Delphi Digital said tokens newly listed on major centralized exchanges since January 2025 have broadly underperformed, with most trading below their listing prices. According to ChainCatcher, the firm’s latest report estimates that buying each newly listed token with $1,000 would have declined to about $500, while the median token is down 82% and only 12% trade above their listing price. Delphi Digital attributed the cycle’s drag to several structural factors, including insider allocations unlocking on fixed schedules rather than performance-based mechanisms. It said each average unlock has led to an estimated 7% loss in excess returns relative to Bitcoin. The report also said protocol revenue has been difficult to route to tokenholders, and that airdrops have increasingly served as exit liquidity. The report noted that some major DeFi protocols have begun enabling “fee switches,” citing Hyperliquid, Uniswap, Jupiter, and Aave. It said these mechanisms, including buybacks and token burns, are being used to return revenue to holders, and that a revenue-weighted basket of such tokens has significantly outperformed BTC, ETH, and SOL this year. Delphi Digital said tokens that combine revenue distribution to holders with supply mechanisms tied to performance may offer a stronger long-term allocation case.

UBTECH (09880.HK) said presales for its YouWorld consumer humanoid robot on JD.com surpassed 3,000 units in eight days. According to Jin10, the company stated that presales for its full-size, highly biomimetic humanoid robot under the YouWorld brand opened on JD.com and that the cumulative number of early reservations exceeded 3,000 units after eight days.

A Nasdaq-linked ETF managed by China Asset Management said its secondary-market trading price has recently been significantly higher than its indicative net asset value (iNAV), resulting in a sizable premium. According to Jin10, the fund said that on June 9, 2026, its secondary-market closing price was 2.351 yuan, while the iNAV at the close was 2.1876 yuan. The manager said that if the premium does not effectively retreat on June 10, it may apply for measures such as a trading suspension to warn of risks. The fund said investors trading the product face not only risks from NAV fluctuations but also other factors that could lead to losses. It added that the fund is operating normally and that there is no undisclosed information that should be disclosed.

Asian stocks staged a partial rebound on Tuesday after a sharp sell-off a day earlier, as investors returned to AI-related shares and easing Middle East tensions weighed on oil prices. In Hong Kong, the Hang Seng Index opened down 105 points, or 0.43%, at 24,551, according to RTHK, while the China Enterprises Index fell 27 points, or 0.33%, to 8,313 and the Hang Seng Tech Index slipped 12 points, or 0.26%, to 4,743. On the mainland, the Shanghai Composite opened up 18 points, or 0.46%, at 3,977, while the Shenzhen Component rose 171 points, or 1.16%, to 14,992 and the ChiNext Index gained 53 points, or 1.41%, to 3,865. Japan’s Nikkei 225 opened 601 points, or 0.9%, higher at 64,625. South Korea’s Kospi rose more than 3% at one stage before midday after opening nearly 3% higher, as investors bought beaten-down technology stocks following the market’s steepest one-day decline in three months on Monday. The rebound followed a recovery on Wall Street as investors bought cheaper assets after a sell-off driven by bets on a US interest rate hike and warnings over tech valuations. Data showing the US created more than double the expected number of jobs in May added pressure on the Federal Reserve to tighten policy amid surging inflation. The earlier sell-off was also linked to disappointing revenue forecasts from chipmaker Broadcom, which rattled sentiment around the AI sector that has helped drive markets to record highs this year.

Traders have been actively building short positions in U.S. stocks, while bullish bets on the technology sector remain overly crowded, raising risks for the market. According to Jin10, Citi strategists said the combination of increasing short exposure and still-high optimism toward tech has added to market vulnerability.

32ビットコインの一括売却、Zcashのセキュリティ脆弱性によるパニック、予想を上回る非農業部門雇用者数統計に加え、数十億ドル規模の資金による集中的な決済が重なり、市場は急落した。その後、セイラーは逆張りで底値買いを行った。

ロン・バロン氏は、スペースXのIPOを控え、同社の株式にさらに10億米ドルを投資する計画だ。これにより、すでに約150億米ドルの価値がある保有株に追加投資することになる。この億万長者の投資家は、自身の保有株を売却するつもりはないと述べ、今後10年間でスペースXが世界で最も価値のある企業の1つになる可能性があると確信している。

もし「AIの波に乗った幸運な人々」をただ妬んでいるだけでは、結局チャンスを逃すことになるだろう。

資本が真に購入しているのは、おそらく計算能力そのものではなく、計算能力を持続的に提供するために不可欠な電力、土地、ネットワーク接続、そしてインフラ整備能力なのである。

データセンターの建設、冷却システムの導入、PUEの最適化といった業務は、かつては主にクラウド事業者や通信事業者の専売特許だったが、現在ではモデル企業が自ら参入している。これは、計算リソースの管理能力とコストの限界に対する追求が、すでに極限に達していることを意味している。

本稿では、Humanity Protocolが受けたハッキング事件を整理し、なぜチームが価格を吊り上げて売り抜けようとしているのではないかという憶測が広まったのかについて考察する。

アーサー・ヘイズ：AIバブルが崩壊すれば、金融危機を引き起こし、その結果、いわゆる「ビッグ・プリント（Big Print）」が生まれることになるだろう。

OpenAIは、米規制当局に対しS-1届出書を非公開で提出し、IPOに向けた正式な手続きを開始した。ただし、具体的なスケジュールは未定であり、当面は非上場のままとなる可能性もあるとしている。

人工知能、豆包、AIエージェント、投資、流動性、LPとして豆包に投資を教わった：あるプライベート・エクイティGPの転身記　金色財経、LP：最も直接的で、回りくどくない儲けの戦略を教えてくれませんか？

OpenAI、SpaceX、Anthropicはいずれも巨額の企業価値を背景に上場を目指しており、合計で最大1,000億ドル規模の資金調達が見込まれる。いずれの企業が先に上場するにせよ、この新興業界の方向性を決定づけることになり、AI企業への投資を熱望する巨額の資金をいち早く活用できるようになるだろう。