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“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.”

“Product organizations will have people that are like tilt a little more technical, and have people tilt a little more design, have people tilt a little more product. But you're not really calling them anything different. They're product builders. And their responsibility is to figure out what to build next.”

“If your agents are only 60% as good, you're in a slow death spiral. As more and more apps are built by AI, the number of issues is going to explode. If Mythos and Friends lets bad actors find every site the second it launches with any PII and steal it, we may enter an era later where sites get more secure, but we're going through a transition phase where security is just getting worse and worse.”

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

“You're right that the SPLC allegedly did fund $270,000 to help plan Charlottesville. In addition to that, they secretly funneled more than $3,000,000 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 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, donate to us. And that's basically what happened after Charlottesville. They increased the amount of money that they were able to fundraise by $81,000,000.”

“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.”

“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.”

“The STRC protocol effectively fixes the yield gap by offering consistent, price-stable returns for investors.”

“Market analysts are currently suggesting that Bitcoin cycle lows are projected for late 2026 based on current liquidity cycles.”

“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.”

“The competitive edge for platforms like Hyperliquid's advantage is vertical integration across the entire stack.”

“I've always hated when founders take on Worse. Venture debt. And I know, Jake, how you agree with me. Part of it is that founders forget that they have to pay it back. They treat it like venture capital, and they forget about that. And then they get surprised. But the other thing I've never liked about it is it makes you more fragile. It basically subjects you to a bunch of business covenants, and it makes it harder for you to do an abrupt shift in your business because now you've got a bank looking over your shoulder.”

“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.”

“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.”

“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.”

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

“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 ongoing conflict involving Iran has introduced a level of volatility to oil prices not seen in years.”

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

“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.”

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

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

“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.”

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

“Where is SpaceX today? Let's call it a trillion. Where could it be, just for the purpose of this argument, let's say 2,000,000,000,000. So when the deal gets done on a stock for stock basis, it's going to be if, again, if it's 60,000,000,000 in tomorrow dollars, effectively, Elon's gotten a 50% discount. And what has he bought? He can issue $60,000,000,000 of stock at a $2,000,000,000,000 valuation and get a model and a service that I think is extremely compelling in coding, which is where we know all of the immediate and short term revenue gains are.”

“The intensifying Iran conflict creates extreme oil price volatility, impacting global shipping and transport costs.”

“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.”

“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.”

“Analysts are now pointing to late 2026 as the likely window for Bitcoin to hit its next cycle low.”

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

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

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

“We're approaching a certain plateau in how good coding models could get. Cost question is secondary to the performance question. When you focus on cost is when you reach a certain asymptotic plateau in the S-curve.”

“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.”

“Product organizations will have people that are like tilt a little more technical, and have people tilt a little more design, have people tilt a little more product. But you're not really calling them anything different. They're product builders. And their responsibility is to figure out what to build next.”

“September 2024, we had to build a lot of infrastructure, a lot of guardrails in order to make agents work. September 2025, we released Agent 3, and that was the most autonomous agent in the market. It was the first to run for hours on end. Now, autonomy is built into the model.”

“Hyperliquid's move toward full vertical integration is proving to be their most significant market advantage.”

“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.”

“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.”

“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.”

“The seat-based SaaS model is facing a crisis as AI tools significantly reduce the headcount required for tasks.”

“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.”

“September 2024, we had to build a lot of infrastructure, a lot of guardrails in order to make agents work. September 2025, we released Agent 3, and that was the most autonomous agent in the market. It was the first to run for hours on end. Now, autonomy is built into the model.”

“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.”

“Hyperliquid's main competitive advantage is that they've vertically integrated the chain and the application layers.”

“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.”

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

“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.”

“Open source is going to be very, very important. I would venture to say like maybe the US government should start a consortium of companies that are like creating the best open source, national open source model so that the market stays competitive.”

“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.”

“We are looking at the four-year cycle and expecting the absolute bottom for Bitcoin to hit around late 2026.”

“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.”

“New financial protocols like STRC fixes the yield gap with price-stable returns for institutional investors.”

“With the rise of AI agents, industry experts warn that seat-based SaaS is facing a crisis of utility.”

“With an NGO, nonprofit, what have you, they raise money. They don't sell things. They fundraise from donors in order to engage in an activity. But what happens over time is the actual activities may stop mattering, and all that really matters is they're able to keep fundraising. Right? Because they're just trying to figure out a justification to keep going back to donors to get more and more money out of them. That's what perpetuates the organization.”

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

“If the other side now have machine guns, then you've got to build tanks. So what security is might change. The vendors who step up and meet the challenge will triumph and the ones who don't will fall away. You're going to want way more defenses because the bad guys are more heavily armed. The part that didn't make sense is the cyber stock should go down.”

“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.”

