AI Slowdown, Fed Rate Decision & Clarity Act | Market & Trading Updates

0:54What is up, everybody? Welcome back to another episode of Full Port. We have a lot to go over today.

1:00A lot of drama throughout the industry, throughout the financial sector, as we see AI being urgently slowed down by the very CEOs running these labs, as well as drama around the Clarity Act.

1:18We have a lot going on with new launches. We have collections that are getting bought into that we didn’t see as many holders. And we also have the opportunity of buying, I think, some great names and discounts if you’re playing for the long term. Gee, how are you doing?

1:38How was your weekend? Welcome back and happy Tuesday.

1:41I’m good. Yeah. Welcome back. It was a very eventful weekend. I was I spent like so Saturday I was a little disconnected from the phone throughout most of the day. And then in the evening, I came back and checked x and I was like, what the f just happened. And so yeah, I think it’s been I think that’s number one topic that we should start off with is have to you know, the AI slowed down, right. So last week, let’s let’s go over the order of events last week. We talked about the whistleblower that came out on anthropic. And we were you know, we were like, oh, he’s an industry plant. And I think even even as time has gone by, it does seem more and more likely that this was like, an industry plant type of situation and he’s an op. And so I still stick by that. But then Saturday morning, you know, instead of you know, I think anybody I had listened, I think I just listened to the all in pod where they were also discussing the industry plan and everything that happened there.

2:52And then right after I listened to that, Dario comes out and on all in, they were basically saying how, you know, basically like, the CEO like the weird thing about this whole thing is that the CEO is a great. Yeah, yeah. Yeah, like usually a, a whistleblower is telling you stuff that the company doesn’t want you to know. But the weird thing about all this is like, he was weirdly in agreement, right? Like his boss at anthropic, like retweeted it and was like, yes, I actually think it’s greater than 10%. Right. And so then on Saturday, you would think that Dario would come out and try to assuage fears.

3:31And then he comes out with this, you know, massive thing on like, you know, we need to regulate us and we need a third party. That is again, like, again, like, it feels so like, it feels so much. It kind of feels like COVID all over again, where they’re telling us, this is what’s going to happen, you have to trust us, trust us, blah, blah, blah.

3:54And then like, I think the people or the committee, the independent committee that anthropic wants to regulate them, it like owns like $8 billion worth anthropic stocks. So they’re not really that independent. So it just like, it just very weird. Right. And so then that comes out and then Sam Altman comes out and agrees with him. And then, and this to me was the most surprising of everything was Elon comes out and agrees with him. Right.

4:21And this was like Saturday.

4:24The even you, you’ve on a green was where I was like, okay, like some of some of the theories and like conspiracies around this, I completely was like, I don’t know about it. But when he came out, it felt like he was just kind of playing into it almost as if like, all right, I’m going to call you like the BS on you guys, because I feel like you’re doing this for the wrong reasons. I’m going to come out and do it because I think it felt more genuine from him. I don’t know why. Do I explain it? But I have my doubts about the whole thing until Elon came out. I just don’t trust the guys.

5:00Yeah, no, I mean, listen, I don’t, I definitely don’t trust the other guys. And for me, the real wrench in everything was the fact that Elon came out and agreed with them. But then you also have guys like, I think Satya from Microsoft was kind of like, no, slow down. Zuck was like, no, slow down. And then like, no, slow down. Jensen was definitely no slow down. And then then like, also, I saw there are rumors that Google may have hit RSI last week, right? And so so what is it? So remember how I was like, Oh, Google will be like a competing lab.

5:33And we were all kind of joking. Like, no, like they’re completely out of the running. Like, they’re like, like, it was almost like funny. Like, no, they’re just out like they’re way behind their like, so what do they do? Did they just come out of nowhere? And we’re like, well, like, the weird thing is, right, like they had so many people that have left Google, Google DeepMind and their AI division, leaving for anthropic and open AI, that I feel like everybody was like, Oh, games over Google, not even in contention. And then all of a sudden, I think, you know, I guess it happened in the middle of the week last week, but then it really started picking up steam on Saturday, where there were just like a lot of hints online where, you know, people also for those who don’t know RSI is recursive self improvement. So that’s basically like the beginnings of a AGI and ASI, where like, just the models improve so much upon themselves that you’re just like, it’s so rapid that they start pulling away with it. And so yeah, like I spent all of Saturday trying to digest this. And obviously everybody on Twitter is like, this is terrible for the AI trade. And I was like, all right, cool. I expect weakness on Monday. And then I was kind of like,

