Lehman Farters

Raoul Pal: “The entire banking system will go to ETH” Raoul explains: “I find it hilarious that 1.5-2 years ago people were like, ‘ETH is dead.’ I’m like, 'No, the entire banking system will go to ETH.' That doesn’t mean it’s a mono-chain world, but I know how banks work… It’s really for them about Lindy effects — things that survive; things that you don’t get fired for; things that are proven — because nobody wants to lose their jobs over new technology.” Etherealize co-founder Danny Ryan adds to Raoul’s point: “I had to learn this. We’ve worked for a decade to make sure Ethereum is resilient, multi-client, is distributed across the world, has 100% uptime. And I had no idea until I talked to the banks: I’ve found a customer of decentralization. They just don’t know it. They care about uptime. They care about resilience. They care about the thing that’s been around for the longest. They care about the thing that no one can turn off. You just have to translate the language to them. And yes, the ‘no one gets fired for picking Microsoft’ dynamic is very real, and it’s in Ethereum’s favor.” Raoul points to Ethereum’s developer network effect as well.

Live like a Queen. The Foot Tribute Bundle is now live. Cast in perfect detail, bare and unapologetically regal. A decadent indulgence for the truly refined. Judgment fades, elegance lingers. The Shop awaits your most cultured decision.

The Jensen Huang episode. 0:00:00 – Is Nvidia’s biggest moat its grip on scarce supply chains? 0:16:25 – Will TPUs break Nvidia’s hold on AI compute? 0:41:06 – Why doesn’t Nvidia become a hyperscaler? 0:57:36 – Should we be selling AI chips to China? 1:35:06 – Why doesn’t Nvidia make multiple different chip architectures? Look up Dwarkesh Podcast on YouTube, Apple Podcasts, Spotify, etc. Enjoy!

Every time I see a tweet saying “I can vibe code this in a weekend” - I think of the slack notification system.. It takes time, persistence and effort to get the details right. Sure, a lot of simple workflows will get vibe coded away. And maybe you can put this in Claude Code and get the code right in one shot. But quality, depth and great systems will still have value and take time. You can’t vibe code lessons. Now and forever.

Allbirds, the shoe brand, now says it's an AI compute company.

Allbirds $BIRD to sell its brand and footwear assets, rename itself NewBird AI, and use a new $50M convertible financing facility to buy high-performance GPUs to pivot into AI compute infrastructure.