B2D2

Anthropic is hosting a major enterprise keynote TODAY in NY. New product announcements for Claude. The last 3 product drops each erased BILLIONS from software stocks. One of them erased $285B in 48 hours. Here’s how one company dismantled $2 TRILLION in software market cap: On January 30th, Anthropic quietly dropped 11 plugins for Claude Cowork. Legal, sales, finance, marketing, customer support, product management, etc. All they did was a blog post. 48 hours later, $285 BILLION in market cap was gone. – Thomson Reuters: -16% (worst single day in company history) – LegalZoom: -20% – Salesforce: -7% – ServiceNow: -7% – Adobe: -7% – RELX (LexisNexis): -14% Traders at Jefferies gave it a name: “The SaaSpocalypse.” Why did markets panic? Because Claude didn’t just improve workflows… IT REPLACED THEM. The old model: companies pay per seat. 100 employees = 100 Salesforce licenses. The new model: 10 AI agents do the work of 100 people. That’s a 90% revenue collapse for every SaaS company charging by the seat. Then came the second wave, February 20th. Anthropic launched Claude Code Security, an AI that scans entire codebases for vulnerabilities. In internal tests, it found over 500 security flaws in open-source projects, some were hidden for DECADES. One blog post, 1 hour. $15 billion was wiped from cybersecurity stocks alone. CrowdStrike: -8% Cloudflare: -8% Okta: -9% SailPoint: -9.4% JFrog: -25% And it didn’t stop. On Monday, February 23rd, cybersecurity stocks dropped for a SECOND straight day. CrowdStrike is down 11.6% total. Zscaler is down 11.3%. CrowdStrike’s CEO spent the weekend publicly defending the company. When a CEO has to go on defense over a tool that’s still in “research preview,” that tells you everything you need to know. Jefferies just downgraded Workday and DocuSign. Workday and DocuSign stocks have fallen 30–55% since January. The iShares Software ETF (IGV) is down 32% from its September peak, the worst quarterly decline since the 2008 financial crisis. – Oracle: -56% from highs – Microsoft: -26% – Palantir: -35% Software is the worst-performing S&P 500 sector of 2026. Here’s what most people are missing though. Wall Street didn’t just reprice software stocks, they repriced the entire SaaS business model. The narrative shifted from “AI helps software companies” to “AI IS the software company.” The interface is no longer the value, the outcome is. If an AI agent can pull data, write reports, review contracts, and scan code without a human ever opening an app, what exactly are you paying the subscription for? If the last three product drops each triggered billions in selloffs, imagine what a full enterprise keynote does. Meanwhile, the numbers behind Anthropic are staggering. – $30 billion raised at a $380 billion valuation. – Annualized revenue hit $14 billion. – Claude Code alone is doing $2.5 billion annualized. – Business subscriptions have quadrupled since January. Bank of America flagged the ultimate irony: Investors are punishing hyperscalers because AI spending might not pay off, while simultaneously destroying software stocks because AI will be SO successful it replaces everything. Both can’t be true at the same time. One of these trades is very wrong. We’re witnessing a complete repricing of how cognitive labor is valued. The SaaS model that dominated tech for 20 years is being dismantled by a company that didn’t even exist 5 years ago. Like I said, Anthropic is hosting an event today, and I’ll keep you updated on everything. Turn on notifications so you don’t miss anything. I’ve been here for more than 20 years, and when I make a new move in the markets, I’ll say it here publicly because I want you to win. A lot of people will regret not following me.

