Many overlook a key driver of Taiwan’s economic strength: its long-standing price-stabilization policy Industrial power rates have remained unchanged since October 2024, with government funds covering Taipower’s losses That has helped keep inflation under control, giving Taiwanese companies relatively stable funding and operating costs Corporate excellence + state backing = Taiwan’s resilient AI supply chain

TAIEX has outperformed globel peers YTD, making Taiwan the fourth equity market in the world. This is not only TSMC's achievement but also reflects the breadth of Taiwan's manufacturing base, which holds a pivotal position in the supply chain. Looking into Q4, it’s typically the strongest quarter of the year for Taiwanese markets. In particular, Google's TPU v8t begins shipping in 4Q26, and led by MediaTek it should continue to drive revenue growth across PCB, thermal, optical and ODM. Although valuations will still be affected by bond yields and the US–Iran conflict, the dominant variable remains AI capex, which is not expected to decelerate until 2028. Taiwan's P/E does still look somewhat elevated against the S&P 500. But on the back of strong revenue growth, MSCI puts Taiwan's forward P/E at just 18.9x, and some companies are already booked to capacity through 2027. With Q4 momentum close to assured, the most important question is where the bottleneck moves next in the AI supply chain.

Since 2022, equity allocation has gone straight up and cash sits near record lows. This doesn't mean the AI cycle is topping, but it's certainly a good time to consider how to exit.

$SPCX listing in 12 hours, nearly 4x oversubscribed on $300B+ in demand. Following the AI-driven capital market mania, SpaceX's IPO is now pushing demand for quality assets to its peak, in sharp contrast to Beijing forcing mainland users off Futu and Tiger. When surging appetite for quality assets runs into sovereign capital controls, it opens a massive window for onchain finance. In just one year, we've watched onchain stocks thrive: → Tokenized stocks crossed $1.4B in market cap → Equity perps hit nearly $7B in daily volume From SpaceX to OpenAI and Anthropic next, crypto has a shot at capturing the users caught between rising demand and tightening capital controls. The next frontier in finance is brokering the unbrokered.

Ironically, just as one of the ETH OGs exited, BitMine spent another $240M buying ETH last week.😂 It’s a microcosm of crypto shifting into CeDeFi. We’re at the inflection point to witness a new consensus building in the chaos. The game isn’t over but moving into an uncharted phase.

While every exchange is racing to list Pre-IPO $SPCX, @tradexyz has quietly become the #2# Perp DEX. And it’s a sub-project buit on HIP-3. Crypto users on Web3 platforms would rather trade Web2 tickers than crypto assets. We once said DeFi would disrupt traditional finance, but now it looks like DeFi needs TradFi more than ever to survive.

Clearing infrastructure is one of the deepest and least appreciated layers in financial stack. As stablecoins, trading firms, and onchain finance scale, crypto will need its own native clearing stack. That's why we're excited about @cyclesmoney building a privacy-preserving clearing network for the next generation of monetary coordination

Through every bull and bear cycle, we've kept backing the founders who look extremely weird but have a real shot at reshaping the industry.💪 If you missed the live earlier, go back and watch how @DoveyWan unpack Primitive's core investment thesis and share her take on the current market. 📺 Binance Square:

"Long substance, short status." In 10 hours, our founder @DoveyWan joins @binance for Episode 8 of Inside the Blockchain 100. A deep dive into the themes shaping this cycle: → DeFi × CeFi convergence → Stablecoins as financial rails → How Primitive's investment thesis is evolving 📅 May 19 · 13:00 UTC 📺 Live on Binance Square Set your reminder🔔

We’re excited to co-host an intimate VVIP dinner with @OndoFinance and LTP @LTP_primebroker in HK this week, bringing together deep pockets capital allocators & leaders across TradFi, DeFi and RWAs trading and issuance If you’re in town and building at the frontier of institutional-grade finance onchain, join us:

A few implications for future defi design after this watershed incident (KELP/LZ/Aave exploit): “money lego” and composability is not free lunch - LRTs/wrapped assets should never be treated as equivalent to native assets (same with the Binance wrapped assets in CEX) - Yield-enhanced wrappers are also risk-enhanced wrappers - Unified collateral pool lending models will be repriced - Every new collateral type doesn’t just add a market.. it adds a new risk on top - Lending/vaults protocols will increasingly compete on risk segmentation (im more bullish in modular pools) - More assets will prefer canonical issuance, native deployments, and limited bridge surface area - The cost of acquiring TVL on L2s & new dapps will keep going up: most lot of TVL was effectively rented through incentives, bridge convenience, wrappers, and leverage loops - That TVL will increasingly flow back to L1 & likely tradfi-linked assets - Human devops is the worst design by nature :(

📢Important Reminder @YettaSing account has been compromised. Any links, token launches, fundraising messages, or DMs from that account are malicious. Please do NOT click or interact. She will never ask for funds or share deals via DM. Working with X to recover access — will update once resolved.

Primitive Weekly POV Snapshot This week, our team dives deep into how geopolitics is reshaping China's commodity strategy, why China is leapfrogging the West in AI adoption, the Pokémon-ification of software development, and the inevitable unemployment of VCs. Here is the breakdown from the PV team👇 1/ 👀 The Petroyuan Pivot @DoveyWan on the geopolitical move that changes everything: Trump locked his China visit before Khamenei died. Timing too perfect. China just lost its Iran escalation card—15% of crude imports, gone overnight. What happens next: Beijing pivots hard to Gulf states and Central Asia. More barter deals with Russia and Africa to cut USD exposure. Manufacturing accelerates out of China. Trump's real message: "Your Belt and Road ally just got decapitated. Now let's talk Taiwan." 2/🚀China's AI Adoption Curve @adaYen72 calls this China's "mobile payment moment" all over again: Remember when the West was stuck on credit cards while China moved to QR codes? Same thing happening with AI. West still hesitant. China already sprinting—no legacy systems holding them back. Why this matters: Less baggage means faster adoption. China isn't trying to fix old infrastructure. They're just building new. 3/ 🦞Pokémon Dev Era @YettaSing on what software development is becoming: A friend's GitHub is flooded with agents—scanning repos, submitting PRs everywhere. How does a regular programmer compete with that? Answer: they don't. It's not human vs human anymore. It's trained agent vs trained agent. The new game: Software development is now about who trains the best agents. We've entered the era of computational Pokémon battles. 4/ ☹️VCs Getting Automated @0xtony0x just added AI Brad Pitt to Primitive's investment committee: "Future of VC is unemployment." The reality: If agents can run due diligence, what's left for human VCs? Taste, relationships, and the ability to train even better agents. Everything else is getting automated out. Stay tuned. Stay primitive. 📷

Primitive Weekly POV Snapshot This week, our team explored what it means to build with agents instead of junior headcount, why crypto is increasingly serving as live market infrastructure during geopolitical stress, how AI is widening the gap between top operators and everyone else, and why “AI installing AI” is already becoming a real service layer in China. Here is the breakdown from the PV team 👇 1/ 🤖 The Agentic Firm @DoveyWan shared how two investment-associate agents powered by @openclaw are already handling deck prep, research synthesis, and simulation work at a cost far below a traditional junior team. As more analytical workflows become automatable, scaling no longer depends on adding headcount. The constraint shifts to judgment, taste, and the ability to direct agents well. 2/ 🛰️ Crypto as Live Market Infrastructure @0xtony0x highlighted how, during geopolitical shocks, on-chain markets stayed open while traditional systems were offline. BTC, oil, gold perps, and prediction markets all absorbed real-time demand for hedging and price discovery. When TradFi sleeps, crypto trades. This is where crypto starts to matter less as a sector, and more as infrastructure. 3/ 🧠 From 10× to 100× @YettaSing reflected on how AI is no longer just a productivity tool — it is a multiplier on existing judgment. AI does not flatten talent gaps. It amplifies them. The best operators are not just working faster with AI. They are compounding faster. 4/ 🛠️ AI Installing AI @adaYen72 pointed to an emerging micro-economy in China: people now pay for onsite or remote setup of agent tools. Humans paying AI to install AI is no longer a joke. It is already a business. Once agent tooling becomes valuable enough, service layers emerge around it. That’s the snapshot for this week. Stay tuned. Stay primitive.🛡️