For hundreds of millions in developing nations, stablecoins are not an investment vehicle but a capital preservation tool. Their core value is providing a simple hedge against high-inflation local currencies by pegging to the USD, a use case that far outweighs the desire for interest yield in those markets.
At the highest levels of competition, success comes from pushing the game into chaotic territory where standard playbooks fail. The goal is to master fear while navigating the "space after everyone's prepared." This psychological edge exploits opponents' discomfort in unpredictable situations, creating a significant advantage.
Major career pivots are not always driven by logic or market data. A deeply personal and seemingly unrelated experience, like being emotionally moved by a film (Oppenheimer), can act as the catalyst to overcome years of resistance and commit to a challenging path one had previously sworn off.
The debate over AI chip depreciation highlights a flaw in traditional accounting. GAAP was designed for physical assets with predictable lifecycles, not for digital infrastructure like GPUs whose value creation is dynamic. This mismatch leads to accusations of financial manipulation where firms are simply following outdated rules.
Beyond political blackmail, Epstein's deep connections with top scientists and peculiar financial transactions (e.g., a $168M fee for "tax advice") suggest a primary motive may have been gathering scientific and technological intelligence for a state actor, rather than personal enrichment.
Startups are becoming wary of building on OpenAI's platform due to the significant risk of OpenAI launching competing applications (e.g., Sora for video), rendering their products obsolete. This "platform risk" is pushing developers toward neutral providers like Anthropic or open-source models to protect their businesses.
The real long-term threat to NVIDIA's dominance may not be a known competitor but a black swan: Huawei. Leveraging non-public lithography and massive state investment, Huawei could surprise the market within 2-3 years by producing high-volume, low-cost, specialized AI chips, fundamentally altering the competitive landscape.
A fund manager's fiduciary duty incentivizes them to trade potentially higher, more volatile returns for guaranteed, quicker multiples (e.g., a 3.5x over a 7x). Unlike a personal investor who can accept high dispersion (big winners, total losses), a GP must prioritize returning capital to LPs like pensions and endowments.