9.12 AI Daily: The AI craze ignites the tech stock market, and the regulation of encryption assets is becoming clearer.

1. Headlines

1. Oracle bone script financial report ignites AI craze, stock price surges 36% in a single day.

The Oracle Bone Company released a remarkable financial report on September 11, with its unfulfilled obligations (RPO) soaring to $455 billion, a year-on-year increase of 359%. The company expects its price-to-earnings ratio to exceed 48 times, setting a new high since 2001. This extraordinary performance growth is primarily attributed to the company’s layout and acquisitions in the artificial intelligence sector.

Larry Ellison, CEO of Oracle, announced during the earnings call that the company will launch a new AI cloud service in the future, aimed at competing with products from companies like OpenAI. This news has filled investors with confidence in the company's AI prospects, driving the stock price to soar 36% in a single day, marking the largest increase since 1992.

Analysts believe that Oracle's impressive performance in this financial report not only dispelled market concerns about the sustainability of the AI boom but also led to a全面反弹 in AI concept stocks such as AMD, NVIDIA, and Broadcom, marking a new phase in AI infrastructure investment. Wall Street institutions have raised Oracle's target price, with Citibank setting the highest expected target at $410.

2. Hong Kong plans to optimize the regulation of crypto assets to assist banks in accepting compliant stablecoins.

On September 8, the Hong Kong Monetary Authority released a consultation draft for a new module of the "Banking Supervisory Policy Manual" to the banking sector, aiming to provide clear guidance on the Basel Committee's regulatory standards for crypto assets, which will be implemented in early 2026. The new regulations categorize crypto assets into two groups: the first group includes tokenized traditional assets and stablecoins with effective stabilization mechanisms, which will be treated similarly to equivalent traditional assets; the second group includes unsecured tokens such as Bitcoin and Ethereum, as well as non-compliant tokenized assets and stablecoins, which will be subject to comprehensive capitalization and stricter regulation.

This move aims to achieve reserve diversification and explore the digital asset field in depth. Compared to other entertainment companies that mainly use NFTs for fan interaction and content monetization, Hong Kong's strategic investment this time represents a new model of cryptocurrency asset application that is more direct and has stronger financial attributes.

Industry insiders believe that Hong Kong's move will not only help attract cryptocurrency companies to establish regional headquarters in the region but will also promote local banks to accept regulatory-approved stablecoins, paving the way for future development of digital currency businesses.

3. The U.S. SEC promotes cryptocurrency and AI financial regulation, encouraging innovation and fair competition.

Paul S. Atkins, the chairman of the U.S. Securities and Exchange Commission ( SEC ), stated at the OECD Global Financial Markets Roundtable that the SEC will modernize securities regulatory rules through "Project Crypto" to clarify the securities status of crypto assets, providing a clear regulatory framework for companies to raise funds, trade, stake, and lend on-chain.

Atkins provided a detailed introduction to the SEC's regulatory vision and principles. The SEC will adopt a minimally invasive approach that encourages innovation and fair competition while protecting investors. He emphasized that the SEC's goal is to establish a globally leading financial ecosystem for crypto and AI in the United States, creating more opportunities for investors and businesses.

Analysts believe that the speech of the SEC chairman conveyed positive signals and is expected to bring greater certainty to the cryptocurrency industry. At the same time, the SEC will also strengthen its regulation of financial applications of artificial intelligence to prevent related risks. The industry hopes that the SEC can establish clear and predictable regulatory rules in the two emerging fields of cryptocurrency and AI, promoting the long-term healthy development of the industry.

4. Ethereum is experiencing continuous outflows of funds, and Vitalik Buterin is facing a significant trust crisis.

Ethereum is undergoing an unprecedented wave of skepticism. Since the launch of the ETF, Ethereum has been in net sell-off, with capital outflows exceeding $1.2 billion. From Ethereum's core researchers and developer community organizations to ConsenSys-related commercial firms and external investors, a massive trust crisis is emerging.

Analysts point out that Vitalik Buterin needs to better guide different participants in terms of direction and goals, as Ethereum has become a very large decentralized business entity in both the entire cryptocurrency market and even the traditional market. Such a business entity has never existed in history, and the challenges for the entire Ethereum community and Vitalik Buterin will only become more severe, reaching a point where there can be no creation without destruction.

At the same time, the Ton ecosystem has attracted significant attention at the 2049 conference. Although Western funds are generally not optimistic about Ton and Web2 platforms, they did not answer the question of whether they would invest, reflecting the industry's complex attitude towards emerging public chain ecosystems.

5. The crypto gaming sector is in trouble, and the industry urgently needs innovative breakthroughs.

The gaming track has become exceptionally difficult, and all participants are losing confidence. Crypto games are forcing participants to leave or come up with more innovative products and fun games in an even tougher mode.

