pros

Fitch Ratings stated that a significant reassessment of the long-term monetization prospects of artificial intelligence could lead to a reduction in capital expenditures and impact the entire artificial intelligence value chain.

The AI laboratory Anthropic, which developed Claude, named TSMC in its IPO prospectus, warning that the world's most advanced chip manufacturing capacity is highly concentrated in Taiwan. The prospectus states that if TSMC's operations are disrupted, it could severely impact the supply of AI chips and affect Anthropic's business, financial condition, and operational results.According to MoneyDJ citing the prospectus, the global AI industry heavily relies on TSMC's advanced processes. Suppliers such as NVIDIA and AMD, as well as companies that design their own chips like Amazon and Google, all need TSMC to turn their designs into physical chips. The listed risks include earthquakes, typhoons, interruptions in power and water supply, as well as cross-strait geopolitical tensions, military conflicts, blockades, tariffs, and trade restrictions.The prospectus also states that if a significant event occurs in Taiwan, the supply of advanced chips could be severely hindered; due to the time-consuming nature of building and certifying alternative foundries, the impact could last for several years. The expansion of advanced processes outside Taiwan is still in its early stages, making it difficult to effectively reduce concentration risks in the short term. TSMC has been unable to fully meet market demand due to strong demand, resulting in Anthropic not being able to obtain a sufficient supply of chips in a timely manner.

The founder and trader of the NFT project DeGods, Frank, posted on X that although Anthropic's latest S-1 shows strong revenue growth, it cannot be concluded that the resistance to AI investment has disappeared. He stated that the second quarter of 2026 will be a peak for companies to purchase and consume AI Tokens in large quantities, and the market will only begin to pay attention to AI spending management by July; the rise in model homogeneity and the narrowing of output differences may intensify competition and compress profit margins, a trend that has not yet fully manifested in the second quarter.Frank also mentioned that there is still a lack of clear evidence proving that AI can create more profits for most companies, and Anthropic's large enterprise clients are also under pressure to improve their profit margins, which may lead to cuts in spending related to Claude in the future. Large tech companies and AI labs have signed capital expenditure commitments extending to 2034, and related expectations may have already been factored into stock prices; if companies improve the efficiency of existing chips to reduce costs or issue more shares to raise additional capital expenditure, it could put pressure on the valuations of related stocks. He expressed a long-term optimistic view on AI and may participate significantly in the Anthropic IPO, but believes that the ultimate winners in the industry have yet to be determined, and real investment opportunities may only emerge after the current market cycle ends.

After Anthropic publicly submitted its prospectus the previous evening, investment institutions and market participants began to assess its growth quality, cost structure, and potential valuation. Morningstar senior equity analyst Malik Ahmed Khan and PitchBook analyst Rolfes stated that as of September 30, Anthropic had over 11,900 enterprise customers contributing at least $100,000 in revenue over the last 12 months, compared to about 950 in the same period last year. Khan believes this reflects a faster adoption of Claude in the enterprise market and significant revenue growth.Analysts also pointed out that the rapid increase in customer numbers alone is insufficient to indicate long-term revenue stability. The prospectus lacks detailed data on customer retention, and the disclosed net revenue retention rate is also affected by a small base; as the comparison base expands, this metric may decline. Investment in computing power is another focus. Morningstar believes that Anthropic currently demonstrates a certain level of computing efficiency and operational efficiency, but some computing resources and related expenditures have not yet been fully reflected; as more computing power is utilized, costs may rise, and if revenue growth does not keep pace, profit margins will be under pressure.PitchBook analyst Rolfes reminded that the scale of future computing contracts and infrastructure commitments is enormous, and whether revenue growth can be sustained is an important variable in assessing profitability prospects. Gavin Baker, managing partner and chief investment officer of Atreides Management, stated that it is still possible for Anthropic to reach an annualized recurring revenue of $100 billion by the end of the year; this statement reflects his personal judgment and is not the company's published performance guidance. Nigel Green, CEO of independent financial advisory firm deVere Group, questioned the market's rumored potential valuation of $2 trillion, calling this expectation "absurd," and reminded to pay attention to infrastructure investments, slowing growth, and future financing needs. The $2 trillion figure remains a market rumor, and the prospectus has yet to determine the offering price and scale.