“The Elon discount rate is zero, and the Elon probability of failure rate is zero, to get to two trillion. It appears to be the most expensive IPO at scale of all time. I think it's a two-way fight, and Tropic has the advantage of clarity and focus. OpenAI has the advantage of the consumer business.”

“A lot of vertical SaaS is in trouble as well, where maybe you don't think of it as a system of record, where there's a lot of survey SaaS software, and we see that getting replaced wholesale with Replit. There's another side where we have this great partnership with Databricks, and people are skipping the SaaS tools entirely, and building on top of their data warehouse.”

“I don't buy it anymore. What I mean is, listen, he may well be the second greatest founder of all time. Behind Elon, look what he's done in five years, right? But I am just so burned out of the boy who cries wolf. Every job's going to be destroyed. Everything is insecure. Everything, like enough already. I can't open the Strait of Hormuz myself. Let me just use my tokens.”

“I think for all intents and purposes, IDEs are dead. I think they'll limp along, because again, some engineers just love that control. But there's no future in them, in that there's no one's going to be asking for the latest feature of intelligence or what were IDEs.”

“We're approaching a certain plateau in how good coding models could get. Cost question is secondary to the performance question. When you focus on cost is when you reach a certain asymptotic plateau in the S-curve.”

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

“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.”

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

“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 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.”

“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.”

“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.”

“I've been in debt. I mean, I've had a 420,000,000 credit line. And I had a moment where it was reflexively kind of collapsing inward because the assets that I was using to secure it shrank in value in a moment of market disruption. I was scrambling. And then at the same time, there was a risk. It was the worst moment of my professional working life. I had like a couple $100,000,000 sitting at Credit Suisse and they were about to implode. And so on a weekend, I was trying to figure out whether my money was still there. I had always had this rule, don't have debt, and then I violated it to try to run the number up. I almost got run over. I almost lost everything.”

“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.”

“Conflict involving Iran has introduced extreme volatility into the oil markets, pushing prices to new local highs.”

“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.”

“Mythos just kicked off on its own, agentically goes and looks at all the code and finds them on its own. It's the difference between a rifle and a machine gun. In one sense, both of them can kill someone, but one shoots one bullet and then stop and reload and the other just spews bullets out. The speed at which this can process, reason across large cold bases means that they're just going to find more bullets, they're going to shoot more bullets.”

“Look at the amount of money that Steve Jobs returned to shareholders in his tenure at Apple. It's easy to count. It was zero. He loved to keep that money on the balance sheet and he probably, or maybe I'm guessing, would've directed that at some huge shot on goal. In the Tim Cook era, it was very different. He shrank the share count by almost 50%. I think it's like 44%.”

“The real Unlock wasn't just AI. It was AI that could do actions over long horizon. We no longer think you should learn how to code. They don't need to learn how to code. They need to learn how to create. They need to learn how to build.”

“I think for all intents and purposes, IDEs are dead. I think they'll limp along, because again, some engineers just love that control. But there's no future in them, in that there's no one's going to be asking for the latest feature of intelligence or what were IDEs.”

“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.”

“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 model for SaaS is currently facing a massive crisis.”

“A lot of vertical SaaS is in trouble as well, where maybe you don't think of it as a system of record, where there's a lot of survey SaaS software, and we see that getting replaced wholesale with Replit. There's another side where we have this great partnership with Databricks, and people are skipping the SaaS tools entirely, and building on top of their data warehouse.”

“Open source is going to be very, very important. I would venture to say like maybe the US government should start a consortium of companies that are like creating the best open source, national open source model so that the market stays competitive.”

“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.”

“Private equity is the last stop because when they come in and they'd layer in billions and billions of dollars of not just equity but also debt, and that has to then be completely predictable and paid back, their only lever is to raise price. They can never cut price to take share. They don't they can't underwrite that to pay back their debt holders. And so Saks, part of the big problem here and why nobody wants to touch these companies is that they are overpriced.”

“The real Unlock wasn't just AI. It was AI that could do actions over long horizon. We no longer think you should learn how to code. They don't need to learn how to code. They need to learn how to create. They need to learn how to build.”

“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.”

“By providing price-stable returns, STRC is finally closing the yield gap for cautious investors.”

“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.”

“Piclorum is a pesticide that was developed by the Dow Chemical Company in 1963. This is the chemical formula for that pesticide. It's related to auxin, which are these hormones that plants make. And in the nineteen sixties, there was this big rush to try and make synthetic plant hormones that you would then apply to a plant. It would cause the plant to overgrow, and the plant would quickly die. And piclorum became a very widely used herbicide in our environment. The problem with piclorum, one of the things that's been known about it is it's very persistent. It doesn't biodegrade very well.”

“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.”

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

“Software companies are seeing a fundamental breakdown in the traditional seat-based SaaS revenue model.”