Transcript What if I told you the US government has absolutely no intention of ever paying back its 38 trillion dollars in debt? Not a single cent. In fact, what if I told you they have a secret quiet plan to make it all simply disappear and they're not going to use tax hikes or budget cuts. They're going to use two tools you'd never expect. The plan is not to sell the gold at the market price. The plan is to reset the entire system and create a new price. This has happened before. In 1933, President Franklin D. Roosevelt signed Executive Order 6102. This order made it illegal for any American citizen to own gold. You were forced, under penalty of 10 years in prison, to turn in all your gold coins and bullion to the government. They paid you $2,067 per ounce in paper dollars. Then, after the government had collected all the gold, FDR signed the Gold Reserve Act of 1934. And with the stroke of a pen, he repriced gold to $30 an ounce. In one day, he devalued the U.S. dollar by nearly 60%. He stole 60% of the savings of anyone holding paper money and transferred that wealth directly to the government's balance sheet. It was the biggest heist in American history. And it was 100% legal. Now, imagine they do it again. Imagine the crisis hits. The debt market is collapsing. Inflation is at 20%. Nobody wants the dollar. The president goes on TV. My fellow Americans, our financial system is in crisis. To restore faith and stability, I am today signing an Executive Order to back the United States dollar with our gold reserves. We must have sound money. And to reflect the true value of our nation's assets, the official price of gold will be set at $50,000 per ounce. Sounds insane, right? Let's do the math on that. 261.5 million ounces of gold times a new price of $50,000 an ounce. What does that equal? 13 to point all. $75 trillion. Just like that. With the stroke of a pen, the U.S. Treasury invents $13 trillion in new assets. It didn't have to tax anyone. It didn't have to do anything. It just changed a number in a ledger. That $13 trillion can be used to wipe out the debt held by the Fed. It can be used to back a new digital dollar, which we'll get to. It instantly makes the U.S. balance sheet look solvent again. And everyone who was smart and held their money in paper dollars, they get wiped out. Again. Their purchasing power is vaporised overnight. But everyone who held gold, they're protected. Now you know why the government doesn't care about the market price of gold. They're not a trader. They're the casino. They own the house. And they can change the value of the chips whenever they want. And if you think this is a crazy, paranoid theory, look at what other countries are doing. For the last two years, central banks around the world – China, Russia, India, Turkey, Poland – have been buying gold at the fastest pace in human history. They're on an unprecedented buying spree. Why? Because they're not stupid. They're reading the same balance sheet we are. They know the U.S. is going to devalue the dollar to escape its $38 trillion debt. They know the dollar's time, as the only global reserve currency is over. And they know that when the system finally resets, the countries with the most gold get to sit at the head of the table. The U.S. is hoarding its gold as the ultimate reset button. It's the ace up their sleeve. But it's not the only ace. Because in the last 15 years, a new digital relic has shown up. And it's the one thing they can't control. Or can they? For the last five years, if you listen to the U.S. government, cryptocurrency was public enemy number one. It was a wild west. A tool for criminals. A highly speculative asset. A threat to financial stability. They hated it. And they weren't just talking. They were acting. They unleashed a full-blown, coordinated, behind-the-scenes war on the entire crypto industry. It was a shadow war. And it had a name for the 180 from enemy to strategic reserve. You've heard of the SEC lawsuits. Gary Gensler, who was the head of the SEC until early 2025, was on a mission. He was suing everyone. Coinbase. Binance. Ripple. It was a regulation-by-enforcement rampage. His message was simple. Come in and register while simultaneously making it impossible to register. It was like a jealous ex blocking you on all social media and then getting mad you didn't text them happy birthday. But the real war, the really dark, edgy stuff, wasn't happening on TV. It was happening in quiet bank boardrooms. It was called Operation Chokepoint 2.0. This was a completely denied but totally real campaign by the prudential regulators, the Fed, the FDIC, the OCC, to debank the entire crypto ecosystem. It worked like this. A bank regulator would visit a bank that had crypto-friendly customers. No one slams a fist on the table. It's all very polite. They