There are calls within the industry to adjust the practicality and unlocking terms of tokens. The existing unlocking mechanisms and practicality have significant issues; traditional IPO investment lock-up periods only require 6 months to a year, but for ultra-early investments in crypto projects, the overall lock-up period for liquidity can last as long as 3 to 4 years.

In addition, there is a common trend of "speculation" in entrepreneurial projects. A few high-profile projects find it easy to secure funding, while most ordinary entrepreneurial teams struggle to obtain financing. The root cause of this is that, at the current stage, exchanges and investors are unable to discern whether projects have truly acquired users and generated value.

Analysts believe that the performance of altcoins may be worse than expected, forcing industry participants to re-examine innovation and real application cases. Only by breaking through existing models can the crypto gaming sector hope to regain vitality.

2. Industry News

1. Bitcoin briefly broke through the $116,000 mark, triggering bullish sentiment in the market.

The price of Bitcoin briefly surpassed the $116,000 mark on September 12, reaching a nearly two-week high. This strong performance was mainly driven by the moderate slowdown in U.S. inflation data for August, with market expectations that the Federal Reserve will slow down the pace of interest rate hikes at next week's meeting.

Analysts point out that the rise in Bitcoin prices reflects investors' optimism about the improvement of the macro environment. As inflationary pressures ease, the Federal Reserve may reduce the pace of interest rate hikes, injecting new liquidity into risk assets. Meanwhile, the Bitcoin options market shows a dominance of bullish positions, indicating that investors are optimistic about future market trends.

However, some analysts also remind that Bitcoin still faces a key support level of $111,000 in the short term, and if it fails to hold, it may trigger further pullbacks. In addition, the actual actions of the Federal Reserve and developments in the geopolitical situation could affect the future trend of Bitcoin. Investors need to closely monitor changes in the macroeconomic situation.

2. Ethereum breaks through $4500, on-chain activity continues to rise.

Ethereum's price broke the $4500 mark on September 12, continuing its recent upward trend. The main reason driving the increase in Ethereum's price is the sustained rise in on-chain activity, with trading volume and the number of users continuously increasing.

Data shows that the number of active addresses on the Ethereum chain has increased by more than 20% in the past month, reflecting a growing preference among users for the Ethereum ecosystem. In addition, the decentralized application (DApp) ecosystem on Ethereum is also rapidly developing, bringing new use cases and demands to Ethereum.

Analysts believe that Ethereum, as the "super public chain" in the cryptocurrency space, has seen its price increase reflecting investors' optimism about its long-term development prospects. With the continuous advancement of Ethereum 2.0 and ongoing innovations in applications such as DeFi and NFTs, Ethereum is expected to further consolidate its leading position in the cryptocurrency field.

However, some analysts remind that Ethereum still needs to be cautious of the key support level at $4250 in the short term; if it falls below this level, it may trigger a correction. Additionally, changes in regulatory policies and the rise of competitors may pose challenges to Ethereum's long-term development.

3. Solana price breaks through $230, institutional funds continue to flow in

The native token SOL of the Solana ecosystem broke through the $230 mark on September 12, continuing its recent strong upward momentum. The main reason for the rise in SOL's price is the continuous inflow of institutional funds into the ecosystem.

Data shows that several well-known institutional investors have recently increased their holdings of SOL significantly and incorporated it into their investment portfolios. This reflects the institutions' confidence in the long-term development prospects of the Solana ecosystem. Meanwhile, DeFi, NFT, and other applications within the Solana ecosystem are also rapidly developing, bringing new demand for SOL.

Analysts believe that Solana, as an emerging high-performance public chain, is highly favored by institutions due to its technological advantages and ecological development prospects. With more funds flowing in, Solana is expected to further expand its influence in the cryptocurrency field.

However, some analysts also remind that SOL still needs to be wary of the key support level of $200 in the short term, as losing this level may trigger a pullback. In addition, there are still some controversies regarding Solana's scalability and degree of decentralization, which may affect its long-term development. Investors need to closely monitor the development trends of the Solana ecosystem.

Overall, on September 12, the cryptocurrency market showed a general upward trend, mainly driven by favorable macro news. However, investors should also be wary of the short-term pullback risks and closely monitor the key support levels of major currencies. In the long run, the development prospects of the cryptocurrency market are still worth looking forward to, but one must also be cautious of the uncertainties brought about by regulatory and technological developments.

3. Project News

1. Sui Network: A new star in the Move ecosystem, leading the wave of blockchain innovation.

Sui Network is a Layer 1 blockchain designed on a brand new blockchain architecture aimed at solving the scalability and composability issues of current blockchain systems. The project was initiated by a team of engineers who participated in the design of Diem and has received support from well-known institutions such as Andreessen Horowitz and Jump Crypto.

