Here’s what we got into on this very cold November morning:

• Crypto’s melt-up is continuing, with rising trading volumes following in the wake of the price gains. For web3 believers, it’s great news.
• The FT has a great interview with Sam Altman about how AI training is going to stay expensive for a long while; Microsoft is probably not worried about the costs, however.
• Didi’s earnings dropped, kicking off a busy week for Chinese tech companies including Alibaba, NetEase, and Tencent Music.
• The Block is getting its cap table into shape.
• And Shekel Mobility raised an interesting round that we just had to talk about.

Don’t forget that next week is a holiday week here in the United States!

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Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.

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