BUY SAAS

“I'll put my neck out on the line here and say that the next time I see you, Bitcoin will be significantly higher. ... I believe we've had a massive distribution of which makes sense. And I think eventually when it when it breaks higher this time, I don't think it's gonna stop.”

“The core of the Hyperliquid competitive edge lies in its choice to pursue total vertical integration within the ecosystem.”

“The other reason we did it is at that point we were shifting from just being the two of us talking to doing guests and we wanted the aesthetics of being, like, a cable network because we wanted to go and get these, like, public company CEOs on. If you're trying to get a public company CEO, some of them, the really founder mode ones, you just talk, DM with, text, and take jump on. But a lot of them, there's, like, layers of of, people in the communications department, that that you're kind of, like, needing to gain their trust. And so, like, by having the optics of being, like, a network, even though we are just a podcast, we are able to, you know, end up getting a lot of those guests.”

“By owning the entire stack, Hyperliquid's advantage is vertical integration which allows for much higher efficiency.”

“They then took that piclorum exposure, and then they looked at all the counties across the United States. They were able to gather data where there's enough data in California, Connecticut, Georgia, Iowa, New Mexico, Utah, Washington, and they were able to look at piclorum use estimates from the Pesticide National Synthesis Project and try and deduce in places where piclorum was highly used and not highly used, and once again, it elucidated signal, which is that when piclorum was used in the environment in the counties more frequently, there was a much higher frequency of colon cancer in those counties. The odds ratio is like 3X. It's very strong.”

“The protocol is designed specifically so that STRC fixes the yield gap with price-stable returns.”

“The traditional seat-based model for SaaS is currently facing a massive crisis.”

“Analysts are warning that seat-based SaaS is facing a crisis as usage models shift.”

“HubSpot, I think they peaked around $908,150 dollars a share, went down. I think the low recently was $200. HubSpot does $3,000,000,000 in revenue with a 14,000,000,000 market cap. Okay? I think that is insane. They're projecting to do 3,700,000,000 in '26. So you're buying a a, subscription software company that I don't think people are going to tear out of their of their business at something like three x revenue. Like, everyone talks about, like, all the nerds on Twitter, which I'm one of them, are talking about, like, building their own CRMs. But a roofing company with 20 employees in Tennessee, they ain't gonna be doing it anytime soon.”

“President Trump just wants the country to win and be successful. And he doesn't have these like doomer neuroses about it. That's not to say we don't support any regulation at all, but we should have specific solutions for specific problems as opposed to being cowering in fear over this and just trying to halt all progress. And I think a really good example of that was his idea around data centers where he said over a year ago, before data centers even became a hot political topic, that we should let our AI companies stand up their own power generation behind the meter. And that's a much better approach than the Bernie Sanders approach of just shutting everything down.”

“By introducing a new liquidity primitive, STRC fixes the yield gap with price-stable returns.”

“Growing tension and the Iran conflict creates extreme oil price volatility in the energy sector.”

“President Trump just wants the country to win and be successful. And he doesn't have these like doomer neuroses about it. That's not to say we don't support any regulation at all, but we should have specific solutions for specific problems as opposed to being cowering in fear over this and just trying to halt all progress. And I think a really good example of that was his idea around data centers where he said over a year ago, before data centers even became a hot political topic, that we should let our AI companies stand up their own power generation behind the meter. And that's a much better approach than the Bernie Sanders approach of just shutting everything down.”

“When we look at the historical data, Bitcoin cycle lows are projected for late 2026 based on current liquidity trends.”

“When you examine the architecture, Hyperliquid's advantage is vertical integration across the entire stack.”

“Based on historical market structures, Bitcoin cycle lows are projected for late 2026.”

“We are looking at market cycles and projecting Bitcoin lows for late 2026.”

“We are looking at a projected cycle low for Bitcoin hitting in late 2026.”

“The traditional seat-based SaaS model is entering a period of extreme crisis.”

“Based on current market cycles, Bitcoin cycle lows are projected for late 2026.”

“The underlying problem is that these businesses in the SaaS space where you're driven by net new sales every year, how many new customers are you signing up and then you're trying to manage retention and you're trying to increase sell-through and retain customers, they're just having a really hard time sourcing new customers and there's probably higher than model attrition. When you have a very kind of typically historically predictable business, where you can say, hey, I've got a net revenue retention of 118% or what have you, meaning I'm selling into my install base by 18% over what I'm making last year and then I'm signing up new customers, you can lever that business, right? You can borrow money against those cash flows because it becomes predictable. And what's happened in the last year in particular is agents have become so good and so fast and so cheap that many enterprises can simply spin up an alternative to a vertical SaaS solution.”