6:51well, let’s let let’s play devil’s advocate here, right. And so one was the other interesting thing was starting in the middle of last week, there was a big options buyer of all AI names in the market. And it turns out that that was Leopold, putting positions back on and buying options on like, the AI trade that he currently had on. And he was, he had to have been kind of aggressive about it, because people were noticing it, you know, he could if he could have been less aggressive about it, and probably he made a conscious decision to be aggressive of it, which I have to take as a signal here.

7:33So let’s take a step back, right? His wife is the what is what is she the COO or no, I’m blowing I’m blowing a blank of what her actual position is. But she is like, very well connected within the anthropic organization. And I feel like part of what Leopold’s edge is, is that he knows exactly what’s going on, right? And he’s a really smart guy. And so I think he probably knew this news was coming, because there’s no way Dario wrote this like, Friday night after the close and decided he was going to post it Saturday morning. And so he was like, Oh, I think this is gonna be really positive. And so he was very aggressive last week and trying to buy options. Right. And so then I’m like, okay, well, why would he think it’d be very positive? And so if you think what like and again, he’s a he’s a really smart guy, he’s smarter than me, for sure. The guy graduated from Columbia at 18 years old. You know, like the blow up, let’s let’s put the blow up aside for a minute. I think that’s just like, no, just, you know, just no experience in terms of public markets. And maybe this is also a, a signal of that inexperience as well, where he gets this information. And he’s like, I have to put this position on aggressively before the weekend, because

8:59I think this is market moving news that’s going to happen next week. So then it’s like, okay, so then why would he think that? And so then if you think about these model, these frontier labs, if they’re sitting there, and they’re like, well, we’re going to slow down on the frontier, and we’re going to cut spending on the new frontier models. That means they’re probably going to use that compute to serve inference to people like you and me, which is a good margin business, right? Like, I think it came out over the weekend, or came out yesterday that anthropics margins on, on inference is 80 over 80%. Right? So now, if let’s say half their chips, I don’t know the exact thing, but let’s say it was half the chips was used to serve customers and half it was used to train. Now all like, let’s say, I think people are saying like 20% of it is used to throttle and like, you know, gut check the models. And then that’s like an extra 20 to 30% you have that they can now serve and make money on into an IPO, which is I think what investors would want to see. So it’s like, okay, I could see how maybe he was like, Oh, this is max bullish, I should be putting these positions on before. And so then like, maybe the inexperience comes in,

10:16and the customer’s like, Oh, well, you know, people like, Oh, this is a slow down in the capex trade. A lot of things are gonna slow down. So these valuations need to slow down, and then these things start to implode, right? So that’s like, kind of, and I’m going to throw one more, like, thing, macro thing that I wasn’t really, I wasn’t thinking about, but I will talk about it was, apparently, you know, the there, there may have been some leaning from Bessin and the Trump administration to lower the pace of capex. And I don’t know how much I believe this, but like, again, this is like macro, and I could see this maybe making sense. But I don’t know this kind of like, above my pay grade, but it’s worth like thinking about was that, because government bond yields have started going up, it means that they don’t have enough buyers, right? You know, prices have gone down, which means yields have gone up, they are trying to secure buyers. The problem is the types of people that would buy us government debt are also generally the types of people that will buy Google, Meta, Amazon, like these are all like triple A companies as good, if not maybe better than government bonds, and the fact that they have

11:39like, real cash flows from businesses that generate so much cash, that these things are as good as gold. And so there may have been some leanings from Bessin being like, Hey, look, we need to get rates down lower. And we need these buyers to come buy us treasuries instead of your your long term bonds. And I again, I don’t know.

12:04Yeah, this one. I don’t know. I don’t know if I could buy into that one fully. But like, I wouldn’t rule it out. And I just think that again, in the world of trading, like you just have to, you have to take every scenario into account. So again, I was just throwing that out because I read that I’m like, All right, that’s interesting. I hadn’t thought about that. That’s something I may keep my eye on. But like, that was pretty much what happened on Saturday. And so, you know, I think everybody the the gut reaction was, Oh, this is gonna be negative for the AI trade. And, you know, every like, I think pretty much all the AI, the entire AI capex trade gap down between three and 15%. It closed, it closed off the lows, basically open at the lows and it rallied. If I was trading, I would have been like, I did think about like, should I just buy this, but I’m like, I just have so much other work to do.