AI company Anthropic is expected to publicly file its IPO prospectus on October 26, U.S. time, with plans to go public in mid-November. The company submitted documents to the U.S. SEC in secret this June. There was previous market discussion of a $2 trillion valuation; however, as AI-related stocks have come under pressure, some investors have recently lowered their expectations to about $1.5 trillion. The prospectus has not yet been officially released, but Reuters and The Wall Street Journal have obtained a draft.In the first half of this year, revenue was $16.3 billion, compared to $1.1 billion in the same period last year. The net loss during the same period was $80.7 billion, of which about $72 billion came from valuation adjustments of financing instruments such as convertible bonds, rather than actual cash burned. Revenue for the third quarter was $16.8 billion, a quarter-over-quarter increase of about 45%, with the previous quarter's growth exceeding 140%. The company stated that it achieved profitability in the third quarter on an adjusted basis.Future commitments for infrastructure such as cloud computing, chips, and data centers have exceeded $60 billion and will occur over the coming years. By 2025, 47% of revenue will be generated through Amazon and Google's cloud platforms, which are both investors and computing power suppliers. The company plans to allow the seven co-founders to collectively hold 50.1% of the voting rights through a special equity structure, while a long-term public trust composed of non-shareholders will still have the authority to appoint and dismiss the majority of board members. The formal prospectus will need to further clarify the actual revenue contributions from the two major clients, the specific costs of computing power contracts, and whether existing shareholders can sell their stocks first at the time of the IPO.

In a report released in September, Anthropic stated that artificial intelligence could push the unemployment rate in the United States close to 12%. The company's prospectus indicated that the funds raised could take away jobs and even threaten lives.Anthropic's target valuation is as high as $2 trillion, which, if achieved, would place it among the top 10 most valuable companies in the world.

The artificial intelligence company Anthropic is about to sprint towards its IPO. The draft prospectus shows that revenue in the first half of 2026 is expected to increase from $1.1 billion in the same period last year to $16.3 billion, while net losses are projected to widen from $13 billion to $80.7 billion. Of this, $72 billion comes from the accounting revaluation of financing instruments such as convertible notes; the increase in valuation makes the conversion rights more valuable, and the fair value increase of related financing liabilities needs to be recognized as a loss in the income statement, which does not represent an equivalent cash expenditure for the current period, but future conversions may dilute existing shareholders.The net loss for the entire last year was $42 billion, of which about $34 billion came from similar accounting adjustments. In the first half of the year, investments in computing power and infrastructure approached $9 billion, compared to $2.3 billion in the same period last year. The draft prospectus lists over $600 billion in future cloud services and chip-related contracts, with some commitments being irrevocable; if agreements still under negotiation are included, the potential total could reach $750 billion.

According to CoinDesk citing The Paper, Chinese prosecutors are seeking to confiscate over 61,800 bitcoins and other assets related to a fraud case involving more than 40 billion yuan. The case revolves around Qian Zhimin, the actual controller of Tianjin Lantian Ge Rui Electronic Technology. Prosecutors stated that from 2014 to 2017, the company sold unlicensed financial products in China, raising over 40.378 billion yuan from more than 102,000 investors, resulting in nearly 20 billion yuan in losses for investors.The related funds were reportedly used to repay early investors, operate fraudulent investment projects, and purchase bitcoins, real estate, cars, and jewelry, rather than being invested in legitimate businesses. Qian Zhimin fled China in 2017 and settled in the UK. UK authorities have seized his assets, including over 61,800 bitcoins, as well as Bitcoin Cash, Bitcoin Gold, Bitcoin SV, Ripple, Dogecoin, cash, jewelry, and investment holdings.On October 13, the Tianjin Second Intermediate People's Court stated that it has accepted the prosecutors' application to confiscate the aforementioned assets as illegal gains and has initiated a six-month announcement period for victims and stakeholders to participate in the litigation; those who do not participate can still apply for compensation regarding the recovery of assets. Previously, the UK High Court ruled that for the over 61,000 bitcoins seized in the UK, victims claimed that Chinese law should apply rather than UK law. This ruling requires determining whether victims have property rights under Chinese law, and a hearing will be held subsequently, with some victim lawyers seeking to appeal.

According to Decrypt, the Virtual Currency Unit of the Brooklyn District Attorney's Office in New York, in collaboration with the FBI, successfully dismantled a multinational cryptocurrency investment scam network targeting the Russian-speaking community across the United States, seizing and shutting down 112 servers and 241 associated website domains. The involved servers were primarily hosted in Eastern Europe and the United States, with the core infrastructure and IP nodes distributed in places like Ukraine.Forensic evidence from the servers also indicated that the scammers would strike again weeks later, disguising themselves as "asset recovery service providers" to conduct secondary harvesting of victims, with the total amount involved reaching tens of millions of dollars. The prosecution had previously shut down 400 associated domain names, and this time directly seized the underlying servers to completely deprive the gang of the ability to quickly set up websites and contact victims. Law enforcement has currently seized approximately $300,000 in stolen funds, and the recovery efforts are ongoing.

