Weekly Curated Picks | The AI bubble debate escalates, Base’s social experiment fails, and SK Hynix ADR surged 27% in a single day before plunging again

PANews Editor’s Note: PANews has curated high-quality content for the past week to help everyone catch up and make up for what they missed over the weekend. Click the headline to read.

Products born under the AI boom

All-In latest highlights: Anthropic IPO face-off vs OpenAI—revealing real AI ROI, limits on model exports, and share ownership for everyone

Anthropic and OpenAI kick off a run at a trillion-dollar valuation, but Chamath warns that AI’s actual investment return is extremely low—urging companies to go public before the bubble bursts.

AI and careers over the past three years: volatility, patterns, and profiles of professionals

From 2023 to 2026, AI’s impact on the workplace will be profound. Programmers are hit first, generational division between junior and senior talent intensifies, and task models reveal the rules behind future career splits.

Huang Renxun turns Japan into NVIDIA’s “physical AI” foothold: a life-saving favor 30 years ago, full-stack binding 30 years later

NVIDIA accelerates its physical AI plans in Japan, partnering with Fanuc, Yaskawa, and Toyota to drive innovations in robotics and autonomous driving, making Japan a core hub of the global AI strategy.

Circle CEO: a ten-thousand-word essay—when AI meets blockchain, the “company” we know is about to fall apart

The fusion of blockchain and AI is reshaping global finance. The agent economy is giving rise to on-chain companies, and stablecoins have become the foundation for machine-speed money.

This year, 9 cross-industry giants are pouring into Anthropic—betting AI will become the next decade’s public infrastructure

This year, multiple top-tier luminaries have joined Anthropic, including Karpathy (Card?) and Nobel Prize winner John Jumper, betting that AI will become the next decade’s public foundation.

Macro insights

The true black-gold empire isn’t underground or in back alleys and small streets—it’s on the podium, in temples, and in courtrooms

Are traditional banks the biggest money-laundering channel? An investigation into how giants like Wachovia and HSBC launder “tainted funds,” compared with USDT on-chain transactions—who is truly defining “clean” money?

The U.S. stock market equals the nation’s fate—Trump is turning America into a fund

On the 250th anniversary of the founding of the United States, Trump is reshaping America into a fund, tightly linking policy and markets.

Survival wisdom inside a great bubble

A mirror of the 2000 internet bubble: Nortel goes bankrupt, Cisco stumbles—today, who should NVIDIA be watching?

Wall Street Morning News: inflation data continues to cool; storage crashes; Apple leads the tech giants; Paypal jumps over 17%; SpaceX breaks new ground

PPI confirms inflation is cooling. Wosch says higher AI prices don’t necessarily trigger inflation. Apple’s market value is approaching $5 trillion, and SpaceX breaks new ground.

Wosch ends his Capitol Hill trip! One article to sort out what he said these past two days

Wosch cleared the gates with hawkish statements on his debut; going forward, he’ll need to deliver a convincing answer in the fight against inflation and in resisting political interference.

Institutional and celebrity mindsets

Interview with Robinhood CEO: Retail is the truly smart money—asset tokenization is the future; AI won’t replace human trading

The Robinhood CEO believes the U.S. stock market participation rate could reach 90%. Asset tokenization is the future. AI won’t replace human trading.

a16z: “Fusion of DeFi and TradFi” is a false proposition

Traditional finance hasn’t embraced DeFi; instead it selectively adopted blockchain components. a16z believes the “fusion” is a false proposition.

Interview with trader Taiki Maeda: The market has entered a reasonable allocation window—these 3 tracks are about to surge violently

After Zcash experienced a violent drop, it turned more resilient. It’s bullish on the growth of Hyperliquid and Lighter’s RWA perpetual contracts. Bitcoin faces risks from Saylor reducing holdings and threats from quantum computing.

“If OpenAI collapses, global stock markets may face liquidation”—a 15,000-word long-form piece from the biggest bear sparks a debate over the AI bubble

The biggest bear’s 15,000-word long-form piece argues that the AI bubble is essentially an “OpenAI bubble,” and that if it collapses, global stock markets could face liquidation.

