$305 Million Hack Hits Japanese Crypto Exchange

Nomura Securities believes that the AI investment narrative is mired in an internal contradiction: if hyperscale cloud providers accelerate capital expenditures, their free cash flow will continue to be drained, raising doubts about the sustainability of financing; if they slow down, it would indicate a loss of confidence in AI demand and profitability expectations. Both paths lead to sell-offs. The crowded long positions accumulated during the AI agent boom in September have triggered large-scale stop-losses under negative catalysts, spreading to US Treasury bonds, exchange rates, and commodity markets, resulting in systemic deleveraging.

On Friday, Jassy stated that with the growing demand for artificial intelligence (AI) infrastructure, Amazon AWS cloud computing capacity is virtually sold out through 2027, and a significant portion of 2028 capacity has also been pre-booked by customers.

The time window is extremely tight—according to SEC regulations, the S-1 filing must be submitted by next week at the latest, and prediction markets estimate the probability of a listing within the year at around 80%. The sell-off in the AI sector has cast a shadow over the listing prospects, and the previous plan to go public in September has already fallen through. Several market participants say that Anthropic may face pressure to delay its listing, but some analysts point out that the company's urgent need for capital may drive it to stick to the original plan.