Latest Update: Sui Network has recently launched its mainnet token, attracting widespread attention in the cryptocurrency market. The project employs an innovative parallel execution model and dynamic sharding technology, significantly enhancing throughput and scalability. Additionally, Sui has introduced a new programming paradigm called Move, aimed at improving asset composability and interoperability.

Market Impact: The emergence of the Sui Network brings new development opportunities for blockchain technology. Its innovative architectural design is expected to address the bottleneck issues faced by current blockchain systems, providing the necessary infrastructure for large-scale applications. Meanwhile, the introduction of the Move programming language is also expected to promote innovative development in the blockchain ecosystem, giving rise to the birth of more innovative applications.

Industry Feedback: Industry insiders generally believe that Sui Network represents a new direction in the development of blockchain technology. Well-known investor Chris Dixon stated that Sui's design philosophy is quite forward-looking and is expected to become a representative work of the next generation of blockchain infrastructure. Analysts from Delphi Digital pointed out that the emergence of Sui will drive the entire cryptocurrency ecosystem towards a more open and composable direction.

2. Hyperliquid: A rising star in decentralized stablecoins, leading DeFi innovation.

Hyperliquid is a decentralized protocol aimed at issuing the algorithmic stablecoin USDH. The project is supported by the Solana Foundation and has received investments from well-known institutions including Polychain Capital and Placeholder VC.

Latest Update: Hyperliquid has recently launched the issuance bidding process for USDH, attracting participation from multiple teams. After a community vote, the Native Markets team ultimately won the issuance rights for USDH. The team plans to issue USDH by combining an algorithmic stablecoin model with a partially collateralized reserve.

Market impact: The emergence of Hyperliquid brings innovative vitality to the DeFi ecosystem. As a brand new algorithmic stablecoin model, USDH is expected to address the scrutiny and centralization risks faced by traditional stablecoins. At the same time, its decentralized issuance and management mechanism will also inject new vitality into the DeFi ecosystem.

Industry feedback: Cryptocurrency analyst Adam Cochran stated that the emergence of Hyperliquid marks a new development stage for algorithmic stablecoins. He believes that the success of USDH will have a profound impact on the entire DeFi ecosystem. Meanwhile, a report from Delphi Digital pointed out that Hyperliquid's innovative design is expected to drive the DeFi ecosystem towards a more open and transparent direction.

3. Aptos: The next-generation blockchain created by former Meta engineers

Aptos is a next-generation blockchain project initiated by former Meta (Facebook) engineers. The project aims to build a high-performance, secure, and user-friendly blockchain infrastructure, preparing for large-scale applications in the We era.

Latest Updates: Aptos has recently completed its mainnet launch and issued its native token APT. The project employs an innovative parallel execution engine and smart sharding technology, significantly enhancing throughput and scalability. In addition, Aptos has introduced a brand new programming framework called Move, aimed at improving asset composability and interoperability.

Market Impact: The emergence of Aptos brings new development opportunities for blockchain technology. Its innovative architectural design is expected to address the bottleneck issues currently faced by blockchain systems, providing the necessary infrastructure for large-scale applications. At the same time, the introduction of the Move programming framework is also expected to promote innovative development in the blockchain ecosystem, fostering the birth of more innovative applications.

Industry Feedback: Industry insiders generally believe that Aptos represents a new direction in the development of blockchain technology. Renowned investor Andreessen Horowitz stated that Aptos's design concept is quite forward-looking and is expected to become a representative work of the next generation of blockchain infrastructure. Analysts at Delphi Digital pointed out that the emergence of Aptos will promote the entire cryptocurrency ecosystem to develop towards a more open and composable direction.

4. Economic Dynamics

1. U.S. inflation data shows mixed results, and the Federal Reserve faces a tough decision.

Economic Background: The US economy has been plagued by inflationary pressures over the past year. Recent data shows that the Consumer Price Index in August rose by 5% year-on-year, higher than market expectations. However, signs of weakness in the labor market are also beginning to show, with weekly new unemployment claims soaring to 263,000, the highest level since October 2021. GDP growth slowed to 2.4% in the second quarter, and there is uncertainty regarding the economic outlook.

Important event: The Federal Reserve will hold an interest rate decision meeting on September 20. Amid persistent high inflation, the Federal Reserve faces a difficult choice of whether to continue raising interest rates. Raising rates can help curb inflation, but it may also further drag down the job market and economic growth.

Market Reaction: Investors are divided on the Federal Reserve's next move. Some analysts believe that the Fed may pause its interest rate hikes to support the job market. However, there are also views that to defend the central bank's inflation target, the Fed may have to continue raising interest rates. Financial market volatility is increasing, and investors are closely watching the central bank's policy signals.