Catch opportunities early

Decoding the new growth logic of stablecoins from a Binance report: store of value, payment tool, and on-chain finance

Stablecoins are evolving from crypto trading tools into digital financial infrastructure. Savings, yield, payments, and on-chain foreign exchange are exploding across the board.

Investment compass in the AI era: Variant’s 10 core assumptions

Variant raised $222 million and released ten investment theses: AI Agents will dominate traffic, and compute capacity will remain in short supply.

Connecting AI with the physical world: three machine-economy directions Wintermute is bullish on

The dispute over crypto infrastructure is over. Machine economy has become the new battleground, and AI agents and robots are becoming the economic entities.

Hyperliquid pre-market contracts set a $7.2 price for Changxin Technology; foreign capital is entering China’s storage narrative through DeFi

Changxin Technology’s STAR Market IPO pricing is 8.66 yuan. Trade.xyz deploys CXMT perpetual contracts on Hyperliquid. The on-chain transaction price is 7.2 USDC, about 52 yuan. The 24-hour trading volume is $1.32 million. This is the first time on-chain pre-market contracts have targeted China’s A-share STAR Market—overseas investors can use DeFi as a route to participate in China’s storage substitution narrative.

Web3 stories

NOXA shuts down—Uniswap CCA steps in? Robinhood Chain’s launchpad turns into chaos

NOXA made a killing on fees for a week but shut down token issuance—where does Robinhood Chain Meme go from here?

Robinhood Chain breaks into the global top five, but the founder’s wallet “didn’t make it”

What Robinhood Chain truly wants to solve is pushing the access threshold for U.S. capital markets to the world, but the founder’s wallet was leaked.

After Trade.XYZ props up Hyperliquid—yet the speculation that Trade.XYZ will issue tokens has the community panicking...

Hyperliquid grows counter to the cycle. Trade.XYZ contributes nearly half of the trading volume. The market worries that the latter’s token issuance will siphon HYPE.

Coinbase folds! Base’s social token experiment officially declared a failure, and ZORA’s market cap plunges 95%

Coinbase CEO publicly admitted that Base network’s content token strategy failed, and ZORA’s market cap crashed by 95%.

Can the traffic brought by Robinhood Chain rescue UNI? Read this to understand the “fixed costs” that passive AMMs can’t eliminate

Uniswap’s fee income is astonishing, but why is the value of the UNI token far inferior to Hyperliquid? A deep dive into the underlying logic of passive AMMs.

Key information

• Ethereum Foundation researcher Francesco D’Amato leaves to join Ethlabs
• Crypto trading platform Quote Trade completes a $4 million financing
• Ethena has launched the Monad blockchain
• In the past 5 hours, Abraxas Capital extracted 8,452 ETH from Binance and Bybit
• Cumberland obtains the Singapore MAS MPI license
• The NVIDIA-backed AI cloud service Fireworks completes a $1.5 billion financing, valuing at $17.5 billion
• 1inch co-founder Anton Bukov stops participating in operations due to strategic disagreements
• Cambridge research: 31% of Ethereum nodes are located in the United States
• The Base ecosystem fund releases a developer recruitment plan
• OpenAI chairman Bret Taylor says there are currently no updates to its IPO plans
• Trasia, a liquidity provider focused on Asia stock Perps, has raised $35 million
• Native Markets reminds that the USDH official website exchange entry will close on July 17
• The U.S. SEC proposes new rules on electronic delivery, pushing securities information disclosure to become fully digital
• A certain wallet deposits $5 million USDC into Hyperliquid and opens $1.38 million positions on Changxin storage—more than double the long orders
• Injective has submitted a registration application for a transfer agent to the U.S. SEC
• This morning, a certain whale account went long on SK Hynix (SKHX) in South Korea; it is currently down $410k
• The gold bought by Antalpha a year ago has given back more than $50 million in profit and loss
• Polygon Labs CEO: the acquisition of Coinme is in the final stage, and layoffs have been announced
• Xi Jinping announced major measures to support global AI development in China