Hamiz Awan

Facing competition from both open-source ecosystems and closed-source platforms embedded in existing businesses, OpenAI is unlikely to become the dominant winner or a compelling long-term investment on its own.

OpenAI introduced the world to large language models, but history suggests that incumbents with proprietary data and distribution tend to capture the long-term value.

My 2-year-old son’s description of what I do for work: “Typing and talking to friends.” I mean… he’s not wrong 😅

Most investors are missing the opportunities in the “fastest horse” at applying AI to each industry. Everyone is crowding the sellers of AI, when they should be investing in the buyers of AI using it to get operating leverage and growth.

@BrynTalkington @PerpLEXIty The difference you are feeling is probably because of the orchestration for your specific research use case, not the models themselves.

We are all talking about (including me) how Gemini is so much better than ChatGPT, but in reality, @Perplexity Pro (Research Mode) is far and away better than both for ALL of my queries.

Just like Netflix vs Cisco, some of the best AI investments from here will benefit as AI becomes better and more affordable, benefiting from the high capex infrastructure buildout funded by other companies.

@AdamBLiv Nothing surprising here. Callable yield notes are sold on hundreds of public securities. Does not mean anything regarding IBIT or JP Morgan specifically.

🚨JPMORGAN JUST ADMITTED BITCOIN WON🚨 JPMorgan just filed structured notes tied to BlackRock’s Bitcoin ETF with leveraged upside, conditional early call, and multiyear convexity exposure. To decode this, you need to understand what banks actually use these notes for. This is JPMorgan selling convexity on Bitcoin into institutional demand while hedging the other side internally. This product shows JPMorgan believes: Bitcoin is too big to ignore and too profitable not to financialize. Let’s break it down.👇

@EricBalchunas @TheBlock__ Nothing surprising here. Callable yield notes are sold on hundreds of public securities. Does not mean anything regarding IBIT or JP Morgan specifically.

JPMorgan is offering institutional clients a structured Bitcoin product using $IBIT that pays off big if Bitcoin takes off in 2028 w/ some downside protections and parameters baked in. Heres how it works via @TheBlock__

Why not bet on AI in a way that captures the impact while avoiding the hyper competitive hype cycle?

But what if the real opportunity lies with the buyers of AI? The companies using it to grow faster and unlock operating leverage? The buyers of AI will benefit from the sellers driving down prices to compete and pushing adoption higher.

The sellers of AI are preparing for one of the bloodiest and most capital intensive fights in history. Investors are rushing in, trying to pick the few that will still be standing at the end of this arms race.

@moondrencht Wilson

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Tracking new customer cohorts is my favorite way to predict the future of a business and industry

The SEC voted to approve in-kind creations and redemptions for crypto ETPs sec.gov/newsroom/press…

I remind myself of this daily while investing in and building with disruptive technologies like blockchain and AI: Humans tend to overestimate the impact of a technology in the short term and underestimate its impact in the long term. (Amara’s Law)

This is why we believe the largest impact from applied AI will occur within existing businesses rather than startups — and why we are investing our time, resources, and capital in this thesis.

Data and distribution advantages take decades of time and resources to build, whereas AI capabilities can now be developed much faster and more affordably in an increasingly open-source environment.

It is more likely that a company with data and distribution advantages develops an AI advantage than a company with an AI advantage develops data and distribution advantages.

“Economists have predicted nine of the last five recessions.” - Warren Buffett

“You cannot overtake 15 cars in sunny weather… but you can when it’s raining.” - Ayrton Senna, Formula 1 champion.