Hong Kong's AI application sector diverged, with Shenyan Intelligence surging over 10%.

Beating AI News Flash: NVIDIA-backed AI startup Reflection is preparing to launch its first open-source model. Axios, citing people familiar with the matter, reported that the model is expected to still lag behind the top closed-source models in the U.S., but is already competitive with leading open-source models from China. To this end, Reflection has invested heavily. The company raised $2 billion in funding last year, and this year has successively secured massive computing power contracts: a maximum total of around $6.3 billion with SpaceX, followed by over $10 billion worth of computing power purchases from Nebius. Reflection plans to package its models, deployment software, and computing power into an "AI Factory" to enable enterprises and governments to train and deploy private AI systems using their own data.

According to Bloomberg, OKX has filed documents with the U.S. Securities and Exchange Commission (SEC) to launch a tokenized U.S. stock trading platform, becoming one of the first large crypto trading platforms to leverage new U.S. regulations for such operations. Its operating entity, OKXICE LLC, plans to initially offer tokenized stocks of 63 New York Stock Exchange (NYSE)-listed companies, with relevant issuers able to opt out within 30 days before trading commences. OKXICE is a joint venture between OKX and Intercontinental Exchange (ICE), parent company of the NYSE, combining OKX’s blockchain infrastructure with ICE’s market technology. ICE took an equity stake in OKX this March, valuing the crypto exchange at $25 billion at the time of the deal, and the two parties also agreed to collaborate on developing U.S.-regulated crypto futures services. The SEC previously granted temporary exemptions allowing blockchain-based versions of securities to trade in the U.S. Under relevant rules, tokenized securities must include full shareholder rights such as dividend and voting rights. OKXICE’s launch timeline still depends on the conclusion of the 30-day opt-out period and the fulfillment of other requirements. Andrew Cuomo, co-chair of OKXICE, stated that the model will enable 24-hour global stock trading.

NFT whale Pranksy took to X to claim "BAYC ruined NFT", arguing that the core technology of NFT has been overshadowed by avatar projects like BAYC, leading the public to equate NFT solely with ape-themed projects and spawning a wave of copycat projects in the market over the years. In response, BAYC co-founder Greg Solano hit back, stating that Pranksy once sold BAYC assets that could have been worth $500 million for just millions, while continuing to promote numerous copycat projects. Solano added that Pranksy had founded multiple NFT-related companies, all of which have since been removed from his personal profile. The BAYC co-founder retorted: "Either be the change you want to see, or enjoy the wealth BAYC brings."

Yilihua, founder of Liquid Capital, published an article discussing the current state of the crypto primary market. He cited four main reasons for the crypto primary market’s decline: First, the narrative has collapsed—from whitepapers to institutional endorsements to inflated total value locked (TVL), the market has largely stopped buying into these. Second, supply imbalance: Tens of thousands of projects now exist, making it extremely difficult for high-quality projects to stand out. Third, the "1+3" token unlock mechanism, which essentially targets venture capital firms (VCs), allowing projects, market makers (MMs), and exchanges to exit first. Fourth, listing costs: Why do primary projects require high valuations and large financing rounds? The core reason is that listing on leading centralized exchanges (CEXs) costs an average of millions of U.S. dollars. Yilihua argues that the industry’s leading players should focus on genuine building. For example, Binance should improve its token listing screening process—under the current model, even Vitalik Buterin’s Ethereum (ETH) would not have been listed on Binance. Second, the "1+3" unlock mechanism should be completely abolished. VCs bear the most risk and should not be burdened with the worst unlock terms; project success or failure is not determined by VCs at all. Finally, crypto projects need to return to genuine revenue generation and buybacks. The sustained prosperity of the U.S. stock market over the years hinges on earnings growth and rewarding shareholder returns, which is what industry leaders should do, so that secondary market investors can truly identify high-quality projects.

According to Arkham's monitoring, a wallet suspected to belong to venture capital firm IOSG Ventures staked 75,000 LINK tokens this morning, valued at approximately $1.06 million. The address subsequently withdrew over $11,000 worth of LINK staking rewards.

Crypto KOL Ansem issued a prediction this morning that major cryptocurrencies including Bitcoin, ETH, SOL, ZEC, and HYPE will hit new highs before Christmas.