On August 19, Arthur Hayes, co-founder of BitMEX and Chief Investment Officer of Maelstrom, addressed questions regarding his investments in AI/crypto projects despite believing there is a bubble in AI. Hayes responded that the current AI bubble primarily exists in the 'debt used to build data centers' and the stock valuations of loss-making hyperscalers and cutting-edge AI labs, rather than in AI technology and applications themselves. He stated, 'Price is what you pay, value is what you get.' He expressed his '100% belief in the agentic economy,' a new economic model driven by AI agents. He further pointed out that the large-scale construction of data centers funded through borrowing could ultimately lead to an oversupply of computing power, which would reinforce the investment logic and promote the development of his supported AI + crypto project, Flop Labs. Previously, Hayes has also discussed the impact of AI capital expenditures on market liquidity, arguing that since the commercialization of ChatGPT, significant funds have flowed into AI infrastructure, squeezing the space for the crypto market to gain new liquidity.