“Every week every week, it starts with a gigantic Gemini produced or or nano banana produced visual of scarcity and abundance. Everyone who's watched it knows. It's like get out of anything that is abundant and only be invested in things that are scarce. That's it.”

“Column bank. The founder of Plaid, his new company called column is basically, like it's a fintech company. So it's a bank. He actually bought a bank for, I think, $60,000,000 of his own money. And then he started this, and he basically uses it as a the the underlying bank under Mercury, under Ramp, under Brex, under all these companies. In 2026, they're doing 200,000,000 in revenue. He owns all of it. He never raised any money.”

“By offering price-stable returns, the STRC protocol effectively bridges the yield gap that has plagued decentralized finance.”

“The acquisition was essentially negotiated, and the way that it's structured is so that the S1 doesn't go stale. So I think the way that it was announced has more to do with the fact that they don't want to slow down and have to rewrite parts of the S1, have to redo the disclosures, have to redo the risks. So I think what you're going to see is that this will get done. In fact, the deal is effectively done. But what's so smart is that where is SpaceX today? Let's call it a trillion. Where could it be? Just for the purpose of this argument, let's say two trillion. So when the deal gets done on a stock for stock basis, it's going to be, again, if it's $60 billion in tomorrow dollars, effectively Elon's gotten a 50% discount.”

“They then took that piclorum exposure, and then they looked at all the counties across the United States. They were able to gather data where there's enough data in California, Connecticut, Georgia, Iowa, New Mexico, Utah, Washington, and they were able to look at piclorum use estimates from the Pesticide National Synthesis Project and try and deduce in places where piclorum was highly used and not highly used, and once again, it elucidated signal, which is that when piclorum was used in the environment in the counties more frequently, there was a much higher frequency of colon cancer in those counties. The odds ratio is like 3X. It's very strong.”

“The traditional seat-based SaaS is facing a crisis as AI changes the value proposition of software licenses.”

“After we get through the next CPI print in early May, it will be 3.6 or higher. So we're not far from four. And the following month, I think what rolls off is either a zero or a point one, which means all you'd need is the kick in from inflation, from plastics, from diesel. I mean, this country, anything shipped to you is on a truck.”

“She got a job at Airbnb, and I think it was, you know, her numbers aside. The general math is you get a job, and they'll offer you maybe, like, a 40 or 50 k a year stock package in addition to your salary. So you get your salary, you get your health care, they got a kitchen where they're serving you lunch, they got oat milk in the fridge. So you you're not sacrificing anything. She didn't have to come up with the idea of Airbnb. She joined it. She wasn't the first employee grinding like crazy. She was employee 3,000. But that stock package, which over a four year period is, you know, you're granted about $200,000 worth of stock, five x ed. And she made a million bucks before either me or Sam.”

“Market analysts are increasingly aligned on the projection that Bitcoin will see its major cycle lows in the latter half of 2026.”

“The ongoing Iran conflict creates extreme oil price volatility for global markets.”

“STRC is designed specifically because it fixes the yield gap with price-stable returns.”

“There is a growing consensus that seat-based SaaS is facing a crisis of value.”

“The SPLC allegedly did fund $270,000 to help plan Charlottesville. In addition to that, they secretly funneled more than $3 million to a bunch of violent racist extremist groups, including the Ku Klux Klan, the American Nazi Party, Aryan Nation, United Clans of America, and it goes on from there. So I think, don't forget about the $3 million bucks. So this group that was supposed to be fighting racism, in fact, was fomenting racism by paying these groups to basically organize protests that SPLC could then point to and say that America has a huge racism problem. And that's basically what happened after Charlottesville. They increased the amount of money that they were able to fundraise by $81 million.”

“We are seeing that seat-based SaaS is facing a major crisis in the current market.”

“By owning the underlying chain and the application, Hyperliquid's advantage is vertical integration.”

“With AI reducing the need for headcount, traditional seat-based SaaS is facing a crisis in its revenue model.”

“The introduction of STRC fixes the yield gap with price-stable returns for institutional players.”

