Hong Hao: Cycle research and "fortune-telling" are essentially both predictions, the difference lies in their methodologies.

CryptoQuant data shows Bitcoin’s Spent Output Profit Ratio (SOPR) has stayed above the break-even line of 1 for three consecutive weeks since August 19, marking the longest such stretch since 2026, with the current reading at roughly 1.002. A SOPR above 1 indicates that BTC transferred on-chain is overall in a profitable state. On-chain analytics platform Checkonchain notes that during bear markets, price rebounds into profitable territory usually trigger sell-offs, while brief dips below the break-even line in bull markets often create dip-buying opportunities, and the current market structure is approaching the early recovery phase of a bull market. However, David Puell, portfolio manager at ARK Invest, argues Bitcoin still faces downside risks. For more conclusive evidence that the bear market has ended, SOPR needs to remain above 1 for a longer period, and BTC prices must form consecutive higher highs and higher lows.

Beating AI News Flash: Harrison Kim, OpenAI’s head of Korea, said OpenAI is co-developing and manufacturing next-generation chips with Samsung Electronics, with clear progress made in the collaboration. He did not disclose details on the chip’s architecture, process technology, or mass production timeline. Previously, Samsung mainly served as a supplier in OpenAI’s chip roadmap. Last year, when both parties joined the Stargate Korea project, Samsung’s stated role was to provide OpenAI with advanced memory chips, as well as wafer foundry and advanced packaging capabilities. This marks the first time Samsung has explicitly entered the joint R&D and production of next-generation chips. OpenAI’s first self-developed inference chip, Jalape?o, was launched in June this year, co-developed with Broadcom and manufactured by TSMC, with deployment planned for the end of the year. OpenAI noted at the time that Jalape?o is only the first generation, with multiple subsequent chip generations to follow.

China's "four leading domestic GPU startups" member Suiyuan Technology announced that its shares will be listed on the Shanghai Stock Exchange's STAR Market on September 11, 2026. As of the announcement's disclosure date, the company has not yet turned a profit, and will be included in the Sci-Tech Innovation Growth Layer upon listing. The total share capital after this offering is 430 million shares, with 17.9003 million unrestricted tradable shares at the initial listing stage, accounting for 4.1595% of the post-offering total share capital.

Beating AI Newsflash: Morgan Stanley and Goldman Sachs are liaising with credit rating agencies on behalf of OpenAI and Anthropic, aiming to secure investment-grade ratings for the two firms as soon as possible after their initial public offerings (IPOs). A higher rating would allow the companies to borrow at lower interest rates, while institutions like pension funds and insurers that rarely allocate to speculative-grade bonds would find it easier to enter the market, also easing pressure on their partners. Nvidia has provided up to $105 billion in credit support for OpenAI’s Ohio data center. Regulatory documents state this guarantee can be terminated once OpenAI obtains a "satisfactory credit rating"—but rating agencies have not yet budged. The Financial Times (FT) quoted rating agency analysts as saying they currently view OpenAI and Anthropic as clearly speculative-grade, noting neither has demonstrated consistent positive free cash flow. Meta, Netflix, and Tesla all waited over a decade post-IPO to secure investment-grade ratings. SpaceX, which went public this year, obtained an investment-grade rating shortly after listing, marking the first such case among large tech firms.

HIP-3 market deployer Entropy has launched the Anthropic Pre-IPO market on Hyperliquid. ANTH rose 5.4% in 24 hours, now trading at $2,327, with a 24-hour trading volume of $14.32 million and contract open interest totaling $28.25 million.

According to TradingBeats address tracking, after last year’s "1011 Crash", address 0xc1e7 halted trading in XPL and HYPE derivatives on October 13, and did not trade crypto derivatives for the next 11 months—until last night, when it suddenly deposited funds, selected VVV, and built a large early position. At 21:38 on September 8, the address deposited roughly 678,500 USDC. Just 2 minutes and 14 seconds later, it opened a long position on VVV, with its first trade executed at $18.86. By 21:59, it had accumulated a long position of around 78,700 VVV tokens, representing 86.52% of its final position. VVV then rallied sharply, surging from approximately $19.53 to a high of $24.56 between 22:00 and 23:00, with a maximum hourly gain of roughly 25.7%. The address continued adding to its position during the rally, completing its full entry at 22:33, holding a total of 90,940 VVV tokens with 3x leverage, at an average entry price of $19.39. Today, VVV hit a peak of $29.45 on Hyperliquid, up about 56.13% from its first entry price. The address once posted an unrealized profit of roughly $914,000, for a return of 155.4%. As of press time, the address has not reduced its VVV holdings, with a current position size of approximately $2.3634 million and an unrealized profit of $599,200.