[Arthur Hayes: Increased AI Share Supply May Impact Liquidity; Maelstrom Remains on Hold] On November 5th, Maelstrom's Chief Investment Officer, Arthur Hayes, stated that the increased supply and future unlocking of shares in SpaceX, Anthropic, and OpenAI could depress share prices and increase related debt financing costs. Hayes believes that if the AI lending market cools down, bank balance sheet growth may slow or contract, reducing dollar liquidity supporting the crypto market. Unless there are significant changes in fiat currency liquidity, Maelstrom will remain on the sidelines, awaiting the impact of the AI IPO boom and potential future policy interventions.