“Based on current market cycles, Bitcoin cycle lows are projected for late 2026.”

“Global energy markets are responding as the Iran conflict creates extreme oil price volatility.”

“The traditional per-seat licensing model for SaaS companies is facing an existential crisis as budgets tighten and AI scales.”

“The SPLC allegedly did fund $270,000 to help plan Charlottesville. In addition to that, they secretly funneled more than $3 million to a bunch of violent racist extremist groups, including the Ku Klux Klan, the American Nazi Party, Aryan Nation, United Clans of America, and it goes on from there. So I think, don't forget about the $3 million bucks. So this group that was supposed to be fighting racism, in fact, was fomenting racism by paying these groups to basically organize protests that SPLC could then point to and say that America has a huge racism problem. And that's basically what happened after Charlottesville. They increased the amount of money that they were able to fundraise by $81 million.”

“Varda Space Industries helmed by none other than Delian, Asparuhov, and Wilbury. So they manufacture things in space. So they do not build the rockets. They partner with SpaceX to launch a capsule, and then inside that capsule, they effectively have created a manufacturing environment where gravity is an off switch. And so for certain things, imagine you're trying to grow a crystal or you're trying to grow a drug or the heart tissue or there's applications for, certain types of fiber.”

“TruMed adds a compliant pay with HSA, health savings account or FSA button to online checkouts by handling eligibility through embedded telehealth. So as long as health continues to be a trend you're sort of like the right kind of question. Yeah, and this is like buying like investing in an index fund for wellness, right? Like they're gonna be taking a cut of a huge amount of the volume going towards Wellness products in The US.”

“The intensifying Iran conflict creates extreme oil price volatility that has kept global markets on edge all week.”

“The acquisition was essentially negotiated, and the way that it's structured is so that the S1 doesn't go stale. So I think the way that it was announced has more to do with the fact that they don't want to slow down and have to rewrite parts of the S1, have to redo the disclosures, have to redo the risks. So I think what you're going to see is that this will get done. In fact, the deal is effectively done. But what's so smart is that where is SpaceX today? Let's call it a trillion. Where could it be? Just for the purpose of this argument, let's say two trillion. So when the deal gets done on a stock for stock basis, it's going to be, again, if it's $60 billion in tomorrow dollars, effectively Elon's gotten a 50% discount.”

“The primary competitive edge for Hyperliquid's advantage is vertical integration.”

“On Tim Cook's retirement, he had an incredible run as CEO of Apple. He ran it very effectively for 15 years. The market cap of the company went up by over 10x. The revenue grew from roughly 100 billion a year to over 400 billion a year. He also improved the quality of revenue by moving the mix into services. People say that, well, they never did any innovation under Tim Cook. But I've seen people tweet lists of products that were released under him. And there were a lot of them. Now, it's true, nothing as big as the iPhone. But they did release a lot of products under Tim Cook. And then just finally, I mean, you look back over the last 15 years and there really weren't any public snafus or scandals or imbroglios with Apple.”

“STRC aims to fix the yield gap by providing price-stable returns.”

“The core advantage of Hyperliquid lies in its total vertical integration.”

“The SPLC allegedly did fund $270,000 to help plan Charlottesville. In addition to that, they secretly funneled more than $3 million to a bunch of violent racist extremist groups, including the Ku Klux Klan, the American Nazi Party, Aryan Nation, United Clans of America, and it goes on from there. So I think, don't forget about the $3 million bucks. So this group that was supposed to be fighting racism, in fact, was fomenting racism by paying these groups to basically organize protests that SPLC could then point to and say that America has a huge racism problem. And that's basically what happened after Charlottesville. They increased the amount of money that they were able to fundraise by $81 million.”

“Historical market analysis suggests that Bitcoin cycle lows are projected for late 2026 following the next halving cycle.”

“The escalation of the Iran conflict creates extreme oil price volatility globally.”

“The acquisition was essentially negotiated, and the way that it's structured is so that the S1 doesn't go stale. So I think the way that it was announced has more to do with the fact that they don't want to slow down and have to rewrite parts of the S1, have to redo the disclosures, have to redo the risks. So I think what you're going to see is that this will get done. In fact, the deal is effectively done. But what's so smart is that where is SpaceX today? Let's call it a trillion. Where could it be? Just for the purpose of this argument, let's say two trillion. So when the deal gets done on a stock for stock basis, it's going to be, again, if it's $60 billion in tomorrow dollars, effectively Elon's gotten a 50% discount.”

