Today we’re introducing - an internal development within the Beta Arena ecosystem. BETA AI is designed to analyze real-time market data and identify trading opportunities in fast-moving crypto environments. The product is currently in closed testing and is available only to users with active staking positions in the ecosystem. Over the past weeks, our focus has been on: • reaction speed to market movements • real-time data processing • stability of trading execution logic • quality of analytical signals across different market conditions • optimization of stablecoin-focused strategies The closed testing phase allows us to gather real-world data, refine the model, and improve its resilience ahead of a broader release. We will continue iterating on the product and share updates as it evolves.

Germany is in panic over Chinese companies taking over its markets at home, abroad and in China. Having spent quite some time in China in the 2010s, I can’t help but thinking back to the arrogance and quite frankly racism of German expat businesses people. Chinese engineers with Ivy League degrees speaking fluent English and German looked down upon by German engineers with a degree from some German university, unimpressive English and less than two sentences of Chinese. The Germans didn’t see it coming because they couldn’t imagine Chinese people becoming better at what they are doing than themselves. An industry insider told me at the time how keen Chinese entrepreneurs were to collaborate with German car companies on EV development. But all the Germans worried about was they are going to steal our IP. Well, here we are.

"Velocity to market is much more important than the marginal price here... (Anthropic) They're willing to pay a very, very high premium relative to what compute was trading at even last year just to service the customers they've already onboarded." - @wintonARK Watch → 22:34

Things from the May “In The Know” to keep an eye on over the next 30 days 👀 Will Core Consumer Price Index (CPI) trend below 2%? Will the US Dollar Index (DXY) work back toward 103? Will the Capital Expenditures (CapEx) breakout extend? Will the yield curve flatten further on oil strength? Will housing clear through price or rates? We'll be watching. See you in June.

This week's Brainstorm: Our breakdown of the Anthropic and SpaceX deal and the broader AI infrastructure buildout 00:00 — Anthropic ran out of compute. Frank breaks down how they solved it with SpaceX 02:41 — Why leasing Colossus One makes sense for SpaceX heading into its IPO 07:24 — The economics of a gigawatt: $60B to build, $15B/year in infrastructure revenue, $30B/year if you're the model company 11:03 — Revenue per watt is going up. How NVIDIA's chip gains flow through the entire AI stack 14:44 — Space vs terrestrial data centers: can you launch a gigawatt for under $20B? 20:45 — Earth is getting scarce. Why that changes the math on space-based compute entirely 24:01 — When does space compute go from concept to reality? Brett's take Follow @wintonARK, @downingARK, @skorusARK.

2025 marked an inflection point in AI productivity, as AI agents evolved from something you could chat with to something that can perform work on your behalf. Read @JozefARK's Substack "2025: The Year Chatbots Became Agents" for a look into Big Ideas. 🔗