review

Sources say that the U.S. Department of Justice is reviewing NVIDIA's acquisition of the artificial intelligence platform Hugging Face.

The Federal Reserve will announce its October interest rate decision at 2 AM Beijing time on the 29th. The market generally expects the federal funds rate target range to remain unchanged at 3.75%--4.00%, with a probability of maintaining the status quo at over 90%. The wording of the statement and whether Chair Waller's press conference will release more hawkish signals, as well as how this will affect the market's significantly priced probability of a 25 basis point rate hike in December, have become the focus of attention.Goldman Sachs, Citigroup, and Credit Agricole all expect a pause in October and a 25 basis point hike in December. Goldman Sachs stated that if rate hikes continue every other meeting through 2027, a hike in March may be considered, but the baseline forecast does not expect a hike in March. Citigroup mentioned that if the stock market continues to weaken, leading to a sharp tightening of financial conditions, the likelihood of a shift to rate cuts will significantly increase. Moody's believes there will not and should not be another rate hike this week. Nomura Securities expects no change in October and stated that while the Federal Reserve guides expectations for a pause, it retains flexibility for a rate hike in December.TD Securities expects no change in October and anticipates two more hikes in December and March. Huatai Securities expects no change in October, with two hawkish voters possibly casting dissenting votes, with the baseline scenario being one rate hike in December this year and two hikes next year. Morgan Stanley expects a 25 basis point hike in both December and March next year. Bank of New York Mellon expects rates to peak slightly above 4.5%. Bank of America believes there is ample reason to raise rates in October; if they remain unchanged, they will only retain one option for a future hike.

According to reports from the Financial Associated Press, the three major indices of A-shares quickly fell back in the afternoon, with the ChiNext Index dropping over 3%, after previously rising more than 1%. The trading volume in the Shanghai and Shenzhen markets was 1.46 trillion yuan, a decrease of 147.8 billion yuan compared to the previous trading day, with over 4,900 stocks in the entire market declining.On the market, in the robotics sector, Duolun Technology, Saifutian, and Xiangyang Bearing achieved four consecutive trading limits, while Guangyang Co. achieved two consecutive trading limits, and Dayang Motor reached its daily limit. In the consumer sector, food and beverage and retail led the gains, with Guifaxiang, Sunshine Dairy, and Qingdao Food achieving two consecutive trading limits, and Maoye Commercial and Guangbai Co. reaching their daily limits. The banking sector strengthened during the day, with Shanghai Rural Commercial Bank rising over 4%, reaching a new high for the year, while China Construction Bank and Industrial and Commercial Bank of China set new historical highs.On the downside, the pharmaceutical sector weakened, with Lingkang Pharmaceutical and Wanze Co. hitting their daily limits, and stocks like Nearshore Protein and Shiyao Innovation experiencing significant declines. The edge-side AI concept saw fluctuations and adjustments, with Yidao Information hitting its daily limit, and companies like Xingchen Technology and Yiwei Communication also falling. By the close, the Shanghai Composite Index fell by 1.33%, the Shenzhen Component Index fell by 2.5%, and the ChiNext Index fell by 3.41%.

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.

Anthropic opened the research preview of Claude Duet on October 21. This is a standalone application where Claude acts as a proactive agent, prompting users about important matters, completing tasks assigned by users, and continuing to work after the user leaves; it will seek confirmation before taking action on behalf of the user. The product is aimed at professionals and small business owners, providing iOS, Android applications, and claude.ai. The research preview is included in the Pro and Max plans, sharing usage limits with other Claude features. Users need to join a waitlist, starting with Pro and Max users in the United States.Claude Duet is designed around Claude Opus 5.5. It sends a brief summary across connected applications every morning, monitors these applications throughout the day, and only sends messages when attention is needed. It can handle tasks such as scheduling meetings, building dashboards, financial or sales forecasting, prototyping, and web applications. The application utilizes the memory, skills, and connected applications from the Claude account, supports typing or voice communication in the same continuous thread, and is equipped with a virtual machine with a browser, not relying on the user's device to stay powered on. It can use over 6,000 connectors and plugins in the Claude Marketplace, with examples including Gmail, Slack, Intuit QuickBooks, Stripe, Gusto, LinkedIn, Docusign, HubSpot, Canva, and Shopify. Business purchases can use Stripe's Link digital wallet or Shopify's Shop Pay, and it will soon support logging into websites using saved login information from 1Password with user permission.In terms of security, the product follows a trusted agent framework, where hosted agents do not directly see passwords or login tokens, and it has an automatic mode classifier and prompt injection protection; Anthropic has conducted red team and external penetration testing and included it in a public vulnerability bounty program. Before sending messages, making payments, signing documents, or deleting content, it will display the intended action and wait for approval. Securities trading or transfers between accounts are prohibited even if approved. Early versions may misinterpret conversations or misjudge urgency, with core functions focused on work, while personal tasks like booking tickets are weaker. It currently cannot show users its browser and is separate from the main Claude application, with background checks counted towards plan usage.