According to Bloomberg, the Brooklyn District Attorney's Office successfully dismantled a multinational cryptocurrency fraud network centered in Eastern Europe, which had long targeted users in the United States, stealing tens of millions of dollars in total.This operation shut down 241 websites related to cryptocurrency fraud and seized 112 servers hosted by companies in Eastern Europe and the United States.

Binance will launch bStocks tokenized securities trading pairs: BBB/USDT, MDBB/USDT, PENGB/USDT, and UVXYB/USDT on October 14 at 20:00, and will enable spot algorithm trading bots and smart position trading bot services.Within one hour of the bStocks launch, users can exchange for BTC, USDT, or other tokens without any fees, and the zero maker fee promotion will last until November 1 at 07:59.

According to a report by The Paper, the case of Qian Zhimin, involving over 40 billion yuan in illegal fundraising and more than 60,000 bitcoins, has seen new developments in domestic judicial procedures. The Tianjin Second Intermediate People's Court announced that it has accepted the Tianjin People's Procuratorate Second Branch's application to confiscate the illegal gains of the suspect Qian Zhimin as of September 28.According to the property confiscation list published by the Tianjin Second Intermediate Court, in addition to bitcoins, the involved virtual currencies also include 72,745.79502 bitcoins cash, 72,745.78555 bitcoins gold, 72,745.7845 bitcoins Satoshi Vision, 3,605,989.9995 ripples, and 70,081,208.62553222 dogecoins (which have been converted and deposited into an interest-bearing account by British judicial authorities). Additionally, the confiscated assets also include cash in US dollars, euros, and British pounds, jewelry, as well as bank balances and investment portfolios.The Tianjin People's Procuratorate Second Branch believes that Qian Zhimin is suspected of fundraising fraud, and after fleeing, he has been wanted for a year without appearing in court. There is evidence proving that over 61,800 bitcoins and other assets seized in the UK belong to illegal gains and their proceeds, and should be recovered along with the transformed and converted properties and proceeds, except for those legally returned to the harmed fundraising participants, which should be confiscated.

Bitcoin News posted on platform X that U.S. federal prosecutors informed Judge Katherine Polk Failla that the U.S. Court of Appeals for the District of Columbia upheld the conviction of Bitcoin Fog founder Roman Sterlingov on September 25, supporting the trial of Tornado Cash defendant Roman Storm in New York.The appellate court determined that the District of Columbia had jurisdiction to prosecute, reasoning that law enforcement had deposited approximately $250 worth of Bitcoin into Bitcoin Fog from the District of Columbia. Prosecutors stated that user Shakeeb Ahmed accessed Tornado Cash from his apartment in Manhattan, thus the same logic applies. Roman Storm released this letter and noted that FinCEN withdrew the mixer report request made in 2023 on the same day, citing that the proposal could hinder legitimate activities.

According to Law360, the cryptocurrency asset theft case involving Uranium Finance has begun trial in the U.S. District Court for the Southern District of New York.Prosecutors allege that Maryland cybersecurity consultant Jonathan Spalletta exploited a vulnerability in the protocol's smart contract to launch an attack in 2021, during which approximately $53.3 million was transferred from 26 liquidity pools in a second attack, leading to the protocol ceasing operations. The statements related to this are allegations by the prosecution and not a conclusion of guilt.

Former White House economic advisor and founder of Geopolitica Institute Pippa Malmgren stated in an interview published by Bitcoin Magazine that the core of the security agreement between the United States and Greenland is not the ice sheet or minerals, but the space race. She pointed out that missile tracking and satellite ground stations give the Arctic region critical strategic value and believes that Diego Garcia and the Chagos Islands will be the next focal points.Malmgren then linked geopolitics to the market, discussing U.S. debt, China's selling of U.S. Treasury bonds, and the future of Bitcoin. She mentioned that the U.S. debt-to-GDP ratio has reached 100% and analyzed the government's plan to escape debt through growth, as well as the reasons behind China's reduction of U.S. Treasury holdings.She also discussed the nationalization of cutting-edge AI laboratories and AI security, the evolution of currency from fiat to digital currency, the application of stablecoins and Bitcoin in AI agent scenarios, and topics such as Austin becoming the "new Shenzhen."