Bitcoin Bounces Back Above $112,000, 24-hour Losses Narrow to 7.6%

Citrini analyst Zephyr published a report questioning that the performance comparison between HBF and HBM presented by SanDisk at its Investor Day had parameter setting biases, arguing the company "deliberately underestimated HBM's performance" in the demonstration. He noted that SanDisk set the total bandwidth of both HBM and HBF at 12.8TB/s in the comparison, equivalent to 1.6TB/s per stack, while running the Qwen3-480B-A35B model with bfloat16 precision. Zephyr stated that current model inference mostly uses FP4 or FP8, so the required capacity for this model across different quantization methods ranges from approximately 240GB to 480GB. Zephyr added that SanDisk fixed HBM's per-GPU capacity at 192GB, but a 16-layer HBM4E configured with 8 stacks can reach 512GB capacity and deliver around 32TB/s bandwidth, roughly three times the parameter values SanDisk used in its demonstration. He argued that these parameter choices make SanDisk's demonstration result — claiming "HBF only requires 1 to 4 GPUs, while HBM needs 8 GPUs" — fail to fully represent the actual performance of higher-spec HBM configurations.

Grayscale Research Head Zach Pandl published a post stating that the Ethereum and Solana communities are discussing adjustments to their token economic models, with related code changes potentially lowering the annual inflation rates of ETH and SOL, thereby reducing future token supplies. Ceteris paribus, slower supply growth could provide support for token prices. Grayscale estimates that if the relevant adjustments are implemented, by the end of 2031, ETH’s annual supply inflation rate will drop to around 0.4% (close to that of BTC), while SOL’s will stand at approximately 1.1%. By comparison, gold’s annual supply growth rate is roughly 1.8%, and the U.S. CPI inflation rate is about 3.3%. Currently, the relevant proposals are still under discussion within their respective communities. Pandl noted that the Solana-related proposal appears to have broader consensus, making it more likely to be implemented. If the proposals pass, since staking rewards are primarily derived from new token issuance, the number of tokens earned by ETH and SOL stakers will decrease. Pandl pointed out that reduced supply could boost scarcity and exert upward pressure on prices, benefiting holders of unstaked ETH and SOL; whether stakers will benefit depends on the net impact between the reduction in staking rewards and the potential rise in token prices.

SpaceX has completed the $60 billion acquisition of AI coding startup Cursor, a key step for Elon Musk to catch up with rivals Anthropic and OpenAI in the AI space. According to regulatory filings, the deal took effect on August 14, two months after SpaceX officially announced the acquisition agreement. The purchase ranks among the largest tech transactions in history, intended to help Musk’s company accelerate development of more advanced AI tools that simplify tasks including coding—a highly profitable segment of the AI market. Musk’s AI venture, now rebranded as SpaceXAI, had limited commercial traction before and went through a series of layoffs and restructuring. Cursor’s AI assistant launched in 2023, designed to help programmers write and debug code more efficiently. It has emerged as one of the fastest-growing startups ever and played a core role in the tech “generative coding” era, when software developers’ demand for tools that can build based on chatbot prompts surged. (Jinshi)

Netflix announced that the drama series *The Altruists*—inspired by the rise and fall of FTX founder Sam Bankman-Fried (SBF) and former Alameda Research CEO Caroline Ellison—will premiere on November 19, with its first official stills released. The 8-episode series casts Anthony Boyle as SBF and Julia Garner as Caroline Ellison. Netflix’s synopsis notes the show follows two young idealists who set out to rapidly reshape the global financial system, only to face accusations of stealing $8 billion before ultimately tumbling from the pinnacle of financial power. Created by Graham Moore, *The Altruists* draws inspiration from reporting by New York Magazine journalists Kevin T. Dugan and Jen Wieczner. Barack Obama and Michelle Obama also serve as executive producers.

A wallet linked to Monetalis deposited 3.72M $UNI ($13M) into #Binance, #Coinbase, #Bybit, and #OKX through Cumberland over the past 24 hours.

Market pricing shows that the probability of the Federal Reserve raising interest rates more than once before mid-2027 has decreased. (Jinshi)