AI BUBBLE?
SoftBank borrowed $40B to invest in OpenAI without collateral.
But when it tried to raise another $6B using its OpenAI stake as collateral, banks refused.
The issue isn't AI itself - it's that nobody can confidently value an $852B private company that makes $25B in revenue, loses $27B, and may not be profitable until 2030.
People aren't buying a business - they're buying a belief.
If lenders won't accept the collateral, the bubble may already be starting to deflate.
OpenAI's IPO could be the key exit.
Without it, SoftBank's $40B bet faces growing pressure.
The ghost pools got drained.
Raydium lost $1.34 million today.
But the attack was not on its main exchange.
The attacker targeted 5 old liquidity pools that were stopped in 2021 but were never fully turned off.
These contracts stayed onchain for more than 3 years without anyone monitoring them.
The attacker found a weakness, got around the ownership checks, and drained all 5 pools.
What happened:
- $1.34M stolen - 5 old pools affected - No active users lost funds - Contracts were left exposed for 3+ years
The good news is that Raydium's main protocol was not affected, and its treasury is covering the losses.
The bigger lesson is simple:
Just because a contract is old or no longer used doesn't mean it is safe.
Many DeFi projects have old contracts still running onchain after upgrades and migrations.
Most people forget about them.
Attackers don't.
More and more exploits are happening in old and abandoned contracts rather than in active systems.
In DeFi, the biggest risk is often not the code everyone is watching.
It's the old code that nobody has checked in years.
🚨 6 PM IST today: The most important CPI data release is here.
- Forecast: 4.2% - Previous: 3.8%
The new Fed Chair was expected to bring rate cuts.
But if today's inflation number comes in at 4.2%, that story could change quickly.
Instead of talking about rate cuts, markets may start pricing in rate hikes again.
That's why this CPI report matters so much.
One inflation number could move stocks, crypto, bonds, and the dollar.
Expect volatility.
Everyone is arguing about whether SpaceX is expensive at $135.
But most people are missing the bigger picture.
Only about 4% of shares will be available to trade.
Company insiders cannot sell until after Q2 earnings, and even then only 20% of their shares become available.
To unlock another 10%, the stock must stay 30% above the IPO price.
Even Elon Musk cannot sell for 366 days.
At the same time, SpaceX can join the Nasdaq 100 just 15 days after listing.
That means index funds may have to buy the stock no matter what the price is.
Very few shares available.
Lots of automatic buyers.
And Elon controls when more shares can enter the market.
This setup creates more demand than supply.
If that continues, the stock could move much higher before major insiders are able to sell large amounts of shares.
This keeps the core thesis but uses plain, easy-to-read language.
Saylor is hinting at another Bitcoin buy.
Last week, he sold 32 BTC and Bitcoin dropped to $59K.
Now he's buying again.
Will BTC keep going up, or will it drop after the news comes out?