"There is no title I will wear more proudly than that of citizen." Last year, President Clinton returned to Harlem with @CBSSunday to reflect on the meaning of citizenship. Today marks 25 years since the Clinton Foundation first opened its doors in Harlem — a community that has been part of our story from the very beginning.

Last night, the power to decide what America sees changed hands. I have spent a ton of time in DC over the last few months. The elites were certain the markets were off. I heard many variants of “no chance markets are right about X” and “I’ve been in politics for a decade. ‘These people’ don’t really know much.” Last night, ‘these people’ beat the elites. Prediction market favorites won 479 of the first 487 races. That’s 98%. The elites live in a bubble. They theorize, write, ideate, and mistake credentials for an understanding of lives they’ve never lived. They don’t see and feel what the everyday man, on the ground, sees and feels. Knowledge is not exclusive to the elites but scattered across millions of people. Someone knows their hometown better than any national pundit. Someone has followed a local race passionately for months. Someone has followed a local race dispassionately for months. Someone notices a shift in their community before it makes the headlines. Someone is shaped by an incident at work. Someone is shaped by what’s getting harder or easier for their families. Each holds a piece of the picture that no expert can see in full. And for the longest time, that knowledge had no way to reach the rest of the world. For generations, election night meant turning on the TV and waiting for a handful of people to tell you what happened. Prediction markets change that. You don't need a title, a large following, or an editor to publish you. All you need is a perspective and the conviction to back it. That changes who holds power over information. Anyone can see the market. Anyone can contribute to it. Anyone can question it. No title gives you the final word. No gatekeepers can filter your view. Sometimes the signal can be wrong. But anyone can challenge the consensus and improve it. And when people consolidate their knowledge together, something remarkable happens: millions of individual perspectives become a signal that we all can learn from. Over the last few months, the people showed up on Kalshi to tell the world what they were going to do. Last night, the megaphone was passed to them.

Mica Miller was only 30 when she was found dead at Lumber River State Park in April 2024. Her death was officially ruled a suicide, but the months before it were filled with disturbing allegations of stalking, control and harassment. Mica had even told police she was afraid for her life. Her story is a painful reminder: when a relationship starts showing serious red flags control, threats, intimidation, stalking or fear don't wait for things to get worse. Leave. Seek help. Tell someone you trust. No relationship, no marriage, no title and no love is worth losing your life. Sometimes walking away isn't giving up. It's choosing to survive. 🕊️ What would you tell someone who keeps ignoring the warning signs because they’re afraid to leave? The Death of the Pastor's Wife is a three part Netflix true crime docuseries that explores the life, tragic death, and ongoing case surrounding 30 year old Mica Miller.

The title he is most proud to hold: citizen. On January 18, 2001, President Bill Clinton delivered his farewell address from the Oval Office. After eight years in office, he reflected on the responsibility of public service and what it means to remain committed to your country beyond the presidency. “I will never hold a position higher or a covenant more sacred than that of President of the United States. But there is no title I will wear more proudly than that of citizen.” As we celebrate President Clinton’s 80th birthday, we’re closing out our look back at some of his defining moments from his presidency and the lasting legacy of service, opportunity and hope. Help us celebrate President Clinton’s 80th birthday by signing his birthday card here:

