Zoom out take on AI state of play (+ therapeutic cope) My biggest fear remains whether enough land / power / shells get built to absorb compute supply. The bearish-bullish case, if you will... near-term numbers miss for some, but extended cycle yada yada. Current guess is there's enough, but I say this humbly. Rest of world can absorb more than people think (Latam is the new hot topic), but the builds are complex and the clock is ticking. However, last night's ANT news and today's TSMC news make me more optimistic. 1) TSMC is very conservative and doesn't freelance. They're sending teams on the ground to make sure the DCs aren't fake news... and they're still raising capex / sounding confident. I take that more seriously than non-industry experts tracking satellites, etc. Sorry if that offends 2) Frontier lab economics today make more sense than I thought. Financial reporting / readouts on X suggest solid margins even after training costs, with positive FCF (for now). Wow. And that's YTD, including 2 less scaled, lower-margin quarters + paying Elon bananas rates. (Too bad Elon isn't as generous as he'd like Hynix to be...). Compute costs should improve as non-Elon capacity comes on. And we'll soon get beyond safety / distillation headwinds. 3) The implied ARR #s# are lower than many thought (though oddly in-line w/ the analysts I speak to most). Gross/net confusion, bad reporting, fake news... exhausting stuff generally. BUT imagine how different people's tunes would be at $85bn ARR. It may be there now, given the compute coming on and excitement around the 5.5 family showing up in public data. Or it could get there in a few weeks. So a 4-6 week delay to the target number and it's all over? If that terrifies you, you should have been way more terrified at nearly every step of the last 2yrs. Particularly in June!! BTW *nobody* back then (me included) envisioned them eating the safety, the MSFT/Meta, and distillation hits all at once. Anyway, I expect a vibe shift quite soon.

zoom out on zipcoin if this was supposed to be a one week memecoin, the easiest thing to do was launch the ticker, capture the snowmoon narrative and move on instead, they just keep building and shipping quality with insane speed, this doesnt feel like a regular team, it feels like they care and i think the bigger vision is starting to become clearer zipcoin in snowmoon wasn't simply a currency, it was an entire system for how money could work in a world built around privacy > you could move money without exposing yourself > burn money to prove your words actually mattered > pay for someone's attention > communicate, transact and build reputation without giving up your identity money became more than money and piece by piece, they're trying to turn that fictional system into something real on ethereum, if the foundation and community is smart and understands this can really get more activity on mainnet, they should align even more private payments burn to speak doorstep messages private payments for ai agents new markets built around ZC zoom out and they start looking like primitives of the same world not what zc does this week, but what happens if one of the most cracked teams i've watched in a while keeps shipping toward the same vision for the next year+ a currency from a book becoming an actual economy fiction becoming infrastructure i think we're still incredibly early in seeing what this could become

ZOOM APPOINTS FORMER ORACLE CFO JEFF EPSTEIN TO BOARD $ZM has appointed Jeff Epstein to its board and Audit Committee, effective Aug. 31 Epstein previously served as CFO of Oracle and is currently an Operating Partner at Bessemer Venture Partners and a lecturer at Stanford GSB. He also sits on the boards of Autodesk, AvePoint and Twilio. Separately, longtime director Jonathan Chadwick will step down from Zoom’s board effective Nov. 19.