12:58I’m like, I can’t sit there monitoring a position in case it doesn’t bounce right off the open. So but I was looking at it.

13:05And I was just I didn’t do anything. I considered at one point, like over the weekend, I was like, All right, do I just cut exposure? Because like, is the trade is the capex trade over? And if there’s a capex, if the capex if the AI capex is over, then you have to cut the risk down. So I did consider cutting some of it down. I ultimately decided I’m going to hold on to it for now. Yesterday, it bounced today, it looks like we’re, you know, we retested the highs on a couple of these things it looks like. And we’re not at lows, but like, we’re not, we’re not incredibly strong. So like, I’m bringing up, I don’t know if you could share my chart, my charts real quick, I’ll just share a couple, a couple of stocks really quick. So Micron, here, it’s kind of like hanging out a little bit above yesterday’s high, it broke below that downtrend. But you know, we can, the cool thing about trendlines is you can just adjust them to whatever fits your narrative. NBIS, again, it’s hanging out below yesterday’s low below yesterday’s high. I’m kind of like, I’m personally kind of like in a wait and see here, like, you know, same thing with here. You know, all these things. So we’ll, we’ll see. I think like,

14:24so my mind, here’s my take on on stuff. And this could be way off base. But I immediately went and thought this affects anybody whose business is likely on next generation compute. And I feel like, if we’re going to see a slowdown, this will affect chip makers far more than it will memory, I think, if we even if we don’t see Frontier Labs pushing like the newest model and going for, you know, bigger context, etc. We’re still gonna see the us the consumer side, and the in the enterprise side, still being like, hey, I still need this, I still need the technology, you guys might want to slow down on where your training compute goes. But we still will see the memory trade, and even the metal trade that supplies that be very, very strongly push, especially as I know, IPO is going to happen at some point here, even though they’re like, oh, we might delay it. But I do think this really only affects NVIDIA in my eyes at a larger scale. Now, you could see some people saying like, hey, we just want we want to call the compute we can get right now. But so okay, wait, I want to like pause you there for a second, because one thing that we did leave out was that I think on Saturday afternoon, or Sunday morning, Trump also tweeted,

15:57there is no slowdown like we’re not Trump Trump called Jensen at while while Jensen was on the all in podcast on stage, and basically said, whoever’s pushing this narrative, which I don’t get this part, he was like, whoever’s pushing this slowdown narrative and that we need to stop. He’s like, I don’t know who they’re aligned with. And I think it was Saturday before the Dario post. But Trump is like, I think he came out after. Yeah, because Trump is like, I don’t I don’t know if this is China. And I don’t know if this is politically aligned. But these are these is dumb. This is so dumb.

16:36I want to talk about that too. And so like, let’s take a step back from capital markets for a second. Take take the chart off the screen, because we’re about to go in a little bit of conspiracy corner here. If you take a look at the so first off, I was listening to I want to listen to the Jensen.

16:56It’s already up on like the pod. So I’m on I’m going to listen to that probably like right after the show, but I was listening to Gwen Gwyneth from SpaceX, who’s like the I guess, Elon’s right hand woman at SpaceX, and then Elon called in. And they you know, she was basically saying on stage yesterday at the all in summit, that they’re like they are so compute constrained. And this is what we keep hearing from everybody else. Like, like, even if there was a slowdown, there’s still so much demand that outpaces supply.

17:27She’s talking about, you know, the time it takes to get a generator is three years, and we need those generators today.

17:34Right. And so that’s like, to get a generator to install an edata center that you then need to turn on for compute, right?

