Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends.

Headlines

▌NVIDIA is fully deploying the AI ecosystem and its equity investment has exceeded US$40 billion this year

May 9th, Nvidia has invested heavily in upstream and downstream companies during the AI boom to create a complete ecosystem from chips to AI models. Data shows that Nvidia’s equity investment has exceeded US$40 billion this year. Industry insiders pointed out that this investment model not only helps Nvidia lock in downstream customers, but also ensures a stable supply of the company's hardware needs to a certain extent.

▌CITIC Construction Investment: AI computing power and commercial aerospace usher in a period of industry acceleration

On May 9, a CITIC Construction Investment research report pointed out that AI computing power and commercial aerospace are entering a period of industry acceleration. On the computing power side, application evolution has profoundly restructured the infrastructure: Agent drives the computing load from GPU-intensive to CPU-intensive, and the ratio of CPU to GPU in data centers is expected to increase significantly; factors such as the explosion of AI computing power, coupled with memory price increases and tight production capacity, have jointly promoted server CPU shortages and price increases this year; large model inference cost reduction demands have driven giants to accelerate the deployment of ASICs, and the industry is moving toward heterogeneous collaboration of GPU+ASICs. On the aerospace side, taking the 2026 Space Day as an opportunity, as multi-type reusable rockets undergo intensive verification, the increase in transportation capacity supply will comprehensively accelerate satellite Internet networking and promote commercial aerospace to enter a stage of high-quality development. (Eastern News Agency)

▌Ant Bailing releases trillion-level flagship thinking model Ring-2.6-1T

On May 9, according to the Science and Technology Innovation Board Daily, Ant Bailing today released the trillion-level flagship thinking model Ring-2.6-1T, which is specially designed for complex real-life mission scenarios. Model innovation introduces an adjustable Reasoning Effort mechanism, supporting two levels of reasoning intensity: high and xhigh. In the real task execution evaluation, PinchBench scored 87.6, higher than GPT-5.4x High, Gemini-3.1-Pro high and Claude-Opus-4.7x high; in difficult reasoning tasks, ARC-agi-V2 scored 77.78, which is at the same level as Gemini-3.1-Pro high and Claude-Opus-4.7x high.

▌The "Big Short" sounds the alarm: the market is like the eve of the Internet bubble burst

On May 9, the recent crazy rise in AI-driven U.S. stocks has aroused the vigilance of Wall Street professionals. Michael Burry, the prototype of the protagonist of the movie "The Big Short" and an investment tycoon who accurately predicted the 2008 U.S. subprime mortgage crisis, has recently warned that the current stock market's enthusiastic pursuit of artificial intelligence (AI) is beginning to resemble the final stage before the bursting of the Internet bubble in 2000. "The discussion about artificial intelligence is endless. All day long, no one talked about anything else but this topic." Burry posted on the Substack platform on Friday. That's how he felt after listening to financial television and radio reports on a long drive. Burry said the stock market no longer responds logically to economic data such as jobs reports or consumer confidence. While consumer confidence hit a record low on Friday, traders focused solely on the slightly better-than-expected April non-farm payrolls report, pushing the S&P 500 to another new high. "Stocks are no longer going up or down with employment or consumer confidence, they're going straight up because they're already going straight up. Based on two words that everyone thinks they understand (AI)... it feels like the last few months of the 1999-2000 bubble (before it burst)."

▌Anthropic has signed a US$1.8 billion computing agreement with Akamai

On May 9, Anthropic signed a $1.8 billion computing deal with cloud service provider Akamai Technologies to meet the surge in demand for its artificial intelligence software. Akamai said it had reached a seven-year cloud computing agreement with a "leading leading edge model provider" without naming the company. (Sina Finance)

Policies

▌As U.S. senators review the digital assets bill, the banking industry is putting forward final revisions to the stablecoin revenue compromise plan

As a key Senate committee begins consideration of a landmark digital assets bill on May 10, banking industry groups are proposing last-minute changes to the stablecoin revenue compromise. The changes would be tweaks to the stablecoin reward compromise reached earlier this month by Senators Thom Tillis (Republican) and Angela Alsobrooks (Democrat), aiming to advance the crypto industry’s long-awaited legislative process to establish clearer regulatory rules for the digital asset space.

