Arthur Hayes: The AI-first endgame will inevitably lead to liquidity release, with risk assets set to benefit.

According to market data from BIT (bit.com), during U.S. stock trading hours, the S&P 500 index’s decline widened to 1.1%, the Nasdaq fell 1.64%, and the Dow Jones Industrial Average dropped 0.3%. Semiconductor, storage, optical communication, and crypto-related stocks all fell across the board, with the optical communication sector leading losses, as most major individual stocks in the sector declined by over 7%. In the semiconductor and storage sectors: Seagate Technology (STX) fell 2.8%; Western Digital (WDC) dropped 3.2%; SanDisk (SNDK) declined 4.7%; Micron Technology (MU) fell 3.3%; NVIDIA (NVDA) dropped 2.9%; Intel (INTC) fell 4.2%; Advanced Micro Devices (AMD) declined 5.3%. Among crypto-related stocks: Strategy (MSTR) fell 5.8%; Coinbase (COIN) dropped 4.6%; Circle (CRCL) declined 6.4%; BitMine Immersion (BMNR) fell 5.3%; SharpLink Gaming (SBET) dropped 7.4%. In the optical communication sector: Pure Photonics ETF (FOTO) fell 6.2%; Marvell Technology (MRVL) dropped 5.8%; AAOI (Applied Optoelectronics) declined 9.8%; LITE (Lumentum Holdings) fell 7.2%; COHR (Coherent Corp.) dropped 7.8%; CIEN (Ciena Corporation) declined 7.8%.

The European Banking Authority (EBA) announced that it has classified USDC, issued by Circle Internet Financial Europe SAS, as an Important Electronic Money Token (EMT) under the EU’s Markets in Crypto-Assets (MiCA) regulation. To date, 45 EMTs in the EU have completed notification under MiCA, with USDC being the first to be designated as an Important EMT. Starting November 12, 2026, USDC will be subject to dual supervision for Important EMTs under MiCA: direct regulatory responsibilities for own funds, asset reserves, liquidity requirements, and recovery and redemption plans will be transferred from the French Prudential Supervision and Resolution Authority (ACPR) to the EBA; ACPR will retain oversight of governance, qualifying holdings, suitability assessments, outsourcing, and conflicts of interest. USDC is issued by Circle Internet Financial Europe SAS in the EU and Circle Internet Financial, LLC in the U.S. The EBA has signed a memorandum of understanding (MoU) with the New York State Department of Financial Services to facilitate cooperation and information exchange on cross-border stablecoin activities.

According to Reuters, OpenAI has accused a former employee of sending more than 100 files related to the company’s unreleased devices to his personal account before leaving to join Apple, and subsequently presenting the relevant products to Apple’s senior management. Apple had earlier filed a lawsuit against OpenAI, alleging the latter stole trade secrets of its unreleased hardware products, marking a further escalation of the intellectual property dispute over hardware technology between the two parties.

Ondo Finance has announced that the total value locked (TVL) of its tokenized products stands at $4 billion, with tokenized stocks and ETFs exceeding $1.3 billion. The firm noted it holds the leading position in the tokenized U.S. Treasuries segment, with cumulative holders of all its products surpassing 1 million. Ondo Finance’s tokenized products can be permissionlessly transferred across networks including Solana, Ethereum, and BNB Chain, while Ondo Stocks accesses traditional financial liquidity via a request-for-quote (RFQ) mechanism.

According to Reuters, OpenAI has accused a former employee of sending over 100 files related to the company’s unreleased devices to his personal account before leaving to join Apple, and later presenting the relevant products to Apple’s senior management. Apple had previously filed a lawsuit against OpenAI, alleging the latter stole trade secrets of its unreleased hardware products, as the intellectual property dispute over hardware technology between the two firms further escalates.

According to EmberCN’s monitoring, after the market dropped tonight due to the release of U.S. CPI data, a whale that opened a long position of 20,000 ETH at $1,936 at the very start of this rally two months ago has closed out the position to lock in profits. The address opened the long position of 20,000 ETH on August 19 at $1,936, and closed it today two months later at $2,421.6, generating a profit of $8.93 million. When ETH rose to $2,800 on September 22, its unrealized profit once reached $17.42 million, and the realized profit now is roughly half of that peak unrealized gain.