Expert Opinion: Nick Timiraos, a contributor to The Wall Street Journal, stated that the Federal Reserve faces the challenge of seeking a balance between curbing inflation and supporting employment. He believes that the Fed may pause interest rate hikes at the September meeting but is still expected to raise rates once before the end of the year. Economist Kevin Swift warns that inflationary pressures may persist for a long time, and the Fed needs to maintain flexibility in its policy.

( 2. The European Central Bank remains on hold, December may become a key time window.

Economic Background: The Eurozone economy has experienced turbulence over the past year. Inflation rose to double digits in the first half of this year, but the latest data shows that inflationary pressures have eased. However, the ongoing Russia-Ukraine conflict, high energy prices, and the United States imposing tariffs on the European Union have all cast a shadow over the economic outlook for the Eurozone.

Important event: The European Central Bank decided to keep interest rates unchanged at its rate decision meeting on September 8. Nevertheless, insiders revealed that there are differences within the European Central Bank regarding whether further rate cuts are necessary.

Market reaction: European stock markets rose slightly after the European Central Bank's decision was announced. Investors generally believe that the European Central Bank's decision to hold steady is due to caution. However, some analysts are concerned that the European Central Bank may miss the best opportunity, which could further aggravate the inflation issue.

Expert Opinion: Former President of the European Central Bank, Draghi, stated in an interview that the ECB needs to pay close attention to inflation risks and should not hesitate to take action if necessary. He also pointed out that the ECB should closely monitor the developments in global trade situations, as trade disputes may further weigh on the Eurozone economy. Insiders revealed that within the ECB, there is a tendency to reassess the situation in December, which could become a key policy window.

) 3. The China-U.S. trade dispute continues to escalate, putting pressure on the global economy.

Economic Background: Since 2018, China and the United States have been engaged in a protracted struggle over trade issues. In the past year, both sides have repeatedly imposed tariffs and sanctions on each other, severely impacting the global industrial and supply chains. As a result, the world economy has also suffered a heavy blow, forcing the International Monetary Fund to downgrade its global economic growth forecasts multiple times.

Important event: US President Trump recently reiterated that if China does not make substantial concessions, the US will continue to impose tariffs on an additional $300 billion worth of Chinese goods in November. The "temporary ceasefire agreement" reached by both sides in early September is also on the brink of collapse.

Market reaction: Trump's latest statement has once again triggered significant volatility in the financial markets. The US stock market fell sharply on September 12, with the Dow Jones Industrial Average dropping more than 600 points. The RMB depreciated significantly against the US dollar on the same day. Global investors' concerns about further escalation of the China-US trade war have intensified.

Expert Opinion: Robert Barro, an economics professor at Harvard University, commented that the China-U.S. trade war has evolved into a "tariff war," and its negative effects are gradually becoming evident. He warned that if both sides cannot stop the losses in time, the global economy will face the risk of recession. Former Federal Reserve Chairman Bernanke also urged both sides to resolve their differences through dialogue to avoid further escalation of trade disputes.

5. Regulation & Policy

1. The chairman of the U.S. Securities and Exchange Commission proposed implementing a unified regulatory framework for cryptocurrency "super apps".

Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), recently stated in a speech at the Organisation for Economic Co-operation and Development (OECD) in France that "most cryptocurrencies are not securities" and proposed to establish a single, streamlined regulatory framework for "super apps" that provide various crypto services such as trading, lending, and staking. This move marks a significant shift in the SEC's approach to crypto regulation, aiming to provide greater certainty for the industry and reduce the costs of innovation.

Atkins pointed out that with the rapid development of crypto assets, regulators need to adopt a more flexible and inclusive approach to keep pace with the innovation of emerging technologies. He believes that incorporating different types of crypto assets and services into a single regulatory framework can avoid regulatory overlap and regulatory vacuums, creating a more favorable environment for industry development.

This proposal has received widespread support from industry insiders. Faryar Shirzad, the Chief Policy Officer of the cryptocurrency exchange Coinbase, stated that this is a positive step by the SEC in cryptocurrency regulation, helping to bring greater certainty and transparency to the industry. He added that Coinbase looks forward to further collaboration with the SEC to jointly develop a regulatory framework that is conducive to innovation and investor protection.

However, there are also industry insiders who express concerns about this proposal. Olaf Carlson-Wee, the founder of cryptocurrency investment firm Polychain Capital, believes that a single regulatory framework may restrict the development space of crypto assets and undermine their decentralized characteristics. He urges regulators to fully consider the unique nature of crypto assets when formulating policies and to maintain close communication with the industry.

Overall, the proposal from the SEC Chairman reflects the regulatory body's increasing emphasis on crypto assets. As the crypto industry continues to evolve, establishing a clear and unified regulatory framework will become an important task for regulators, which requires balancing innovation and risk management.