According to the Financial Times, the deposit scale of crypto lending vaults has surpassed $10 billion, a significant increase from $4 billion at the beginning of last year, reflecting the growing demand from investors for digital asset yield strategies. These vaults operate through smart contracts on decentralized finance platforms, with each vault having a "curator" who effectively acts as an investment manager responsible for selecting lending strategies, setting risk limits, and charging fees. Their yields typically range from 3% to 10%, with riskier strategies yielding up to 20% or even higher.The allure of returns comes with significant risks. Loans may be collateralized by illiquid tokens, crypto-asset-backed stablecoins, or tokenized private credit, and if the collateral depreciates or becomes difficult to sell, depositors will face losses. Automatic liquidation may exacerbate market downturns, while hacking attacks, code errors, and pricing mechanism flaws can introduce additional vulnerabilities. Although publicly accessible smart contracts provide transparency, investors may focus only on surface yields while overlooking their underlying risk exposures. Major depositors currently include fintech companies, digital asset treasury firms, and hedge funds.Bitcoin lending institution Two Prime is one of the companies that recently entered this market. The company launched a Bitcoin lending vault on the Pareto platform in September, targeting an annualized yield of 1.5% to 2% through institutional lending. This vault accepts wrapped Bitcoin, with a minimum deposit of 5 WBTC, and has invested approximately $10 million of its own funds to absorb initial losses. On the regulatory front, the U.S. Securities and Exchange Commission has raised questions regarding the securities held by the vaults, while European regulators have proposed regulating intermediaries that provide access to DeFi.

Apple Inc. announced the expansion of App Store review rules to include the regulation of AI-generated non-consensual intimate images. The platform had previously banned pornographic content, and the new rules require developers to proactively prevent and remove AI-generated deepfake content. If effective action is not taken, applications containing such violations will be forcibly removed from the store.The updated Clause 1.2 specifically mentions applications that create AI content and names controversial products such as Grok. Previously, users complained that Grok, a product of xAI, was used to create nude and sexually suggestive deepfake images. Earlier this year, Apple warned xAI that if such content continued to spread, Grok would be removed from the App Store; subsequently, xAI implemented safety measures, and the updated version was approved.The newly added Clause 2.5.19 targets so-called "bait-and-switch" tactics, stating that if developers hide new features or modules outside of the submitted review version, especially harmful features like "de-clothing" that are activated only after approval, they may be removed from both the App Store and the Apple Developer Program. Updates to Section 5 will also extend the ban on applications promoting human trafficking or child exploitation to alternative application distribution channels. Apple stated that when developers violate these guidelines, the related applications will be removed, and the developer's eligibility will be terminated.

On October 15, MSCI revised the eligibility rules for constituents of the global investable market index, tightening the definition of "non-operating companies" and subjecting Bitcoin treasury companies to stricter scrutiny. The Strategy led by Michael Saylor has not been removed from the MSCI index.MSCI stated that it will assess whether a company qualifies as a "non-operating" company based on its operational and financial characteristics, and companies holding digital assets may still have genuine operational activities; existing constituents are still subject to a buffering mechanism, and the relevant consequences will need to be clarified further in the November index review.

Upbit stated that after MANTRA was designated as a trading warning item, and following a declaration request submitted by MANTRA and the completion of the review, Upbit deemed it necessary to further review the current processing progress and decided to extend the designation period of MANTRA as a trading warning item.