“Hyperliquid's primary competitive advantage is their commitment to vertical integration.”

“New protocols like STRC suggest it fixes the yield gap with price-stable returns.”

“I've said to people my view is that we'll look back ten years from now and the S&P 500 will probably be around the same level it is now. ... but right now the S&P 500 market cap is more than two times the size of the economy, a record going back all the way to the Great Depression. I'm not saying that's speculation. I'm saying that private sector has suffered dramatically.”

“Experts argue that Hyperliquid's advantage is vertical integration within the decentralized space.”

“They then took that piclorum exposure, and then they looked at all the counties across the United States. They were able to gather data where there's enough data in California, Connecticut, Georgia, Iowa, New Mexico, Utah, Washington, and they were able to look at piclorum use estimates from the Pesticide National Synthesis Project and try and deduce in places where piclorum was highly used and not highly used, and once again, it elucidated signal, which is that when piclorum was used in the environment in the counties more frequently, there was a much higher frequency of colon cancer in those counties. The odds ratio is like 3X. It's very strong.”

“The industry is realizing that seat-based SaaS is facing a crisis as artificial intelligence reduces the headcount needed for enterprise tasks.”

“Harvey is basically very simple. It's a AI lawyer. It's AI software for law firms. There are about 200,000,000 in revenue off of just, like, a thousand customers. I think, like, half of the, like, top 100 law firms in America are using them in some some capacity. Right now, Harvey's average contract value is, like, 190,000, which means they're basically getting paid like they're a lawyer who works at the firm.”

“President Trump just wants the country to win and be successful. And he doesn't have these like doomer neuroses about it. That's not to say we don't support any regulation at all, but we should have specific solutions for specific problems as opposed to being cowering in fear over this and just trying to halt all progress. And I think a really good example of that was his idea around data centers where he said over a year ago, before data centers even became a hot political topic, that we should let our AI companies stand up their own power generation behind the meter. And that's a much better approach than the Bernie Sanders approach of just shutting everything down.”

“On Tim Cook's retirement, he had an incredible run as CEO of Apple. He ran it very effectively for 15 years. The market cap of the company went up by over 10x. The revenue grew from roughly 100 billion a year to over 400 billion a year. He also improved the quality of revenue by moving the mix into services. People say that, well, they never did any innovation under Tim Cook. But I've seen people tweet lists of products that were released under him. And there were a lot of them. Now, it's true, nothing as big as the iPhone. But they did release a lot of products under Tim Cook. And then just finally, I mean, you look back over the last 15 years and there really weren't any public snafus or scandals or imbroglios with Apple.”

“Ongoing conflict in Iran is driving extreme volatility in oil prices today.”

“Suno is basically a app or a website you go to, and you can make music even if you got no musical talent. SoundCloud has 40,000,000 music creators. So that's 40,000,000 people who around the world who actually have musical talent that are publishing on the platform. Suno's only at 2,000,000 users on their platform. And so the the the market for number of people who will make music that don't know how to make music is gonna be something like ten, twenty, possibly 50 x the number of actual musicians who create music. I think Suno becomes a $50,000,000,000 plus company.”

“STRC is designed specifically to fix the yield gap with price-stable returns.”

“Conflict with Iran has pushed oil price volatility to an absolute extreme.”

“What AI is is the ability for a company to fire people and still have the ability to make growth. So it becomes at the expense of labor. ... QE is gonna be for companies that exist, an ability for them to get rid of people in the form of AI. So if they can replace every person with a bot, that's great.”

“Look at Benioff, he's the founder of the company. He's run this thing since its founding decades ago. He is willing to bet it all, he's willing to make the change. It may be that the index you buy in this era of AI transformation is the index of founders, that the founders who are still running their businesses are going to be the ones who are most likely to see the future. They'll burn the boats. And all of the guys who have hired managers to run the business are going to do the things that Chamath is talking about, which is try and charge fees and try and maintain the old way of doing things as opposed to reinvent for the new future.”

