Armani Ferrante, CEO of Backpack, on what comes next for tokenized stocks. "Not 10 stocks, not 100 stocks. We want to bring the entire stock market to Solana. One API where a real share, by any definition of the term, moves back and forth between your brokerage account and DeFi. Going from 200 symbols to 10,000 is the next leap." @armaniferrante @Backpack

Dropping a podcast with @pequityresearch Mr. P has been doing some great work breaking down the AI buildout and following where hyperscaler capex actually goes. In this episode I wanted to walk through the full stack with logic, memory, power, and networking. We get into why memory could become the largest line item in the AI bill, what old GPU rental prices tell us about compute demand, and where value is going to accrue as the physical constraints get harder to solve. At the center of the conversation is his view that AI spending cannot grow forever. Long-term contracts might change the shape of the next memory downturn, but they don’t eliminate the cycle. And signing a 10-year contract does not mean anyone can actually see 10 years of demand. We also get into why he’s excited about optics, where NAND and HBF fit as agents use more memory, and his views on Chinese open source and the future of US model development. We discuss: - Why he thinks 10-year demand visibility is bullshit - Memory’s growing share of hyperscaler capex, and why estimates vary so much - Why older GPUs are still renting and what that says about compute demand - How long-term agreements, pricing floors, and prepayments actually work - Power as a bottleneck, and why identifying a constraint isn’t the same as finding an investment - Copper vs optics, and where networking value accrues - Agents, NAND, and where HBF fits in the memory hierarchy - CXMT, Chinese open source, and the risks of slowing frontier model development Timestamps: 0:00 – Why AI Spending Can’t Grow Forever 1:13 – P Equity Research’s Background 5:48 – Where Hyperscaler Capex Actually Goes 8:00 – Is Compute Still Tight? 12:08 – Memory’s Share of the AI Bill 17:20 – Why the Memory Cycle Isn’t Dead 18:37 – Inside a Long-Term Agreement 28:30 – What Happens If Customers Cancel? 32:17 – The Rising Cost of the AI Buildout 33:43 – Copper vs Optics 38:49 – Power and Gas Turbines 39:29 – US Models and Chinese Open Source 42:36 – Agents and NAND 47:00 – Where HBF Fits 52:23 – What P Is Most Excited About 56:27 – CXMT and China’s Memory Industry 1:04:00 – Closing Thoughts Enjoy!

If just 1% of the ~$69T U.S. stock market moved onchain, that would be ~$690B in tokenized equities Roughly 275x today’s ~$2.5B onchian tokenized stocks That’s one asset class, in one country. Now add bonds, commodities and derivatives We’re still very early

Backpack, the Engine for Internet Capital Markets and Tokenization. A thesis piece on how the United States is in the process of exporting its capital markets in the same way the dollar was tokenized with stablecoins and distributed over the Internet.

BACKPACK WORLD How it feels to login and see @Backpack finally getting the recognition it deserves after bull posting it for 3 years. This is truly just the beginning my friends. The company is preparing things you can't even fathom to serve the largest markets in the world.

People often ask how the talent inflow is to crypto. While the marginal software engineer is not rushing into the space there is extremely heavy hitting talent from Fintech and HFT which is pouring in, but that's not visible to most SF traditional venture types. Finance 2.0 szn.

A @Backpack tokenized stock on @solana just did more volume than on @NYSE over the past 24h This is the beginning of a trend where all assets will achieve higher volume, utility, and distribution on crypto rails. solana:BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy trades at 0.7% of $HYPE and 12% of $LIT Repricing soon...

solana:BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy has once again returned to $0.6 The market is reacting well to the equity perps launch and the fact that @Backpack is the tether/circle of stocks and everyone is using equities in DeFi now. To pair with memecoins, for lending, or yield. Backpack is the ⭐️ of the new cycle.

On Robinhood and Tokenized Stocks as Settlement Assets A month after I made this tweet, the main tokens that are running on Robinhood are either memecoins paired with tokenized stock liquidity like Artificial Inu or launchpads that derive revenue from launching tokenized stock-paired memecoins like $PONS. This trend is causing a large amount of tokenized stock volume because if someone holds ETH or another currency and wants to bridge to Robinhood to buy a token or swap into one of these memecoins, they will first need to swap into the tokenized stock. They will then need to acquire the memecoins. This happens atomically through a router without anyone realizing but it's essentially causing the tokenized stock volumes to explode. This is similar to how there are petrodollars and US dollars, which are the currency in which oil is denominated. If you want to buy oil, you need to buy dollars first and then you buy the oil with the dollars. This also has the effect of growing the supply of tokenized stocks rapidly because if people are swapping into RWA-denominated tokens, this is going to create a large amount of minting demand for these different tokenized stocks. This continues even when the markets are closed. This is the first time we've seen capital markets for stocks as collateral or a currency essentially driving demand for the underlying single-ticker names. This can cause demand to swell when supply is thin and it's difficult to do the arb because TradFi markets are closed. That will be remediated once the New York Stock Exchange and Nasdaq go to 23.5 or even eventually 24/7 trading hours . The other notable takeaway from Robinhood is that people are putting large transfer taxes on meme coins. If you look at @flapdotsh, another prominent launchpad which is huge on BNB, people are launching Robinhood chain memes on it as well as BNB chain memes with up to 5% to 7% transfer tax on every transaction. This is creating a situation where users, on FOMO, buy these tokens and have a 500 to 700 bp price impact before any fees or mev/slippage are deducted. Meaning in some cases they're losing 10% to 12% or even 15% of their money on a single swap but they expect to make money so they keep trading. Pretty crazy times!