17:42So it’s like three years. So like, you’re talking about that, that those chips wouldn’t go online for at least maybe what three and a half years from today. And there’s a shit ton of demand for them today. So that that I thought was interesting. Again, I think we’re just going to keep on hearing that even on Saturday, after Dario put up that essay, I think I read something like anthropic secured, like $500 billion worth of compute like chips or something. Like, like over the course of the week. So like here they are crying that this guy is falling, yet at the same time, massively investing in it, right? And so then it’s like, okay, so then what do these guys want? I think we’ve all again, and again, I think like this was a really interesting exercise for me. Like, I just thought it was very fun. Like, I’m like, I don’t know what this means for capital markets and how things are going to react in the immediate term, but still just trying to game theory it out. And so you look and I saw Kamala Harris and Barack Obama, obviously, Bernie Sanders came out right away, but pretty much all the den operatives like this is yesterday, right? Being like, yeah, AI is the devil, we need to stop this. So then, okay,

19:01take a look at everything that’s happened over the course of the past week, you get the whistle, the whistleblower, you get every, every AI CEO, saying the same thing, and then you have everybody in the Democratic Party, these guys are all saying the same thing, less than two months before the midterms. This is a like, this is like, this reminds me so much of like, anything that became a political issue over the last five years, that it just popped up out of nowhere. And then the media just ran with it for eight to 10 weeks to spread whatever it is that they wanted. We already know that data centers are there. I think, I think I’ve heard they’re pulling worse than like Epstein, then war, that like, it’s literally like the worst polling thing. Like if you’re pro data center as a politician, you’re DOA, right? And so now you have this thing happening right before midterms, you know, we’re all going to be inundated with ads, I think, no matter where you are. And so I just think like, this is all because it’s like the death touch now of like, it clearly we need the technology is a matter of national security, and I want to like, whether you like AI or don’t, it is technology that has military and defense

20:20implications. It just does. And so I would assume a lot of the Republican class who kind of has kept making this comparison of like, data centers are modern oil that are the modern, you know, if you want to get into something that’s always going to be needed and becomes a new commodity, it’s data, and it’s compute. And obviously, energy is a big part of that. But now they’re, if you think about it, they’re what you could weaponize that and make it so that the public sees that as a bad thing. Sell them on this idea of already like AI uses all this water uses all this energy.

20:59It’s bad for the environment. And now you have people that are going to a party that is really backed the technology could have the weaker hand as they align themselves next to it. The general public is like, oh, wait, this is very bad. I mean, you’ve already seen, I think, in some of these regional races, where Republicans that you were pro data center, are now anti data center because they would lose the election. I think like in Ohio, I think in some of these like more purple states, where that’s already happening, right. And so, yeah, that it just so interesting. And so then like to take that one step further, and you know, it’s like not necessarily what are the implications today? But then what are the implications? It feels almost like it almost feels like regulatory captures coming whether we want it or not.

21:53Because think about and let’s say enthrabic goes public in the next 60 days. You’re gonna have a lot like right now, like there’s a lot of people that are rich on paper. But in 60 days, they’re going to be liquid rich. And so now you’re going to have people with massive, massive, massive pockets, like George Soros level pockets that can then move like what you know, like they can for they can form whatever packs they want. They can, you know, fund any NGOs they want that pushes their narrative, because they’re going to have a ton of liquid capital, right. And I think what a lot of the AI people I think understand, and rightfully so is that what is probably more important to them than money is power and influence.

22:45And they and knowing that they can make like infinite money again, because they literally created God, right. And so like that, they’d be willing to spend probably a large portion of that in order to influence things their way. So now we’re probably going to see a ton of capital going towards regulatory capture, EA type, you know, things that maybe couldn’t be done before. Yeah, it just like to me, it’s just like, wow, we might have like some scary times ahead. But wow, yeah, wow, I did not go there originally. But that is interesting play.

23:21But like in the short term, right, like it’s all about politics, right. And so it’s definitely I mean, if I’m China, I’m really happy right now.

23:31Like we’re like, this is like the same thing that’s happened. I feel like with social media where, dude, you go on TikTok in in China, and all they push is like science and math and learning and education. Yeah. And you go on TikTok here and it’s brain rock, you know, it’s literally like ruining our youth. And yeah, I mean, like this is like, this is like the best way I feel like the Russians kind of like develop a little bit of this playbook in like the 80s 90s during the Cold War where they were like, yeah, the best way to ruin a country like without attacking them is like, ruin them from within and like ruin their youth and ruin like the next generation. And I mean, I feel like I feel like our enemies have been very successful over the last 20 years. Well, it’s also if you think about it, the best way to hinder advancement is to cause, you know, controversy or to split the like divide divide the efforts. And right now you have a nation that should be fully like AI and, you know, we’re pushing forward, we need this technology and it matters. And now you have it split into two parties, essentially. And now that there’s two parties, you have half a country essentially working against the technology. And obviously