In September 1997, Apple was 90 days from bankruptcy, the stock was at $3.30, and Michael Dell had publicly said the company should be shut down and the money returned to shareholders. Steve Jobs had been back for 8 weeks. No title. No salary. Technically just an advisor. He walked on stage that month, slept three hours the night before and gave a 16-minute speech that almost nobody has watched. It is the speech that saved Apple. He did not show a product. He did not show a chip. He did not show a roadmap. He spoke about one idea. Marketing is about values. Not features. Not specs. Not megahertz. He said the world had become so noisy that no company on Earth was going to get a chance to tell people more than one thing about itself. So you had to be very clear about what that one thing was. Then he said the line almost nobody quotes from that morning. Even a great brand needs investment and caring if it is going to retain its relevance and vitality. The Apple brand had clearly suffered from neglect. He admitted on stage, to his own employees, that the company they worked for had stopped caring about the thing that made it matter. Then he ran the ad. Here is to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. When the tape stopped, the room was silent for a few seconds. Then they stood up. The thing he did next is what most people miss when they tell this story. He had personally called Yoko Ono to get permission to use John Lennon. He had called the estates of Einstein, Gandhi, Picasso, Edison, Amelia Earhart, Martin Luther King. Almost none of them had ever appeared in an advertisement before. Almost all of them said yes to Apple specifically, when they had said no to everyone else who had ever asked. He said on stage that morning that he did not think any other company on Earth could have run that campaign. He was probably right. The campaign broke on Sunday night during the network premiere of Toy Story on ABC. The ad ran twice. Print followed in the Wall Street Journal, the New York Times, USA Today. Billboards went up in five cities. Buses with Rosa Parks' face on them started driving through Manhattan. Apple did not announce a new computer that quarter. They announced who they were. 18 months later they shipped the iMac. 3 years later the iPod. 6 years later the iTunes Store. 10 years later the iPhone. The most valuable company in the history of capitalism was rebuilt on a 16-minute talk where the founder did not show a single product. Everyone quotes the Stanford commencement speech from 2005. The one about staying hungry and staying foolish. That one made him a philosopher. The 1997 speech is the one where he saved the company. He told his employees the company had lost its soul. He told them what the soul was. He told them they were going to spend a fortune reminding the world. Then he walked off stage and went to work. The difference between a company that dies and a company that becomes the most important company in the world is sometimes one person, on three hours of sleep, willing to stand in front of his own team and say we forgot who we are. The crazy ones changed things because somebody believed they could. That somebody was him.

A visitor at CIOE in Shenzhen this morning asked a manager on the $ALAB stand whether the value of retimers gets eroded as the industry moves toward optics. I went and put the answer he got next to a specification the company is already helping to write. The answer, as he wrote it down: "The number of high-speed links is going to increase exponentially. Whether it's copper, re-timed optics, or linear optics, all of them are going to increase exponentially. If you think this is crazy right now, 2027 by all accounts is supposed to be where it goes even faster after that. So you cannot go wrong by investing in any of these. You just have to invest in at least one of them." The question was about value per link. The answer is about the number of links. Those are different quantities and only one of them was asked about. I am not going to make much of that on its own. It is a stand manager, unnamed, no title given, at a trade show, and none of that is company guidance. What is worth something is that Astera Labs has already put its name to the thing that decides the answer. Astera Labs is a contributor member of the Open CPX MSA, formed in March this year. What that group is writing, in the words of Credo's own release when it joined on 31 August: common specifications covering "mechanical, thermal, electrical, optical, and management interfaces" for "an optimized optical engine with a defined pluggable socket and electrical connector system." A defined pluggable socket is the whole argument in five words. Once the socket is specified, what goes in it becomes swappable, and swappable is the mechanism by which value per unit gets competed away. That is not a prediction, it is what the MSA is for. The founding members say so directly: the stated goal is to reduce power, cost and latency. The roster is the part I would sit with. Founding members are Ciena, $COHR, $MRVL, Molex, Samtec and TeraHop. Contributors include $ALAB itself, $INTC, $QCOM, $LITE, Source Photonics, TE Connectivity, Accton and Viavi. $CRDO announced it had joined on 31 August and had still not appeared on the published list when I read it this morning. Two names are on neither list: $NVDA and $AVGO. That is the shape of it. The companies without a proprietary scale-up interconnect are standardising the socket between them. The two companies that do have one are not in the room. NVLink is NVIDIA's and nobody sells into it. An open socket is the tool everyone else uses to build domains big enough to compete with it, and the price of that tool is that nothing inside the socket stays scarce for long. So the honest version of the booth answer is that the manager is probably right about volume and the question was about something else. Link counts go with the size of the coherent domain, and in all-to-all topologies links grow faster than accelerators do. Value per link is a separate fight, and the specification his own company is contributing to is the venue for it. Worth saying plainly: absence from a roster is not opposition to a standard, and being in the room is not the same as losing pricing power. Astera is contributing rather than founding, which is a real distinction in how these bodies work. For scale, everything in this chain is up today, which is a CPI day and not a verdict on any of this. $ALAB 294.53, $COHR 310.43, $MRVL 238.11, $LITE 969.09, $CRDO 163.69, all mid-session. What would change my read: watch whether the first Open CPX specification puts the retiming function inside the socket or leaves it on the board outside. If re-timing lives in the module, the module vendors take that content. If it stays outside, the socket standardises the optics and leaves the signal conditioning where it is, and the booth answer holds for reasons better than the one he gave.