
Investing
Economics · Investing
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.
Read the article
Featured Categories
Popular Articles


Built to grow: 12 companies and FY2026e revenue growth
Multiples don’t re-rate when the business changes


The neocloud stack: three layers, three different trades

$BTC
$BTC has now been rejected twice at the sell block and bought twice at the buy block. It’s coiling into
First Principles
First principles Howard Marks: you can’t predict, but you can prepare. Nobody knows the day the tape turns. Not the
The Future Economy Is One Machine
AI isn’t a sector. Crypto isn’t a sector. Software isn’t a sector. They’re one circuit, and the tickers are just

AI isn’t a bubble. This one runs on contracts.
AI isn’t a bubble. Bubbles run on stories. This one runs on contracts. THE AI STACK, Q4 edition. Scarcity migrates
POWER. The layer you can’t fab.
POWER. The layer you can’t fab. GPUs ship in months. Memory in a quarter. A substation takes years. When demand
Power Is the Layer You Can’t Fab
GPUs ship in months. Memory in a quarter. A substation takes years. When demand grows at the speed of software
THE CRYPTO STACK
THE CRYPTO STACK Same assets, six ways in. Each layer is a different bet on the same thing, and 2026

The AI stack: Q4 scarcity migrates to power
The AI stack is entering a new phase. Q4 may be the quarter where power, not chips, becomes the binding

IREN’s Reversal Says the Sellers May Be Done
IRENs chart is starting to say something the headline missed. The stock took a headline miss, bled for four sessions,
Fiat vs. Bitcoin: Trust and Supply
Both systems run on trust. Fiat asks you to trust a counterparty whose balance sheet improves as your savings shrink.
Market cap per dollar of next-year capex
Everything you need is in this table. It just needs one division -> Market cap per dollar of next-year capex:

IREN’s dilution just became optional
$IREN dilution just went from mandatory to optional. That’s the headline nobody wrote from tonight’s call. The receipts: $6.5B of