Jordi Visser

That is the positive story for Bitcoin.

But everyone has free intelligence now, everybody.

So what is going on literally as we sit here?

And at a morning meeting today, I said to everyone, 4%.

Opus 4.6 came out last week.

I didn't have the time last week to spend with it.

Guys, it's five times more powerful than Opus 4.5, which is what caused this whole disruption.

So we are speeding up at a point where recursive self-improvement is happening as we speak, which means the models are building themselves.

So to sit there and think that there is a public company with individuals and friction having worked in it and watched the pantry conversations with people that don't work hard

this is over meaning this stuff is real so the market has to digest this it has to go through this and i bring this up because this is not going to change so the hyperscalers are at risk the software companies are at risk not to collapse because they're going to make money but what is happening in the market is they are dealing with the fact that no company now has a moat their businesses are no longer defensible and my attraction to bitcoin was based on my belief

that the only moat that Bitcoin has is what Mike Novogratz said.

It is a community-based asset that is built on code, and the game of investing money is a game of musical chairs.

There's a rotation happening, and people are avoiding everything that's built on code.

They're moving it into physical things, which will continue.

because we're in a race to build out the data center.

So I do not want people leaving here thinking they can just go out and buy any technology innovation name because AI is coming for all of them.

And I think it's going to be a long, long road for a lot of these software companies over the course of the next five years trying to deal with this.

Well, there's two problems with this.

And again, Google's gonna get caught up in this as well, even though their model's great and everyone loves them.

In the most recent earnings reports, we had a total of $1.2 trillion of what are called RPOs, which you can think of as liabilities or future orders that hopefully they'll get.