zinc

(1) How does the commodification of LLMs lead to *more* revenue for the AI labs? Makes no sense. If the price of LLMs continues to fall toward the price of electricity, and the AI labs continue to lose their moat, please explain where they find the revenue to justify their massive valuations. (2) “There is no upper bound for the consumption of intelligence” may feel like a pithy, tech guru ish thing to say, but it’s not true yet. Until we get to a point where LLMs start consistently/reliably making *novel* breakthroughs that are economically meaningful (e.g. discovery of a new blockbuster drugs, etc) there absolutely is an upper bound to demand for LLM intelligence because it’s still super jagged, and only able to do end-to-end work in high-verifiability domains. I get tons of value out of using LLMs to code for me, and also asking LLMs generic questions/summarize/look things up for me, but there is diminishing returns. I don’t get any extra utility out of LLMs beyond the ~hour or so that I use them each day. Sure, there are power user coders out there using LLMs 10+ hours per day to building new SaaS etc, bragging on X and LinkedIn about how their agents have agents, but the upper bound/decreasing returns remain. Software development is just one chunk of a very large economy (most of which LLMs can’t even remotely touch), and there is no longer infinite profit given to anyone who creates a new app—all of the low-hanging fruit in software has already been picked.

$BTC [1M] is printing a third bear trap at the lower trend line of the rising channel since 2018 bear market bottom. Blow-off wave (5) of ⑤ remains the primary anticipation, as long as price does not drop below ~$31k. Target wave (5) has risen over time, currently at ~$400k.

nice contracting pa on $met 4h here, not long b4 this breaks up imo

Solana is going to $1,000 and there isn’t a thing you can do to stop it.

CryptoKaleo claims MicroStrategy is trapped in an endless cycle that is hurting its shareholders "They are diluting $MSTR holders directly to pay the bill for everything else." "They're buying the Bitcoin as a mask to be able to say, 'Hey, we're still buying Bitcoin,' but they're not increasing Bitcoin per share at all. For the longest time, that was the No. 1 metric." "They can't raise money through $STRC as long as it's trading this far below par... they can't tap that facility, and that was where they were raising the majority of their capital over the past year." "The real options left are dilution via either selling $MSTR or selling Bitcoin. Either way, both are hurting shareholders."