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Why Bitcoin Gets Stronger As AI Wins
AI keeps lowering the cost of producing almost everything. A heavily indebted financial system cannot comfortably let that show up as broad deflation. Bitcoin is what sits between those two forces.
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Why Compute? Jevons Still Explains the Shortage
Why COMPUTE? Jevons, 1865. Watt made the steam engine more efficient, coal got cheaper per unit of work, and Britain burned more coal than ever. That’s the part the efficiency crowd keeps getting backwards. Every drop in cost per token
IREN’s Bottom Line: The Hard Truth Behind Its AI Pivot
The bottom line on IREN is more complicated than the headline. The company combines renewable power, controlled sites, data-center capacity, and two possible revenue engines: Bitcoin mining today and AI infrastructure tomorrow. That combination is what makes IREN unusual. Mining
Power, Part 2: The Queue Nobody Can Skip
POWER, PART 2. The queue nobody can skip. Part 1 was who owns the electrons. This is why nobody else can get any. THE TURBINE $GEV $SMNEY $MHVYF Three companies on earth build heavy duty gas turbines. New orders run
Open Weights Push the Moat to Power, Land, and Chips
Chamath is describing the second half of Jevons. Open weights are the efficiency shock. Cost per token collapses, which means more people run more models in more places, which means more compute burned, not less. Watt made the steam engine
Bitcoin’s Golden Cross Is a Signal, Not a Thesis
Bitcoin just printed two signals that the market has not seen together since last November: a golden cross on September 9, with the 50-day moving average crossing above the 200-day, and a move above its 50-week average for the first
ASTS Is More Than a Space Story
The market often files AST SpaceMobile under space, but the customer is a phone with no signal. That framing misses the commercial infrastructure being built underneath the story. The company has assembled nearly 60 carrier agreements representing more than three
The AI Trade Just Became a Credit Trade
The AI buildout has crossed a financing line. The four biggest buyers guided to roughly $730 billion of capex for 2026, up from about $410 billion in 2025. That is a 78% increase in the budget chasing the same scarce
ASST: $5.4M of Long-Dated Call Premium and the Hedge That Followed
$5.4 million of call premium traded in $ASST 2027–2029 expirations today. That is big money thinking in years, not days. The large put print was 1,987 December $26 puts in one block near the ask for about $666K, the same
Land Is the Cheapest Input in the AI Power Stack
Land is the cheapest input in the AI power stack. The scarce resources are the pieces that determine whether a data-center project can actually become energized capacity. The binding constraints are tightening: New heavy-duty gas-turbine orders run about three years.
Speed to Usable Capacity Is the Whole Neocloud Trade
“Speed to usable capacity” is the whole neocloud trade in four words. A gigawatt campus is a 2029 asset. A 100MW site with power already flowing is a 2026 asset. The labs are not shopping for cheap compute. They are
The overhang has been shrinking the whole time.
The overhang has been shrinking the whole time. $ASST Warrants as a % of shares out: Sep 2025: 65% Dec: 59% Mar: 38% Jun: 33% Now: 28% Same 26.6M warrants. Strive grew the base underneath them. Source: Strive’s own treasury
$ASST
$ASST closed +3.2% today. Bitcoin flat. More shares changed hands at $27 than at any other price in this entire run. That is not a coincidence. It is where 26.6M warrants are struck, expiring mid-October. $27 was the wall for
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