24:51there are, and don’t get me wrong, like I’m not trying to offend say like there shouldn’t be regulation and like, at its maximum potential, this technology is not dangerous. I think any technology could be dangerous, right? Like, there are ways to use blockchain that would be hard, that could be harmful, right? Like using private money transfer. But I also, I also think that like, when you sat down last October and had dinner, you based you sold me on this like national security idea so strong and that it’s every AI company is technically backed by the US government at this point, that it is really a race to the top. And China’s got to be loving this though, they just they have to be loving this. Yeah, I mean, I think if you want to share my screen, I this post came out from David Sachs on Saturday, which I thought was probably kind of like the best response of like, like you guys are the frontier. So by any reasonable metric, right? So if you want to slow it down, slow it down, but like, there’s no need to regulate everybody else, right? And it’s like, if you feel like it should be slowed down, then slow down, right? It’s a free market and like, we’ll let the free market decide. And that’s basically

26:11what he said, for the most part, you know, most of all, stop, stop pretending the motivation to slow down is purely altruistic, right?

26:19Can I throw the even like otter part into this?

26:23And we can hop into obviously other markets and conversation at some point here. But every part of this, you know, like even this response from David right here, that’s written with AI. I mean, you can see the m dashes in there, but you know, whatever anthropic is deciding to do is it is being game without and back tested via whatever their most powerful model is. And they’re playing a game of chess. And you know that it’s happened the same things happening at Open AI, where they’re like, I’m sure they’re feeding a model and being like, Hey, Dario just did this. And they just had this guy here are like, theories, how to like, where do we move our robots? Where I’m like, hey, my personal choice and my, you know, I have some like actual reasoning, reasoning, and my own strategy that I want to employ, and you can tell me if it’s wrong or not.

27:32But I would rather just let AI do it. I would assume every one of these companies and labs at this point are kind of doing the same thing of like, here’s my ultimate goal. Here’s my, you know, my, my ethics and my thesis. I’m like, where I’m, I’m okay going and where I don’t ever go, what I’m scared of and what I want. Tell me what the best decisions to make, make it happen.

27:52It’s like, it’s like a genie, essentially. And they’re all just playing chess of models. That’s all this is. Yeah, I mean, I mean, I thought about that too.

28:01So it’s almost like, what does that mean, you know, that they’re all like coming to the same conclusion. But again, I just think like, it seems like from all the other stuff that I was reading as well as that some sort of open source ban is what they want. You know, that’s like, that’s what they’re, they’re trying to push for.

28:21But it seems like at least for now, Trump is fighting back. And obviously Jensen is definitely fighting back. You know, maybe Jensen’s gonna be like the hero not because also, you know, Jensen’s also, he’s also doing his own version of it, right? So it’s like, I think everybody is kind of using their AI constiglier and coming up with their strategy based on everybody else’s reactions to the board. I think it’s really interesting. I like, I was very, very much confused this weekend. I’m still a little confused of like what are what where to go from here, right?

29:01Again, I think personally, I’m going a little bit on like Leopold’s actions last week of he, again, he’s a really, really smart guy. And so I think the fact that he was so aggressive last week into this, I’m assuming that he knew maybe didn’t know exactly what’s coming. But I assume he had an idea of what was coming. I, I you know, he’s in the EA circle. So I’m sure a lot of these guys are in group chats together, regardless, right. And so he probably read it. And like, maybe it’s one of those things where the market’s wrong. And then, you know, when anthropic goes public, they’re like, yeah, we’re like, our growth is accelerating, because we have more compute now.

