Anthropic’s 7 co-founders reportedly own ~14% of the company, roughly 2% each. They’re seeking 50.1% of the voting power. This kind of control has precedent, but those founders generally came public owning much more of their companies. Page and Brin owned ~32% of Google at IPO, Zuckerberg ~28% of Facebook, and Spiegel and Murphy ~36% of Snap. They all still have majority voting control. (For context, a recent dataset of 79 dual-class VC-backed IPOs shows only 15% gave the CEO majority voting power, with a median voting power of 18%.) Then Anthropic adds another layer: Long-Term Benefit Trust, an "independent group" created to protect the company’s public-benefit mission, owns zero equity but can still elect a majority of the board. The Trust has roots in the Effective Altruism/AI safety world. Needless to say, controversial. So public investors may own ~86% of the economics while the founders control the shareholder vote and a "mission-driven trust" controls the board. Hard to believe this structure doesn’t cost Anthropic some multiple.

Finally, Bitcoin has been on the move after holding the $60k support zone for almost a year. That’s how long a typical Bitcoin winter lasts, so I’m sensing that a new 4-year cycle bull market is underway. Note that the Z-score of BTC/gold has turned positive after being -100%. In the past that has generally been confirmation of a bottom. What does all of the above suggest? We are in a new secular regime of a higher cost of capital, which suggests that governments will respond with that oldest trick in the book: financial repression.

We see more risk that NVDA misses estimates because its customers cannot get power than that the miners fail to lease their megawatts. Our re-underwritten base case implies ~83% average upside across our powered-land holdings.

weekend reading for investors underwriting the AI power trade: who controls the scarce megawatts, what are they worth, and where is the market mispricing them? @matthew_sigel @Patrick_Bush_VE

3443 TT, Global Unichip limit up again, ATH. We originally found GUC through Bitcoin. It was a major ASIC design partner for Bitcoin miners, which led us to research its unusually close relationship with TSMC and deep engineering bench. Today that same capability is being monetized by AI. GUC is working on custom chips for Google, Tesla and other hyperscalers. August sales +111% YoY, driving today's action. The contrast with Bitcoin mining machine makers is striking. CAN was in NY this week on an NDR. Despite having a competitive next-gen A16 miner ready, it has decided not to mass produce it. AI is soaking up advanced wafer capacity and pushing the economics against Bitcoin ASICs. AI crowding out Bitcoin mining has reached the chip level. The implications for Bitcoin are less obvious. Canaan’s retreat could mean still more dominance for Bitmain, with Bitdeer emerging as a credible challenger. But slower ASIC efficiency gains also mean existing machines become obsolete more slowly, reducing the reinvestment required to stay competitive. And to the extent hashrate growth slows or reverses, difficulty adjusts lower, providing yet another tailwind to margins for the miners who remain. Still, hard to frame hashrate decline a positive net net.

Screenshots of the Philip Morris website. (reminder: they're a leading cigarette company) It's a good calibration point for how good modern marketing is at dressing up pretty much any corporate (or, for that matter, government) behavior and making it sound responsible and safe.

"Al Gore cited a study from the London School of Economics projecting AI applications aimed at efficiency & waste elimination could drive global emissions down by 6% to 9% per year starting next decade."

SEC APPROVES LIMITED ONCHAIN TRADING OF TOKENIZED U.S. STOCKS The SEC approved a temporary, conditional exemption allowing tokenized NMS stocks to trade on certain onchain venues using automated market makers and liquidity pools. The exemption is limited by symbol and trading-volume caps and requires transaction transparency, recordkeeping, technology safeguards and coordination around trading halts. The SEC says the program is designed to let regulators observe real-world tokenized stock trading before considering longer-term rules. This is not a blanket exemption for tokenized equities. The SEC had previously outlined a temporary, volume-limited framework for testing this type of trading. Source: SEC

$WULF board member open market buy VC partner Mike Bucella steps up again for 6.1k shares at $14.79, seeing value with TeraWulf trading below the value of its signed leases. Good to see conviction from the youngest board member.

$BTDR announces 10-year agreement for 65.1MW AI Cloud in Malaysia at A202 facility (same campus as recent 21.7MW deal), with similar economics (prior A102 was 5 years, $800M, 9.5W; or $16.8M per MW per year). Energization in 3Q27. Would imply total rev of $1.1B per year or total contract value of $5.5B. They stated the AI cloud pipeline has surpassed $7B (up from $2B in latest press release). GPU deployment of this recent facility primarily through customer prepayments, with >50% of associated capex coming from that.

There’s something uniquely repulsive about foreigners barging into Americans’ mourning on 9/11 to recite Osama bin Laden’s grievances to justify mass murder of innocents. And of course it’s an Irishman making it about Israel. Quite the Jew-hating NPC mania they’ve got going over there. Take your terrorist apologia and GTFO.