Microsoft Director Calls AI Training 'the Largest Labor Theft in Human History'

Jiang Zhuoer, founder of ViaBTC, stated in a post that after ZEC dropped to $1,445, Garrett Jin—previously the agent of the so-called "BTC OG insider whale"—shorted ZEC, sparking market speculation that he was deliberately creating a counterparty to draw retail investors into going long. Now that the "target" (his massive spot holdings) has disappeared after he revealed his large spot positions, his roughly 200,000 ZEC holdings (accounting for ~1% of total supply) could become potential selling pressure, leading to the conclusion that this round of ZEC rally may be nearing its end. Facing such a whale-manipulated coin, given the information disadvantage against the counterparty, he will not participate in trading it.

Beating AI News: Silicon Flow, a third-party AI inference infrastructure firm that converts computing power and models into directly callable token-based services, announced the completion of the second phase of its B+ round and C round financing. The company’s cumulative equity financing in 2026 has reached nearly 2.9 billion yuan, with the amounts of the two latest rounds undisclosed. Based on 2025 annual token throughput, Silicon Flow ranks fourth among all token suppliers in China, holding a mere 1.5% market share. The top three players—Volcano Engine, Alibaba Cloud, and Baidu Intelligent Cloud—hold 42.7%, 32.5%, and 11.8% respectively, together accounting for around 87% of the market. The latest round has a strong state-owned capital background, with new investors including China Internet Investment Fund, Guoxin Fund, China Mobile’s Chain Length Fund, and China Orient Asset Management International, while existing investors Yaotu Capital, Shengyi Capital, and Cathaya Capital made follow-on investments. Silicon Flow reported 2025 revenue of 55.33 million yuan, a net loss of 345 million yuan, and an overall gross margin of -24%. The company submitted an application to the Hong Kong Stock Exchange by the end of June, currently seeking a main board listing under Chapter 18C for pre-commercial companies. Beijing has recently released the country’s first provincial-level special policy on token economy, explicitly proposing to build a "world-class token factory" and listing key priorities including inference engines, model-chip adaptation, and heterogeneous computing power.

According to official announcements, Binance Wallet has launched a Pre-Access campaign powered by PancakeSwap, allowing users to gain indirect exposure to high-profile private companies via tokenization ahead of their potential IPOs. The service is accessible via Binance Wallet and operates on a fully on-chain, self-custody model, with its first project set to be announced soon. Users can increase their Pre-Access quotas by earning Alpha points, as well as through on-chain bStocks trading volume and holdings. All related assets are transacted on-chain in users’ own wallets, with full self-custody retained by the users. Binance Wallet noted that Pre-Access is just one part of its on-chain TradFi (Traditional Finance) initiative, adding that it will integrate products like Pre-Access and RWA (Real-World Assets) in the future to offer users a unified on-chain investment gateway. The platform stated that early investment opportunities, which were previously restricted by geography, wealth levels, and institutional status, are now gradually being opened up to retail users.

According to Farside's monitoring data, U.S. spot Bitcoin ETFs recorded a net inflow of $6.1 million this week, while U.S. spot Ethereum ETFs saw a net outflow of $140.6 million.

According to official announcements, PancakeSwap has launched a Pre-Access portal, offering users a channel to gain exposure to relevant tokenized assets ahead of potential corporate listings. The initiative operates on a limited-time subscription model: PancakeSwap provides the event entry, a third-party service provider manages the underlying tokenized exposure, and users can access the relevant event page via Binance Wallet. Each event page will disclose key details including company and token information, subscription assets, issuance price, implied valuation, event timeline, distribution arrangements, and risk disclosures. Eligible users, after completing the qualification check and accepting the relevant terms, may subscribe via self-custody wallets, with assets remaining under their own control. Specific allocation rules, subscription limits, and eligibility requirements are subject to the official terms of each individual event. Following the event’s conclusion, participants will proceed to either a redemption or refund process per the specific rules. Eligible users will receive their corresponding tokenized exposure once the redemption window opens; users who fail to meet relevant conditions or are required to refund based on event outcomes will get a refund. PancakeSwap reminds users to carefully review each event’s redemption schedule and terms before participating.

UBS currently forecasts that global artificial intelligence (AI) capital expenditure will reach nearly $1 trillion in 2026, and climb further to around $1.4 trillion in 2027, with a sharp surge in memory costs being the primary driver of this growth. UBS estimates that memory-related spending will jump from $71 billion in 2025 to $367 billion this year, and hit $923 billion in 2027. The remaining AI-related costs are projected to total $631 billion in 2026, before falling to $525 billion in 2027. This means that the rise in memory costs will contribute roughly 60% of the total increase in AI capital expenditure this year; by 2027, as spending on other components declines, the growth in memory costs will even exceed the entire net increase in AI capital expenditure.