29:43And the market is going to be like over 90%. And people like, bye, bye, bye, bye. And, you know, that makes for more successful IPO. So I don’t know, I just think it’s very interesting. Yeah, I like as of right now, I’m still long. I haven’t moved I haven’t changed any of my positioning. I’m much more keen to maybe cutting half of my exposure. If maybe we get like a little a little more weakness later this week. But I’m just kind of right now, I’m like wait and see. But I’m just like waiting for new data to come out, right, which is kind of what I think any investor should be doing. If you feel like, all right, it’s over, because like that to me was like my number one question on Saturday is, is the AI capex trade over? And I don’t know if I have a conclusive answer just yet. It seems like it, it might be for now. Right. But I also I just, you know, again, I hear them talk and they’re like, we are so compute constrained. We don’t have like we have so much demand for our compute that I’m like, all right, well, but they’re just losing money. Each of these labs is losing so much money. And I feel like there’s a pawn move here of like, you could lose less money by just slowing down. And also margin will

31:06go up here, like margin goes up. If you’re not pushing forward margins go up. As your you have more compute, and you have more efficient models and you can man like I really think it I think this comes it’s a large part of this is a revenue and cost and profit move with everybody thinking about IPO. Because again, all this money is forgot, it’s all make believe right now.

31:38A large part of this is certainly wanting to or at least pressure to realize some gains here. But also, you know, we’ll know more I think over the coming days just from the actions of these labs.

31:53And I certainly think the political side is going to get stirred up this week. Obviously, the political side has been a big part of the news here, the last few days with the Clarity Act, as well as the actions happening over in the Middle East. I know people are calling and saying oil likely going back up towards 120. As the conflict over there seems to just becoming an unsolvable mess. And Clarity Act likely also we’ve seen like the whiplash of like Bitcoin and Ethereum pumped up a little bit over the weekend and into yesterday with the assumption that you know, Clarity Act actually might not be dead. And then into this morning, it’s like, all right, it seems like there’s just a few people that are going to block this no matter what. And now you can see crypto is getting hit across the board with some sell off here. I think the Clarity Act is just doomed at this point. I’m so I’ve lost so much confidence. I really was hoping for something to happen. But I just think I don’t think it’s going to happen. I think you have. We’re too close to the midterms. Yeah, I mean, if you look at odds over the last week on clarity, it’s back at 12%. It’s lower than it was. Yeah, yeah.

33:26So here you can see the low in a month, you know, it spiked up earlier this week, September, I guess Monday yesterday, yesterday morning. It was Sunday. It was like Sunday and Monday. And then immediately started selling off. First off, I want to commend you on that was a great segue. That was incredible. Like while you were doing it, I knew it was coming. And I was like, man, what a great segue. But yeah, no, so but yeah, no, I agree with you. I think that like for crypto, the Clarity Act, people were starting to get pulled up on the Clarity Act. That would be positive. Hopefully we get some crypto regulation. I saw, I think, I saw Mike Novogratz post something last night kind of as like, a hill Mary, like, you know, let’s let’s get this, let’s get this done. And I read some from somebody else, basically saying that if we don’t get this passed, we’re probably not getting crypto regulation for like a really long time.

34:28And that probably after, I guess, depending on who wins the next presidential election, you know, crypto might be like the pariah again, right?

34:39Kind of like what we were seeing during the Biden administration where, you know, anything really, you know, anything related to crypto, not great. So I think it’s probably what’s happening there. Even though the odds weren’t that high, I think people were starting to get ahead of themselves. And then also, obviously, I think crypto has been getting the risk a little bit because of the Fed hike that’s expected in tomorrow. Right. And so the yeah, so like that probably isn’t good, probably short term, you know, weakness at the very least. But I mean, you look at where rates are, you look at where oil is, I feel like the Trump administration probably needs to do something, right on both the bond front and the war front, like I even kind of read, you know, headline again, I don’t know how true this is, is that basically, like, like, like the administration is looking for like any exit from the war, right? Because it’s like especially going into a contentious midterm election, where you’re already are on the wrong side of the data center debate, like the next hot topic is the war in Iran. And like, how can you like save face in some way, shape or form?

35:59You know, there’s the chat, there’s a meeting with she at the end of the month, where I assume the two major topics are going to be the war in Iran, and the data center, and the AI slowdown debate and like, realistically, and I was literally just listening to us right before we got on, where Elon said he was like kind of explaining his nuance in terms of his response to Dario. And he was basically like, any slowdown needs to have China on board. Right. And so like, I do think, I think somebody at deep seek said that they were slowing down, or they wanted to slow down or whatever. So the fact that maybe somebody at deep seek said the same, maybe there’s some sort of rumblings from China as well. So that if there is some semblance, so Elon kind of like, elaborated, I guess, on his Twitter post of saying how it should be something where like, it’s almost like peer reviewed, right, where, like, everybody can peer review everybody else’s models to make sure it’s safe. I don’t know exactly what that looks like.

