Latest OpenAI numbers from the FT: 800m users, 5% paying (40m). $13bn in ARR. Implies a $325 annual ARPU, or $27/month per paying user. 70% of rev from subscriptions, rest is API. $8bn loss in H1, prob $20bn run rate loss now? So basically spending $3 for each $1 in revenue.

Crypto market cap: ~$4T. Global equities market cap: ~$100T. 25x bigger. Bringing the outdated financial system onchain is a huge opportunity.

Tokenized real world assets are going vertical Retail access is still not there, but they're growing anyway because of how much more efficient they can be This is why we're building the Everything Exchange - enabling access to every asset in one place - faster, cheaper, better

$TSM dropped a video from its Arizona fab showing $ASML EUV machines printing next-gen chips. Every wafer that leaves that line runs through ASML proving the U.S. chip buildout still revolves around the same gatekeeper. ASML is still the AI kingmaker.

Iranians can mine one Bitcoin for $1.3k and sell it for $107k (~82x).

Marc Andreessen on why we shouldn’t encourage people to be entrepreneurs “The idea of being an entrepreneur has been a romanticized concept. There used to be TV shows talking about how fun it was. And people ask questions, ‘How do we encourage more people to be entrepreneurs?’

COTA absolutely nailed their trophies this year 👏 #USGP

Be patient.

Exactly

The percentage of US adults who say they drink alcohol has plummeted to 54%, the lowest in the history of a Gallup poll that goes back nearly 90 years. bilello.blog/newsletter

Prompting and evals will be everything Prompting is agency Evals is taste

Dear son,

The most dangerous heart disease:

We’re excited to share our 2025 State of Crypto report. This year’s story: the maturation of the crypto industry — with growing institutional adoption, the rise of stablecoins, better infrastructure, new consumer experiences, and long-awaited regulatory clarity. Read the full

BREAKING: JPMorgan to allow crypto as mortgage collateral.

$GOOGL is the most profitable company on the planet with $116B in net income.  They’re turning that cash into the largest TPU footprint ever while others burn money to chase AI.  They’re playing a game others do not have the luxury to play.

how do kids even learn at school anymore now that AI exists? the entire education system was designed for a world where memorizing mattered, and that world is dead. we should be retooling education so kids learn how to think, judge, and create why isn’t anyone talking about

Every entrepreneur I know thinks the fundraising process is broken. Why capital formation should be onchain: - It’s more efficient - The process is fairer for both sides - Much more transparency

To people saying Bitcoin has no intrinsic value, a reminder that each Bitcoin represents ~1 GWh of energy transformed into digital scarcity, secured by code, halving every four years until 21M max supply. Good luck finding a better asset. cc: Christine Lagarde

I've been using Nori and it really is like having Peter Attia in your pocket. It's already helped me improve my sleep practices and start meal tracking. ycombinator.com/launches/Oel-n…