▌Coinbase and other exchanges request the removal of anti-market manipulation provisions from the CLARITY Act

On May 9, according to Cointelegraph, Coinbase, Kraken and Gemini put pressure on U.S. lawmakers to remove anti-market manipulation provisions from the CLARITY Act, which may restrict the listing of small tokens.

▌Waller: Regional Fed presidents have developed a framework aimed at centralizing some of the Fed’s functions

On May 9, Federal Reserve Board Governor Waller: Regional Fed chairmen have developed a framework aimed at centralizing some of the Fed's functions. The framework will not weaken the independence of local Feds. Waller did not comment on monetary policy or economic prospects in his speech on the operations of regional Feds. (Golden Ten)

▌The Federal Reserve plans to implement new reporting rules for banks lending to private credit

On May 9, Bowman, the Federal Reserve's vice chairman for supervision, said that the Federal Reserve will introduce new regulatory reporting requirements to improve the transparency of banks' lending to private credit and other so-called "non-depository financial institutions" (NDFI). "This update requires large banks to report relevant financial information, including total assets, net income and leverage ratios, to the non-depository financial institutions to which they extend credit, in order to conduct analysis of credit underwriting and conduct ongoing risk assessments," she said, according to a transcript of a speech she plans to give on Friday at the annual monetary policy conference at Stanford University's Hoover Institution in California. Bowman noted that current data reporting relies on industry classification codes that are too broad to effectively measure specific risk exposures. "The lack of granularity makes it difficult to assess concentration risk, measure interconnections, or calibrate capital requirements to actual risk." Bowman believes that the regulatory reforms implemented after the 2008 financial crisis had an unintended consequence, that is, lending activity was squeezed away from the banking sector and towards non-depository financial institutions. "Ironically, banks receive more favorable treatment for lending to private credit funds than they do for lending directly to creditworthy companies," Bowman said. "This treatment encourages banks to provide funds to intermediaries rather than directly serving end borrowers." She mentioned that bank lending to non-depository financial institutions has grown significantly, but "generally appears to be adequately backed by collateral." (Eastern News Agency)

▌US SEC Commissioner Hester Peirce hinted that prediction market ETFs will soon be approved for listing

On May 10, Nate Geraci, president of The ETF Store, posted on the

Blockchain Applications

▌BlackRock plans to launch two tokenized money market funds

On May 9, according to Bloomberg, BlackRock has submitted documents to launch two new tokenized money market funds. One of them will be linked to the existing BlackRock Select Treasury Based Liquidity Fund (BSTBL) of approximately US$6.1 billion, providing a tokenized version on the Ethereum blockchain; the other is the newly launched BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), which is designed for investors using encrypted wallets and stablecoins and will be launched on multiple blockchains.

▌Prediction market platform Kalshi completed US$1 billion in financing, with its valuation soaring to US$22 billion

Prediction market platform Kalshi announced the completion of a new round of US$1 billion in financing. This round of financing was led by Coatue, with participation from Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest. The company's valuation jumped to US$22 billion. Company data shows that it has approximately 2 million monthly active users, its annualized transaction volume has reached US$178 billion, which has more than tripled in the past six months, and its annualized revenue has exceeded US$1.5 billion. This round of financing is also the third round of financing completed by Kalshi in the past seven months. Each round of valuation has nearly doubled, reflecting the continued heating up of the prediction market track among institutional capital, which is also accompanied by regulatory lawsuits and "insider trading" disputes.

