Samir Chaudry

And then the Perl argument is that you can basically buy GLM, not GLM, it's Gemma on Together AI for a 25% discount because the miners are subsidizing it.

Now, the funky thing is that like you can also buy it for like 50 percent less than their subsidized version on open router.

Right.

So so you're like you're kind of like market cap dependent.

You need this thing to really, really move in order for it to provide a meaningful subsidy.

But, you know, there is an argument that I think the compelling zoomed out argument is that, you know, TSMC back in 2017 or 2018, you know, 10 percent of their of their product was Bitcoin ASICs.

And now it's like way less than 1%.

And so if you're like, okay, you want to secure money with proof of work, very, very high level.

It's like, why wouldn't you secure it with GPUs?

You know, there are arguments why you wouldn't, right?

Because you're like, it's because you're literally burning GPUs, which are productive assets to secure this thing, which is even worse than burning energy for Bitcoin mining.

But that's kind of a separate argument, right?

It's an architecture level.

Render and a lot of these coins, including BitTensor actually, are stake coins.

They're not actually secured by the operation of a GPU.

This Pearl thing is a regime shift.

It's trading at a $2 billion FDV on private.

There's token sales.

It's starting to move.

It's a relatively new story in crypto AI.