Arthur Hayes: Can AI IPO Dilution Choke Bank Liquidity and Hit Bitcoin?

Computer systems that perform tasks that normally require human intelligence, such as understanding language, recognising images or making decisions.

AI is changing work, media and public services, raising questions about jobs, safety and regulation.

The first sale of a private company's shares to the public, after which the shares trade on a stock exchange.

An IPO raises money for the company and lets early owners and investors sell part of their stake.

The first and largest cryptocurrency, created in 2009, with a fixed maximum supply and no central issuer.

Its price swings and adoption by funds and companies make it a bellwether for the whole crypto market.

A digital currency secured by cryptography and recorded on a blockchain, without a central bank issuing it.

Crypto prices are volatile, and governments are still deciding how to regulate it.