▌Encryption company OpenTrade completed a US$17 million strategic round of financing, with a16z Crypto participating

The British encryption company OpenTrade announced the completion of a US$17 million strategic round of financing, led by Mercury Fund and Notion Capital, with participation from a16z Crypto and others. The company focuses on building a lending and stablecoin income infrastructure supported by institutional-level on-chain and real-world assets (RWA). The total lock-in scale (TVL) has exceeded US$200 million, and its total financing to date has exceeded US$30 million.

▌IDC: China’s MaaS market has entered a period of rapid growth. Token economy has moved from concept to large-scale practice

On May 7, International Data Corporation (IDC) issued a document stating that China’s enterprise-level MaaS market has experienced a critical transition from pilot to large-scale application in 2025. Whether it is the amount of token calls or actual revenue, all statistical calibers have shown exponential growth. At the same time, the rapid increase in token consumption is redefining the way enterprises use artificial intelligence. However, behind this round of rapid growth, the market still faces multiple practical constraints such as performance stability, safety compliance, and answer quality. IDC believes that the competitive focus of MaaS vendors is shifting from pure price competition in the past to comprehensive capability competition of "price, performance and tool chain support". (Eastern News Agency)

▌Vitalik supports using key random numbers as a new expansion solution for Ethereum

On May 6, Cointelegraph disclosed that Vitalik Buterin supports keyed nonces as a new expansion solution for Ethereum. This solution can achieve large-scale on-chain transaction processing that protects transaction privacy while maintaining decentralization.

▌Morgan Stanley’s E*Trade pilots cryptocurrency trading service

On May 6, Morgan Stanley is piloting a cryptocurrency trading service on its E*Trade platform, charging 50 basis points per transaction value for each crypto trade, which is lower than major competitors such as Coinbase, Robinhood and Charles Schwab. All of E*Trade's approximately 8.6 million customers are expected to receive the feature within the year. The report pointed out that Morgan Stanley has continued to make plans in the encryption field in the past year. It has launched the lowest-cost Bitcoin ETF, plans to launch Ether and Solana ETFs, and applies for a national trust bank license to provide digital asset custody. It will also support institutional customers to trade tokenized stocks in the future.

Cryptocurrency

▌Michael Saylor releases Bitcoin Tracker information again, and may disclose holdings increase data next week

On May 9, Strategy founder Michael Saylor once again released information related to Bitcoin Tracker. According to previous rules, Strategy always discloses information on increasing its holdings of Bitcoin the day after relevant news is released.

▌Polymarket predicts that the probability of Ukraine and Russia reaching a peace agreement before 2027 is 38%

On May 10, according to prediction market Polymarket data: the probability of Ukraine and Russia reaching a peace agreement before 2027 is 38%.

▌BTC breaks through $81,000

The market shows that BTC has exceeded US$81,000 and is now trading at US$81,032.66, with a 24-hour increase of 0.94%. The market fluctuates greatly, so please control risks.

▌Strategy CEO: The company will only sell Bitcoin in specific circumstances such as paying dividends or tax optimization

On May 10, Strategy CEO Phong Le stated that the company would only sell Bitcoin under certain circumstances, including paying an 11.5% dividend on STRC preferred shares and making tax deferral or tax optimization arrangements. The company will prioritize whether selling Bitcoin or issuing shares is more conducive to improving the "Bitcoin per share" indicator, and emphasizes that BTC will be sold only when the relevant operations have a value-added effect on ordinary shareholders. Previously, Michael Saylor said that the company "may sell some Bitcoins to pay dividends" in the future, which attracted market attention. As of now, Strategy holds 818,334 BTC, worth over $66 billion. Phong Le believes that based on the current average daily trading volume of Bitcoin of approximately US$60 billion, the company’s annual dividend payment of approximately US$1 billion will not have a significant impact on the market price.

▌Kraken acquires stablecoin infrastructure company Reap for $600 million

On May 7, according to market news: Kraken acquired Reap, a stablecoin infrastructure company headquartered in Asia, for US$600 million.

