Arthur Hayes: AI stock dilution may impact liquidity, currently on the sidelines

According to Maelstrom's Chief Investment Officer Arthur Hayes, the supply of shares from SpaceX, Anthropic, and OpenAI, along with future unlocks, may depress stock prices, weaken investor confidence in the AI industry, and increase the cost of related debt financing.

Hayes believes that if the AI credit market cools down, the growth of bank balance sheets may slow or contract, thereby reducing the dollar liquidity that supports the cryptocurrency market. He stated that unless there is a significant change in the liquidity of fiat currencies, Maelstrom will temporarily wait and observe the impact of the AI IPO wave and any potential future policy bailouts.