On August 19, Arthur Hayes, co-founder of BitMEX and Chief Investment Officer of Maelstrom, addressed questions regarding his continued investment in AI and crypto projects despite believing there is a bubble in AI. Hayes responded by stating that the current AI bubble primarily exists in the 'debt used to build data centers' and in the stock valuations of loss-making hyperscalers and cutting-edge AI laboratories, rather than in the AI technology and applications themselves. He remarked, '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 substantial debt-funded construction of data centers 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 discussed the impact of AI capital expenditures on market liquidity, suggesting that since the commercialization of ChatGPT, a significant amount of funding has flowed into AI infrastructure, squeezing the space for the crypto market to gain new liquidity.