Kim Kahn

And MGM Resorts is rallying after BetMGM said 2025 was a record year, with net revenue reaching about $2.8 billion and adjusted EBITDA of $220 million, driven by strong growth in both online sports betting and iGaming.

In today's trading, Bitcoin resumed its slide after a crypto sell-off in the previous session that wiped out nearly $470 billion in market cap, and big short investor Michael Burry warned the sell-off could turn into a self-reinforcing death spiral, potentially causing lasting damage to companies that have spent the past year stockpiling Bitcoin.

In a Substack post seen by Bloomberg, Burry argued that Bitcoin has been revealed as largely speculative, failing to establish itself as a debasement hedge like precious metals.

Sickening scenarios have now come within reach, he wrote.

If Bitcoin falls another 10%, Strategy, the world's largest corporate crypto treasury, could be billions in the red and find capital markets essentially closed.

Further declines, he said, could push crypto miners toward bankruptcy.

And in other news of note, Claude is getting a little salty with ChatGPT.

Nearly three weeks after OpenAI confirmed it would begin testing ads inside the near-ubiquitous chatbot, competitor Anthropic declared itself above the ad dollar.

Anthropic said,

The company added that users won't see sponsored links next to their conversations, and Claude's responses will be influenced by advertisers or include third-party product placements they didn't ask for.

Anthropic didn't mention ChatGPT or OpenAI by name, but the message is a pretty clear shot across the bow, and the debate over ad-supported AI is now echoing across the entire sector.

That's all for today's Wall Street Lunch.

Look for links for stories in the show notes section.

Don't forget, these episodes will be up with transcriptions at SeekingAlpha.com.

And for a full suite of news, analysis, ratings, and data on stocks and ETFs, go to SeekingAlpha.com.

Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon.

Today is Tuesday, February 3rd, and I'm your host, Kim Kahn.

Our top story so far.

That sound echoing in boardrooms this morning is musical chairs.