Dr. Doom

有个名为 PlayCanvas 的开源项目突然火了。 只需用手机扫描房子，上传到网络。然后，地球上任何人，都可以直接在网页浏览器里，走进去看房。 与常规游戏渲染技术不同，它是用数百万个小光点，结合 AI 来重建场景，最终效果可以直接在网页设备上加载。

Here's the most contentious part of Ryan Cohen's CNBC Squawk Box interview about the GameStop-EBAY acquisition. This is a HEATED back and forth, uncommon for financial news. $GME Sorkin, at one point is in disbelief at RC's repetitive answering to his question.

Alternative Data: A friend is a CEO of a SaaS company that tracks payments of SMEs to their vendors. For the first time this week, he saw net churn on OpenAI subscriptions.

When Gensler left the SEC in January 2025, Bitcoin was at 109k. Today Bitcoin is at 75k. One major reason the crypto markets have suffered is because market participants started to lose faith in the industry itself. After Gensler left, it essentially just opened the floodgates to the grifting age of crypto, where influencers and politicians were launching memecoins and rug-pulling their followers each and every day, without fear of any repercussions. This led to a massive misallocation of capital into useless assets that drained liquidity from the industry. While people celebrated Gensler leaving, it actually marked a turning point in the industry, with Bitcoin only marginally going higher before entering a bear market. Now that people celebrate Powell's removal as chair of the Federal Reserve, it makes me think history will repeat itself once again. People celebrate it in the short-term, but as we look back on this era in a few years, I imagine it will mark a major turning point in credibility at the Fed. If the Fed just becomes another cabinet of the executive branch, it may lead to a lack of trust in the institution itself. Perhaps many will look back in a few years and realize that markets were better off with Powell than without him.

It's almost like I laid out the exact strategy DeepSeek would take to win the market.

Codex has won me over. Claude Code just burns massive amounts of tokens on simple things.

On days of good news for AI progress, $ORCL is down bc of its legacy software business; on days of bad news for AI compute capex, $ORCL is down bc of its aggressive data center investments.

Crypto and SaaS decorrelating makes sense to me BTC and ETH are not traditional business models and not able to be replaced by models+compute, as long as they can withstand quantum, they are going to be more interesting as a result Stablecoins (Tether, Sky) and Derivatives (Hype) also are not able to be displaced by AI, as these are liquidity and network effects businesses. Public fintech names have held up well for the same reasons. SaaS is under attack from many directions. Maybe its not as bad as it seems, but you still cannot put a GAAP P/E on these businesses that isn't negative/infinity

Bitcoin used to be the first risk asset to get nuked on geopolitical conflict: not any more, in fact it is outperforming gold since the start of the war. Regime shift?

Sneaky except everyone’s talking about it lol

The price of Bitcoin color-coded by social interest shows that BTC topped on apathy rather than euphoria, similar to mid-2019, which also corresponded to an end of quantitative tightening.