Harmonix Intern

Stripe just created a role that didn't exist 12 months ago (and they're paying multiple six figures for it) It's called the Forward Deployed AI Accelerator. They are hiring AI-native individuals to work directly with their marketing teams to fundamentally change how they work. Each person will be assigned to a cohort of 20 marketers. Their job is to build custom AI tools and agents and coach each marketer until they are self-sufficient. Basically, work with marketers until they automate their jobs. Stripe's marketing org is betting that AI should not be an occasional tool but the default mode for all work. But they also understand that most employees won't upskill themselves. They'll need someone who is embedded within their teams to build alongside them. If you are AI-pilled, this is probably the role for you. And this also gives a clear picture of where every organization within a company is heading.

(1/6) Hyperliquid Valuation Framework 🧵 Ok I put together some simple multiples / comps on $HYPE $SOL $ETH $COIN $SPY Let's dive in a bit on my methodology, what numbers to focus on, how $HYPE comps to others, and other factors to consider This is a long read so grab a snack

Quick HYPE + Hyperliquid update, 10 weeks after Thor's last post. TL;DR: real buyers drove the rally, take rate quietly climbed despite launching HIP3 markets, and HYPE is priced cheap relative to what it earns the next time vol shows up. HYPE is at $45.22, more than double its January low of $20.98, and up 33% since Thor's Feb 5 check-in at $33.91. Platform OI only moved from $5.39B → $6.01B in the same window. Price ran; leverage didn't. Signal: the rally is spot-driven, not leverage-driven. That pushes MCap/OI to 1.79x (from 1.49x). Most of 2025 it sat at 1.0–1.5x. Earlier in 2025 it hit a scary 2.0–2.5x during the H1 token-unlock fear. Warm, not hot. On revenue. Hyperliquid shipped HIP3 Markets. Speculation was that these lower fee long-tail pairs would crush take rate. Opposite happened, take rate nearly doubled vs. a year ago. BTC/ETH/SOL still drive ~83% of volume; HIP3 is additive. Bigger menu, same margins. Zooming out, Fees/OI is running above the 2025 median, the book is being monetized harder than average, and doing it without a liquidation-spike day forcing the trades. Steady business, not a one-off spike. Valuing HYPE like a stock: market cap $10.78B ÷ annualized fees ~$1.06B ($3M/day × 365) ≈ 10x earnings, right on its 12-month median. For context the S&P trades ~22x and mature tech 15–30x, so 10x is already reasonable. The catch: those earnings are suppressed. The platform made $10–15M/day in Aug–Oct 2025 when crypto was volatile. If fees just get back to $5M/day, annualized earnings jump ~70% and the multiple drops to ~6x, without the price moving a cent. Essentially a cheap option on vol returning.

The S&P500 just hit a new all time high… and is still climbing 🧗

$CRCL falls ~15% after the CLARITY Act deal signals no yield on stablecoin balances by allowing only activity-based rewards. That weakens a key part of the bull case by making USDC harder to evolve from a payments utility into a real store-of-value product.