Important Economic Updates

▌Goldman Sachs expects the Fed’s interest rate cuts to be postponed to December and March 2027

On May 9, Goldman Sachs said that due to stronger-than-expected inflation resilience, the bank postponed its expectations for the next two interest rate cuts by the U.S. Federal Reserve (Fed) by one quarter, to December 2026 and March 2027 respectively. U.S. economists at Goldman Sachs wrote in a May 8 report that the pass-through effect of energy costs could cause core personal consumption expenditures (PCE) inflation to remain around 3% during the year instead of the Fed's 2% target, thereby delaying the conditions required for policy easing.

▌The Bank of America has significantly revised its forecast: the Federal Reserve is unlikely to cut interest rates before 2027

On May 9, according to the latest forecast from the Bank of America, the Federal Reserve will postpone interest rate cuts until the second half of 2027, mainly due to high inflation levels and good employment growth. Bank of America Global Research had previously expected the Fed to cut interest rates once this year in September and October, a view based in part on expectations that Kevin Warsh, Trump's nominee to succeed Jerome Powell as Fed chairman, would guide policymakers in taking measures to ease monetary policy. But now as the economic situation changes, this view has changed. Bank of America economists said in a report to clients on May 8, "We no longer expect the Federal Reserve to cut interest rates this year." They also pointed out that multiple shocks affecting the economy, including the Iran war, tariffs, and the rise of artificial intelligence, make it more difficult to predict interest rate changes. (Eastern News Agency)

▌Japanese government debt has hit a record high for 10 consecutive years

On May 9, data released by the Ministry of Finance of Japan on the 8th showed that as of the end of March 2026, the total government debt such as Japanese government bonds, loans and government short-term securities reached 1343.84 trillion yen (1 US dollar is equivalent to 156.7 yen), an increase of 20.13 trillion yen from the end of the previous fiscal year, setting a record high for 10 consecutive years. Data show that Japan’s total national debt is 1,207.22 trillion yen, of which ordinary government bonds, which mainly rely on taxes to repay principal and interest, increased by 24.56 trillion yen to 1,104.30 trillion yen, which is the main source of growth in Japan’s national debt. (Eastern News Agency)

▌U.S. credit card debt reaches a record high of $1.33 trillion

According to market news: U.S. credit card debt reached a record high of $1.33 trillion.

▌Sister Mumu: There is a high probability that inflation data in the next 6 to 9 months will be lower than market expectations

On May 9, Cathie Wood, founder, CEO and chief investment officer of ARKInvest, wrote that a signal worth paying attention to in current market data is that despite the sharp rise in oil prices in the past three months, the yield curve continues to flatten. Judging from historical patterns, in a traditional economic cycle, if the Fed takes monetary easing measures in response to energy shocks, the yield curve should steepen, not flatten. This round of energy shocks has not been supported by the Federal Reserve's monetary easing. Ark Investment believes that the bond market may have begun to price in advance a more far-reaching force: the deflationary effect brought about by the increase in productivity of the entire society enabled by artificial intelligence and technology. Ark Investment believes that inflation data in the next 6 to 9 months will most likely be lower than market expectations. If this judgment is true, it will have a profound impact on interest rate trends and long-term stocks.

▌US debt exceeds GDP for the first time in 80 years

On May 9, statistics showed that as of the end of the first quarter, the scale of debt held by the U.S. public reached $31.27 trillion, while the nominal GDP estimate for the past 12 months (April 2025 to March 2026) was $31.22 trillion. This means that the debt-to-GDP ratio has risen to 100.2%, the first time since the end of World War II that this warning line has been exceeded during a non-public health emergency (such as the early stages of the epidemic). The Congressional Budget Office (CBO) predicts that based on current trends, U.S. debt will rise to 108% of GDP by 2030, surpassing the highest post-World War II record, and will soar to 120% by 2036. (Eastern News Agency)