According to CoinMeta, in its market report on October 23, QCP Capital pointed out that the financing risks of AI infrastructure companies are being transmitted to the stock and crypto markets. Bitcoin has recently weakened alongside the U.S. stock market, showing a strong correlation with traditional risk assets. The yield on some bonds of AI, a cloud computing company, has risen to around 15%, and its stock price fell by about 10% on October 22, reflecting market concerns regarding high capital expenditures, debt repayment capabilities, and subsequent financing costs. At the same time, the yield on French 10-year government bonds briefly exceeded 5.1%, and the yield spread with German bonds of the same maturity widened to about 170 basis points. Geopolitical tensions in the Middle East drove oil prices to a five-month high. QCP stated that although Bitcoin has weakened recently along with the U.S. stock market, it still exhibits characteristics of traditional risk assets. Market expectations for a Fed interest rate hike in October have dropped close to zero, but confidence in a rate cut in December has also weakened.