Transcript (en)

Let me just say a few words on the market right now. In the year 2026, there'll probably be a trillion dollars of capital that's going to flow into AI and the hyperscalers. We can see it right now. In the last three months and the next three months, $400 billion of capital is being raised by OpenAI, by Anthropic, by Google, by SpaceX. You're literally watching an $85 billion IPO in SpaceX, an $80 billion offering by Google. No one ever dreamed that the company generating infinite cash, Google, is going to go to the market and ask for $80 billion more. Anthropics doing an $80 billion raise. So what you have right now is a massive capital rotation, $400 billion in just a matter of weeks rolling into AI. About 1% of that, $4 billion has rolled out of the Bitcoin ETFs over the past 14 days. You have a portion of capital. Clearly, people aren't, they're not financing the AI trade with all crypto assets, but one or two percent of the market is crypto. And there is a reallocation to get ready for these massive IPOs. That has created a downward pressure on the price of Bitcoin which has fallen from to over those 15 days I think everybody on X or on social media oftentimes loses their minds when the price falls, but it's not a complicated reason why this is happening. It's a massive vacuum. Every single investment bank on Wall Street is out there marketing the Anthropic deal, the OpenAI deal, the Google deal, the SpaceX deal, and everybody has got to come up with $400 billion of cash. And they're selling credit instruments, private credit, public credit. They're selling software as a service companies. Anything that looks stable, they're selling Bitcoin. They're rolling into the hot new issues. And that actually is the primary dynamic, I think, driving the market this week, this month. and it'll probably continue as long as these mega IPOs come. In the history of the world, there's never been $80 billion IPOs, and we're getting like one, two, three, four, five. This is going to be the biggest year of IPOs and equity issuance in our lifetime. How will the market react? You can see, I mean, there's just a massive amount of volatility. Sometimes things surging, sometimes they're crashing. I don't think any part of the market's immune to that.