"She didn't own bitcoin. She didn't know very much about bitcoin." Jeff Booth on traveling with Gloria Zhao in Africa.

TFTC 764 w/ Peter St Onge: "Without a doubt, AI stocks will drop 30 to 50 percent. The question is: do they go from 200 to a thousand back to 500?" We discuss: ⚡ It's 1998, not 2000 ⚡ $7T parked at the Fed ⚡ Volcker 2.0

Strategy just mass announced: $2.55B USD reserve, $1B preferred buyback program, $1B MSTR buyback program, STRC dividend hiked to 12%, and a BTC monetization program authorizing up to $1.25B in bitcoin sales to fund it all. The shift from one-way capital issuance to active capital management is significant. They're now willing to sell bitcoin to buy back their own preferred stock at a discount and repurchase MSTR when it trades below intrinsic value. ~25.9 months of dividend coverage.

"I've actually always seen open source as a red herring. When I see a new model come out, I don't care whether it's open source or not." Dario Amodei dismissing open source AI.

"You're pushing buttons. You're sitting in a room talking with other people, and you call that a meeting?" (ScottWu46) on how AI will make today's jobs unrecognizable to future generations.

"I don't have a car. I rent an apartment." (ScottWu46) says he has turned down billions to sell Cognition.

"Trump thinks Warsh is his guy. Warsh is not Trump's guy. Warsh is the guys of the people currently backing Trump, and if they switch sides, Warsh is immediately anti-Trump." (NickNemo17) on the elite feedback loops behind the Fed.

"Every time we bail out people, 3 more hedge funds step up their risk." (NickNemo17) on why letting markets de-lever would be the healthiest thing for the economy.

"We're talking in quarters. I don't think we're talking in years." (NickNemo17) says a segment of the hedge fund community is quietly getting their hands around the private credit problem, and the intensity is picking up.

"The best time to buy gold is not before the panic." (NickNemo17) on why hedging over 2-3 years means nothing when big players liquidate everything to survive.

"Private credit would incite the insurance, which would infect the system." (NickNemo17) on how PE managers are 5x levered into their own funds, sovereign wealth funds are borrowing 10x against treasuries, and nobody trusts the marks.

TFTC 763 w/ (NickNemo17):"$4 billion supporting $670 billion in liabilities. I think it's higher at a bigger scale than anything that's ever happened in financial history." We discuss: ⚡ Bigger than 2008 ⚡ 26x the legal limit ⚡ Hidden in Bermuda

71% of all approved H-1B visas go to workers born in a single country. Out of 399,395 approved petitions, 283,397 went to workers born in India. China is a distant second at 11.7%. The Philippines barely registers at 1.3%. Every other nation on Earth combined fills just 16% of the slots. This isn't what a "global talent pipeline" looks like. This is what a labor arbitrage scheme looks like when you dress it up in immigration policy language. Large consulting and outsourcing firms file thousands of petitions at a time, cycling through workers paid at or near the program's wage floors while American workers in the same roles are passed over or replaced entirely. The H-1B was sold to the public as a way to recruit the best and brightest from around the world. In practice, it operates as a bilateral labor export agreement disguised as a universal one. The structural flaw is obvious: unlike green cards, there are no meaningful per-country caps on H-1B approvals. So when one country's outsourcing industry builds an entire business model around gaming the system, nothing stops it from swallowing the program whole. If policymakers were serious about reform, they'd start with a simple question: how did a visa designed for global talent end up as a jobs pipeline for one country's IT services industry?

US Commerce Dept. greenlights Anthropic’s powerful Mythos 5 AI model for 100+ trusted companies and agencies. Still no update on consumer access to Fable 5.

"Technically based on the prospectus, Saylor can just let STRC fail and just pause dividends forever." "Stack real Bitcoin, not that fake shit." @MartyBent and (ODELLXYZ) on why real Bitcoin is the only answer.

"One-on-one tutoring works. One-on-one healthcare works. One-on-one finance works. AI is allowing companies to provide that at scale." - (APompliano)

OpenAI is leaning toward delaying its IPO until 2027 according to the New York Times. The reason: Sam Altman called anything below a $1 trillion valuation a "non-starter." When advisers presented two options, go public this year at a lower valuation or wait until 2027 for a shot at $1 trillion, Altman chose to wait. CFO Sarah Friar has reportedly been pushing for the delay, citing massive cash burn, compute infrastructure commitments, and the burden of public reporting. The decision isn't happening in a vacuum. SpaceX's IPO on June 11 was supposed to be the biggest tech listing in years. Shares priced at $135, rocketed to over $225, then gave back most of those gains. SpaceX now trades around $153, barely above its listing price. If SpaceX couldn't sustain momentum, OpenAI's team is right to wonder what happens when a company burning cash at their rate faces the same scrutiny. There's also the government angle. On the same day OpenAI announced GPT-5.6, it revealed the launch was limited because the US government asked them to. Following Trump's June 2nd executive order on AI assessments, OpenAI is now rolling out access "customer by customer" with government approval. That kind of regulatory uncertainty doesn't exactly make for a clean IPO story. The $1 trillion target tells you where Altman's head is. OpenAI's last private valuation was near $850 billion. Rather than accept a public market haircut, he'd rather bet that another year of revenue growth closes the gap. It's a bold move that assumes the AI hype cycle sustains through 2027 and that no competitor materially changes the landscape in the interim. SoftBank shares dropped over 12% on the news. When the most anticipated tech IPO in years would rather stay private than risk not hitting its number, it suggests the valuation gap between private and public markets remains wide and that the reckoning over AI capital expenditure returns is still ahead of us.

"There's a ton of companies right now laying people off and blaming AI. It's not because of AI. It's because they didn't do the layoffs in 2022 and 2023 when they should have." (APompliano) says AI is a scapegoat for companies that over-hired and mismanaged.

"AI-exposed companies are actually hiring more people and increasing wages faster. If I have people who are now more productive, I want as many of them as I can get." (APompliano) on why AI-exposed companies are hiring more, not less.

"He is probably the first person that went to a major corporation and said, you do not understand the plight of the average person. It is imperative that you spend time trying to learn this." (APompliano) argues there's more to Peter Thiel than the media tells you.