Arthur Hayes: AI Share Dilution Could Impact Liquidity, Advises Wait-and-See Approach

on November 5, Arthur Hayes, Chief Investment Officer at Maelstrom, stated in a post that the share supply and future unlocks of SpaceX, Anthropic, and OpenAI could weigh on stock prices, dampen investor confidence in the AI industry, and increase associated debt financing costs.

Hayes contends that a cooling in the AI credit market could slow or contract bank balance sheet growth, which would in turn reduce USD liquidity supporting the crypto market. He added that unless fiat liquidity conditions experience significant changes, Maelstrom will adopt a wait-and-see stance for now, awaiting the impact of the AI IPO wave and potential future policy bailouts.