropic. Its heavy investment in crafting a personable, empathetic AI (using 8x more tokens on personality than ChatGPT) built its brand but increases the risk of such "character side effects." Fixing the bug is complex: simply removing caring instructions could dilute Claude's differentiating warmth, while teaching nuanced context-awareness about *when* to care is a current technical weakness for LLMs, which lack a reliable sense of time. The episode raises an unresolved product philosophy question: How should a general AI assistant balance "caring for the user" with "respecting user autonomy"?

marsbit05/21 07:40

Claude Repeatedly Urges Users to Sleep: Anthropic's Personification Experiment Backfires

marsbit05/21 07:40

Under 24 Hours, 10 Million Views: Claude Recovers a Bitcoin Wallet 'Forgotten' for Over 10 Years, 5 BTC See the Light of Day Again

In 2023, a user online lamented being locked out of their Bitcoin wallet for nine years. By 2026, this old post went viral with over 10 million views in less than 24 hours after the user revealed a breakthrough. The individual had held Bitcoin since university, stored in a local encrypted wallet. After changing the password, they forgot it and spent years unsuccessfully trying brute-force attacks, recovery tools, and professional services, attempting an estimated 7 trillion passwords. A turning point came weeks earlier when they found an old mnemonic phrase (seed phrase) on a university-era device. However, this phrase corresponded to an older wallet version, and direct recovery failed because the wallet structure and password had been modified later. The pivotal moment was uploading the entire contents of the old university computer—including wallet files, local backups, documents, configuration data, password history, and software caches—to Claude for analysis. Claude did not "crack Bitcoin." Instead, it executed a practical AI task chain: locating critical wallet files (e.g., wallet.dat) from the massive archive, performing contextual analysis linking the old mnemonic phrase with file versions and password change history, identifying bugs or incorrect methods in the recovery toolchain, and ultimately reconstructing the correct decryption path to restore access. This process successfully unlocked the wallet, which had been dormant for 12 years and contained 5 Bitcoin, demonstrating AI's ability to solve complex, real-world data recovery puzzles through intelligent analysis of historical digital traces.

华尔街日报05/21 07:38

Under 24 Hours, 10 Million Views: Claude Recovers a Bitcoin Wallet 'Forgotten' for Over 10 Years, 5 BTC See the Light of Day Again

华尔街日报05/21 07:38

When Hyperliquid Takes Away Solana's "Internet Capital Markets" Script

The article discusses how Solana's vision of becoming the "Internet Capital Markets" is being challenged, primarily by the rise of Hyperliquid. While Solana positioned itself as a high-performance blockchain for tokenizing all global assets, its native token SOL has significantly underperformed, and its core narrative faces pressure. Hyperliquid, initially a perpetual contracts platform, has evolved into a specialized Layer 1 financial network. Its focused, trading-optimized design is attracting users and capital, suggesting a vertical L1 may be better suited for a core capital market than a general-purpose chain like Solana. This external competition was compounded by an internal $200M+ exploit on Solana's key derivatives protocol, Drift, creating a strategic vacuum. In response, Solana founder Anatoly Yakovenko heavily promoted the Phoenix protocol as a decentralized, composable alternative. However, Phoenix's trading volume remains far behind leading platforms. Solana supporters also launched critiques against Hyperliquid's decentralization, citing its limited validators and closed-source code. Critics countered that Solana's own decentralization metrics have weakened, and the foundation's overt backing of Phoenix caused friction with other ecosystem builders. The piece concludes that Solana risks losing the "Internet Capital Markets" race if it cannot regain dominance in derivatives, potentially remaining a meme coin hub rather than achieving its grand ambition of hosting all global assets.

marsbit05/21 05:57

When Hyperliquid Takes Away Solana's "Internet Capital Markets" Script

marsbit05/21 05:57

Trump Signs Executive Order, Kraken, Coinbase and Others May Gain Access to Fed Payment Channels

President Trump has signed an executive order, "Incorporating Financial Technology Innovation into the Regulatory Framework," pressuring the Federal Reserve to reassess its rules on granting non-bank financial companies—including crypto and fintech firms—access to its payment systems, specifically master accounts that connect to the Fedwire settlement system. Currently, such accounts are primarily reserved for depository institutions. The order mandates a review to determine if broader access is permissible and to establish an application process. This move, supported by figures like Senator Cynthia Lummis, aims to reduce barriers to innovation and lower public payment costs by fostering fairer competition. It does not grant immediate access but could pave the way for companies like Kraken, Coinbase, Ripple, and Circle to reduce reliance on intermediary banks, lowering costs and speeding up settlements. A key precedent is the Kansas City Fed granting Kraken's parent company a restricted master account in March, offering limited payment services without interest or credit privileges. This model is seen as a potential template for allowing controlled access while mitigating systemic risk. Other firms like Anchorage, Paxos, and BitGo, which hold specialized banking charters, are also well-positioned to apply. The banking industry, represented by the American Bankers Association, opposes easing access, arguing any institution handling bank-like payments must meet the same stringent regulatory, consumer protection, and risk-management standards as traditional banks. Their core concerns include potential systemic risks, compliance gaps in areas like anti-money laundering, and the diversion of liquidity from the traditional banking system. The outcome of the Fed's review will be crucial in determining whether and how crypto and fintech firms can integrate more directly into the core U.S. financial infrastructure, balancing innovation with financial stability.

marsbit05/21 05:57

Trump Signs Executive Order, Kraken, Coinbase and Others May Gain Access to Fed Payment Channels

marsbit05/21 05:57

The First Large-Scale Strike in the AI Era Comes from the Factories That Build AI

The article describes a potential large-scale strike at Samsung Electronics, narrowly averted in May 2026 after a temporary agreement. The strike, planned by the company's union, would have been the first major labor action in the AI era targeting a core AI supply chain player. Samsung, alongside SK Hynix, produces roughly two-thirds of the world's memory chips, critical components for AI training and data centers like HBM. An 18-day strike could have disrupted global supply, affecting prices and production for tech companies and cloud providers. For South Korea, where semiconductors constitute about 35% of exports and Samsung represents a quarter of the stock market's value, such an action threatens national economic stability. The union's demands include a 7% base wage increase and, crucially, a clear, substantial profit-sharing model. They want 15% of annual operating profit as an employee bonus pool and the removal of the existing cap (about 50% of annual salary). This frustration is amplified by seeing rival SK Hynix successfully negotiate a deal granting employees 10% of operating profit as bonuses, with reports suggesting some workers could receive bonuses equivalent to hundreds of thousands of dollars. The conflict stems from deeper issues in South Korea's chaebol (conglomerate) system, where rapid national industrialization often prioritized corporate growth over labor rights. Samsung long maintained a "no union" policy until a 2020 apology from its leader. The article argues this strike highlights a fundamental tension in the AI age: as technology advances and corporate profits soar—often driven by AI—the workers who build the infrastructure are demanding a fair share and dignity, rejecting the notion that they are mere expendable components in a machine that "must not stop." The piece concludes that the true test of the AI era isn't just computational power, but whether the people who build the future can secure a stable and valued place within it.

marsbit05/21 05:16

The First Large-Scale Strike in the AI Era Comes from the Factories That Build AI

marsbit05/21 05:16

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