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Glonghui, May 21 — Amidst ongoing debates in the market regarding the cost-effectiveness of artificial intelligence (AI) chips, Wall Street investment bank Morgan Stanley recently released a new analysis report supporting NVIDIA’s industry conclusion that its products have the lowest “cost per token” on the market. The report also states that NVIDIA’s “best-in-class” performance advantage cannot be surpassed by competitors in the short term. The report notes that although some rival companies have recently claimed their alternative chips offer better token economics, NVIDIA’s core logic of computational cost-effectiveness still holds. Morgan Stanley analysts emphasize that one of the major technological misconceptions in the current market is the blind pursuit of cheap hardware, while NVIDIA’s actual performance has already proven that “until disruptive evidence emerges, low-cost chips do not directly translate into lower cost-per-token operations.”

Variational announced the completion of a $50 million funding round, led by Dragonfly, with Bain Capital Crypto and an exchange participating. The funds will be used to expand its derivatives trading services, including perpetual contracts linked to physical assets such as gold, silver, copper, and WTI crude oil. Since 2025, Variational claims to have processed over $200 billion in trading volume, aiming to integrate liquidity from traditional and on-chain markets and offer more than 100 on-chain perpetual contracts.

According to AiCoin data, Hyperliquid HYPE/USDC has surpassed its all-time high of $59.406, currently trading at $59.42, with a 24-hour increase of over 20%.