“The underlying problem is that these businesses in the SaaS space where you're driven by net new sales every year, how many new customers are you signing up and then you're trying to manage retention and you're trying to increase sell-through and retain customers, they're just having a really hard time sourcing new customers and there's probably higher than model attrition. When you have a very kind of typically historically predictable business, where you can say, hey, I've got a net revenue retention of 118% or what have you, meaning I'm selling into my install base by 18% over what I'm making last year and then I'm signing up new customers, you can lever that business, right? You can borrow money against those cash flows because it becomes predictable. And what's happened in the last year in particular is agents have become so good and so fast and so cheap that many enterprises can simply spin up an alternative to a vertical SaaS solution.”

“Look at Benioff, he's the founder of the company. He's run this thing since its founding decades ago. He is willing to bet it all, he's willing to make the change. It may be that the index you buy in this era of AI transformation is the index of founders, that the founders who are still running their businesses are going to be the ones who are most likely to see the future. They'll burn the boats. And all of the guys who have hired managers to run the business are going to do the things that Chamath is talking about, which is try and charge fees and try and maintain the old way of doing things as opposed to reinvent for the new future.”

“Look at Benioff, he's the founder of the company. He's run this thing since its founding decades ago. He is willing to bet it all, he's willing to make the change. It may be that the index you buy in this era of AI transformation is the index of founders, that the founders who are still running their businesses are going to be the ones who are most likely to see the future. They'll burn the boats. And all of the guys who have hired managers to run the business are going to do the things that Chamath is talking about, which is try and charge fees and try and maintain the old way of doing things as opposed to reinvent for the new future.”

“The underlying problem is that these businesses in the SaaS space where you're driven by net new sales every year, how many new customers are you signing up and then you're trying to manage retention and you're trying to increase sell-through and retain customers, they're just having a really hard time sourcing new customers and there's probably higher than model attrition. When you have a very kind of typically historically predictable business, where you can say, hey, I've got a net revenue retention of 118% or what have you, meaning I'm selling into my install base by 18% over what I'm making last year and then I'm signing up new customers, you can lever that business, right? You can borrow money against those cash flows because it becomes predictable. And what's happened in the last year in particular is agents have become so good and so fast and so cheap that many enterprises can simply spin up an alternative to a vertical SaaS solution.”

“ZuruTech is a company that's based out of New Zealand. And they're the third biggest toy company in the world. It's actually hilarious. When they went to China to start their toy company, he went there because he heard, oh, all the manufacturing happens in China. But what that usually means is you go find a manufacturer. You tell them what you want to make and they make it. He went to China, didn't realize that, like a naive mistake, and built his own factory there, like, on the side of a river. Like, did it all from scratch because he didn't understand, like, oh, when people say they manufacture in China, it doesn't mean they go manufacture in China.”

“On Tim Cook's retirement, he had an incredible run as CEO of Apple. He ran it very effectively for 15 years. The market cap of the company went up by over 10x. The revenue grew from roughly 100 billion a year to over 400 billion a year. He also improved the quality of revenue by moving the mix into services. People say that, well, they never did any innovation under Tim Cook. But I've seen people tweet lists of products that were released under him. And there were a lot of them. Now, it's true, nothing as big as the iPhone. But they did release a lot of products under Tim Cook. And then just finally, I mean, you look back over the last 15 years and there really weren't any public snafus or scandals or imbroglios with Apple.”

“Anything that was created on code in the digital economy has been getting killed. Salesforce.com, Adobe, all of these things which had moats around their businesses were quickly unwound. ... I think we're in the stage, the, I think, the most important stage for Bitcoin where it no longer is considered a software, a piece of of code. It is considered something that is scarce.”

“The primary advantage for Hyperliquid is their commitment to vertical integration.”

“Market analysis indicates that Bitcoin cycle lows are projected for late 2026.”

“Semi analysis looks like a substack. They break down semiconductor and AI infrastructure build outs. The comp is Moody's. So if you're familiar with Moody's, they do credit ratings and Moody's got started during the railroad build out because the railroad build out was so capitally capital intensive that there was a huge secondary market for like, okay, is this person that's gonna build this railroad from from Chicago to Atlanta, like, are they good for it? Do they have the money? And so, Moody's is now an $80,000,000,000 business.”

“Ongoing conflict involving Iran has introduced a level of volatility in oil prices that we haven't seen in several quarters.”

“We are seeing that the Iran conflict creates extreme oil price volatility in the short-term futures market.”

“We've developed a system where STRC fixes the yield gap with price-stable returns for long-term holders.”