According to CoinMeta, Wu said that BitMEX co-founder Arthur Hayes stated in his latest article “D is for Dilution” that the large-scale share unlocks and equity dilution after the listing of giants such as SpaceX, Anthropic, and OpenAI could put pressure on stock prices and drive up the debt financing costs for the entire AI industry. He estimates that early IPO investors may face up to 83% equity dilution by June 2027. Hayes believes that a decline in AI stock prices could weaken bank credit expansion, leading to a contraction in US dollar liquidity, which in turn could drag down crypto assets such as Bitcoin. Before there is a significant improvement in the liquidity environment, his investment institution Maelstrom will remain on the sidelines. However, he expects that if a systemic crisis occurs in the AI industry, central banks around the world may ultimately provide relief through monetary easing, which would be beneficial for Bitcoin in the long run.