sun runner

Is 1000 $TAO enough to retire for you?

Trying for free AGI the “same old way” will fail. We cannot take on the giants of fiat capital by playing the same game. We can however invent new games, ways of aggregating compute, and organizing engineers that out compete along the dimensions of efficient organization. This is the only path forward.

🦔Microsoft canceled its internal Claude Code licenses this week after token-based billing made the cost untenable, even for a company with effectively infinite cloud resources. Uber's CTO sent an internal memo warning the company burned through its entire 2026 AI budget in just four months. American AI software prices have jumped 20% to 37%, and GitHub (owned by Microsoft) is dropping flat-rate plans for usage-based billing across its products. My Take The AI subsidy era is ending in real time. The same company that put $13 billion into OpenAI and built the Azure infrastructure powering most of Anthropic's compute just looked at the bill from a competitor's coding tool and decided it was not worth paying. That is not a productivity failure on Anthropic's end. Token-based pricing is forcing every enterprise customer to confront the actual cost of running these models at scale, and the number turns out to be far higher than the flat-rate experiments suggested. This ties directly to my Gemini Flash post yesterday. Anthropic, OpenAI, and Google all raised effective prices in the last six months. Enterprises that built workflows assuming AI costs would keep falling are now watching annual budgets evaporate in months. Two outcomes look likely from here. Either enterprises scale back AI usage to fit budgets, which slows the revenue ramp the labs need to justify their valuations ahead of IPOs, or the labs cut prices and absorb the losses, which makes the unit economics worse at exactly the wrong moment. Both paths land in the same place, the numbers stop working, and somebody has to take the writedown. Hedgie🤗

My take: > Corporations and governments will pump the total stablecoin market cap to 5T+ post the GENIUS Act > Institutional Asset Managers/Wealth Managers/etc all slowly shifting allocations from 0 to single digits post SEC/CFTC regs (+CLARITY soon) > The only entrenched crypto tech worth believing in right now is BTC / Privacy (ZEC/XMR) / Stables (nothing direct *really* but I guess ETH/SOL/TRX/LINK/ZRO (I am not bullish here tbh)) / Perps (HYPE) > Bittensor is enabling a Cambrian explosion of crypto-backed decentralized startups that are inextricably linked to this rising liquidity dynamic while simultaneously building legitimate SOTA tech that can outcompete the incumbents on cost This is the multi-year thesis. Lock in and enjoy the ride.

FYI - the thesis remains completely unchanged here. HYPE and ZEC as the entrenched winners in the categories that have any value are ripping. This will continue. TAO is the next play and it’s going to melt faces.