just say, you know, that's a risky line of business you're in. Banking all those crypto companies, that's a reputational risk. We're going to have to subject you to much, much more scrutiny. Audits, stress tests. It's a real shame. Unless, of course, you just, you know, choke them off. And just like that, banks all across the country started cutting ties. They shut down accounts for crypto exchanges, for developers, for anyone who even smelled like Bitcoin. Signature Bank, Silvergate, all crypto-friendly banks, mysteriously imploded. Why? Why this coordinated war? Were they really just trying to protect investors? Host? No. They were trying to kill the competition. You don't try to kill a useless fad. You try to kill a threat and decentralize crypto like Bitcoin. It's the ultimate threat to their great devaluation plan. Remember part two? The plan needs inflation to work. It needs the dollar to be a melting ice cube. But that plan fails if you, the public, have a lifeboat. In the 20th century, the only lifeboat was gold, and in 1933 they seized it. In the 21st century, the lifeboat is digital. It's Bitcoin. It's an asset with no borders, no CEO, and no government that can print more of it. How can the Fed inflate away the debt if anyone can just press a button, exit the dollar, and move their savings into an asset they can't seize? They can't. So the old administration's plan was clear. Step 1. Choke off the real, decentralized crypto. Kill the lifeboat. Step 2. Introduce their own crypto. A central bank digital, currency, or CBDC. We'll get to that digital nightmare in a minute. This was the plan that was working. The industry was on the ropes. And then January 2025 happened. A new administration comes in, and in the span of about 90 days, the entire U.S. policy on crypto doesn't just change. It does a violent, 180-degree flip. Check this out. January 20th, 2025. SEC Chair Gary Gensler resigns. The war is over. January 23rd, 2025. The new president signs executive order 13178. This order does something unthinkable. It prohibits the federal government from developing a CBDC. The digital prison is banned. April 2025. Department of Justice disbands its National Cryptocurrency Enforcement Team. August 2025. The Federal Reserve quietly sunsets its Novel Activities Supervision Program. This is the official name for the engine that ran Operation Chokepoint 2.0. They just turned it off. It was a total systemic surrender. Or was it an entirely new plan? Because then, in March 2025, the White House made the real announcement. The one that ties this all together? They announced the creation of the U.S. Strategic Bitcoin Reserve. You heard me. The United States, which for a decade had called Bitcoin a criminal tool, officially recognized it as a reserve asset, right alongside its gold. The same S&P Global analysts who call gold a relic called this move mainly symbolic. Symbolic? They're not paying attention. The U.S. is the largest known stateholder of Bitcoin in the world. Where did they get it? They didn't even have to buy it. They're the world's biggest hodler because they seized it. For years, the DOJ has been seizing Bitcoin from criminal enterprises. They seized 69,370 BTC from the Silk Road wallet. They seized 94,640 BTC from the Bitfinex hack. Just last month, in October 2025, they seized a record-breaking 127,271 BTC from a Chinese national named Chen Ji. All told, the U.S. government is sitting on a known stash of at least 325,000 Bitcoin. At today's prices, that's a lot. But just like the gold, they don't care about today's price. They're not selling it. The executive order made it clear this Bitcoin will be held in reserve. This is the new plan. It's brilliant. It's the Gold Reserve Act of 1934, but for the digital age. Phase one, under the old admin, let the courts, grayscale case, force the SEC's hand to approve the spot Bitcoin ETFs in 2024. This was the co-opt phase. It brings Bitcoin inside the Wall Street system. Phase two, this is the genius part. You, the average citizen, are encouraged to get exposure to Bitcoin. But how? Through the nice, safe, regulated BlackRock iShares ETF, EBIT, in your 401k. Phase three, meanwhile, they, the government, hold the real asset. The 325,000 PLE actual coins. It's the same magic trick. They let you hold the paper certificate while they hold the physical bullion. They have just created a second anchor for their balance, Sheet, as they inflate away the $38 trillion dollar-denominated debt. The value of their 833 tons of gold and their 325,000 Bitcoin explodes. They're not paying the debt. They're recapitalising the entire United States on the fly. They are letting the ocean of dollar debt drain away, while their two lifeboats, gold and Bitcoin, rise with the tide. It's the biggest balance sheet swap in history.