Cryptocurrency hardware wallet manufacturer Ledger announced the launch of Ledger Agent Intent, which is now open for free to all signature devices compatible with Ledger. The AI agent can monitor the market and provide portfolio optimization suggestions, allowing users to review and approve relevant actions on their Ledger devices, while the private keys remain under the user's control.Agent Intent will be directly integrated with OpenClaw, allowing users to register the OpenClaw agent and authorize actions on their Ledger Atom devices, with the OpenClaw application pre-installed on the device. This tool also supports Pay.sh from the Solana Foundation, and requests made by the agent can enter a unified queue for users to choose the timing for signing.Ledger collaborates with Venice AI to address privacy issues and stated that user data will not be used for training models by third parties.

According to The Block, the Federal Trade Commission (FTC) is conducting an early review of the online sports betting industry, focusing on allegations of false or misleading advertising by betting companies such as FanDuel and DraftKings. Prediction market platforms like Kalshi and Polymarket are expected to be outside the scope of the review.

a16z crypto invited Stanford University professor Dan Boneh, a16z crypto partner Eddy Lazzarin, and other experts to discuss the threats AI poses to cryptography. The experts pointed out that recent advancements in AI in the field of mathematics have not included cryptographic results and have not proven any specific cryptographic assumptions to be less secure.The experts stated that modern cryptography relies on the assumption that certain mathematical problems do not have efficient algorithms; if this assumption holds, no matter how powerful AI becomes, it cannot find algorithms that do not exist. This assumption is related to the unsolved P vs NP problem in computer science, and current AI advancements have not yet touched upon this issue.The experts believe that AI can significantly reduce the time required for cryptographic reviews. Hypotheses that previously took ten years to validate can now allow models to run for a month to attempt to break them. At the same time, the migration work driven by quantum threats has prepared for some of the risks posed by AI, and cryptographic agility can help systems switch methods when weaknesses are discovered. For developers, the most direct opportunity is to use AI to discover more vulnerabilities before software deployment.

The European Union is reviewing MiCA, with related consultations involving the requirement for developers of non-custodial Bitcoin wallets to obtain certification before providing software to the public. The European Securities and Markets Authority (ESMA) stated that open-source development, self-custody, automated smart contracts, and permissionless infrastructure should not automatically be considered regulated intermediaries.At the same time, ESMA proposed establishing new regulated services for crypto asset service providers that offer customers access to decentralized protocol services. This review has not changed the current rules, and the European Commission will assess the relevant opinions and submit a review report by June 30, 2027, in accordance with Article 140 of MiCA.

According to Bloomberg, the U.S. Department of Justice is reviewing whether Binance Holdings Ltd. has violated the settlement agreement reached with the U.S. government in 2023, while also investigating whether activities on the platform may involve violations of Iran sanctions.Tysen Duva, head of the criminal division of the U.S. Department of Justice, stated in an interview this week that officials are reviewing Binance's compliance with the 2023 agreement. He declined to discuss details and did not indicate that Binance violated the settlement agreement. Under the agreement, Binance agreed to pay a $4.3 billion fine, acknowledged violations of banking-related rules, and accepted enhanced compliance controls.

The International Monetary Fund has completed the second and third reviews of the $1.4 billion financing mechanism for El Salvador, disbursing $139 million and granting exemptions after the country violated Bitcoin holding limits.The International Monetary Fund currently expects that, aside from documented donations, the El Salvador government will not purchase more Bitcoin and will increase the transparency of public Bitcoin holdings.

According to Decrypt, Carli Michelle Heller, a woman from Bonita Springs, Florida, was arrested for using Claude as a diary. Investigators stated that she wrote about "shooting" the Lee County Sheriff's Office on September 26, and the next day claimed she had acquired a new gun. Anthropic's safety system flagged these conversations as serious, and the platform handed them over to a human review team, which reported to law enforcement. Officers then identified Heller, went to her residence, and detained her. She was charged with making written threats of violence, and the case is scheduled to go to court in November.Anthropic's consumer terms explicitly reserve the right to "decide on their own" to report user inputs, outputs, or behaviors to law enforcement. Its privacy policy, effective September 10, 2026, also allows the company to share data with police when it reasonably believes that disclosure is necessary to prevent serious harm. Even if users choose not to use their data for model training, Anthropic can still use their data within three months, rather than five years; conversations flagged for review will also be used to improve harmful content detection capabilities.This is not the first case. The San Francisco Standard reported in September that Anthropic had referred a user to the police, who allegedly wrote that they purchased an AR-15 rifle and had the company's CEO Dario Amodei in their sights, claiming it was just a joke. At the time of the report, the user had not been arrested or charged, and an Anthropic spokesperson stated that this was "our protective process working as intended."