37:00But you know, he basically said that if somebody tries to distill the model, it’s in the logs, and you would immediately know. So like, you know, it would be pretty trustworthy to peer review stuff. But he’s basically said that, unless China agrees to it, it’s a moot point. So I think probably everybody is trying to contact the administration before this meeting, which she tried to see what’s going on there. And it’s like, it’s like, it’s like, it’s at the lows, right? It’s at like, it’s at support, holding in.

37:48But I do think that maybe we could get, you know, some more weakness here and, you know, we had like, but also like, you have to realize this up move was driven by macro, not by Clarity Act, right, this, so that was definitely not clearly 100% sure. Clarity Act was maybe I think the trade is still, we’re going to print money. The question is when?

38:52This and okay, so I’m very rarely a like, let’s throw a short on. I think right now from a risk for word perspective, I can’t unless there’s a white swan event. And so like, when you think about like, what are the possible white swan events, which is, you know, kind of an oxymoron of like, knowing what’s going to happen, but will the clarity would the clarity act pass?

39:20I think that is completely off the table is like a 0% chance at this point. Would the war in Iran stop?

39:26Nope, that’s definitely not happening. Are we going to see? Why are you so certain that’s not happening?

39:34I don’t, I can’t fathom a non end of the like, like spectrum. So like spectrum move here that would happen. And I’m saying like short term, like this week, like what do I think is going to happen? I just think with like, everything that we know that is happening here, and that we could reasonably logically assume, we’re likely going to see continued pullbacks. The only thing is rate decision. That is the only thing that could be like, well, didn’t see that coming. Like, but I, I, yeah, so I think that like, I don’t know, to give Trump, I don’t know what I just did here, to give Trump some credit, right, is like this chart probably scares them more than anything in the world, right? The stock market down. And so, like, if the stock market is down 1%, right, like he’s like, on truth social, trying to, you know, strong arm it higher. And he looks at that, right? So I think he understands that or he feels that how the stock market does is how his approval rating is and how he’ll be viewed. And I don’t know, I do think he probably, at this point, is probably like, all right, the war is lasting too long. Let’s get the price of oil down, especially heading into midterms. Let’s get the price of oil down. We I also know that,

41:03you know, if we like get a truce or whatever it is, some sort of resolution in the Middle East, it’s positive for asset prices. So like, I think that that’s probably the upside risk. But I mean, I see I also like if I were to put on a short, not that I’m advocating for it, but like, I guess you could short Bitcoin and give it to like above 80 if that was the trade you wanted to put on.

41:26Yeah. But again, like, I just think that like this to me is like the canary in the coal mine of like, we’re gonna be printing money sooner rather than later. Like, how’s how’s gold doing? Where’s gold?

41:43Here we go. You know, like this was the gold up move. It’s the gold has also had a pullback. But you know, at some point, it’s like a coiled spring probably as well. Right. So I think gold and Bitcoin are I mean, I guess it is a good like, the that’s the canary in the coal mine, we are going to put money that that doubt comes in. But it ultimately we will have to put money here. Yeah, I mean, the question is like you put scenarios, I think I’ve said it a couple times is like, in liquidity scenarios, right? You sell what you can, not what you want. Right. And so gold, you know, these hard assets will probably have stronger bids, but they will be sold. Like, I remember in in during the financial crisis, like, when Lehman went under, like gold got hit pretty hard, that gold then bounced hardest out of like all the asset classes, right? Okay, so we’re we’re just seeing a sell off into liquidity, people are selling, and then these just, again, the strongest names here when we’re like whoever’s throwing the most strength. Yeah.

42:56Scares assets that you can’t make more of, right? Like you can’t you can print you can print infinite dollars, you know, with the press the pressing of a button. But you obviously can’t make more Bitcoin any of these hard assets, like they all start to go higher. The question is, what happens between now and then, right? Is Bitcoin 5% lower, 10% lower, 20% lower?

43:18Your guess is as good as mine, right? That’s kind of like how everything plays out. And like, you have to determine your position. So like, I don’t think like a short here is like the worst position. I just like, you’re just I think the problem is like you’re shorting Bitcoin down so much. But like, if it’s like a short term trade, then then yeah, I was speaking short term right now. I mean, look, we saw very similar things happening in the meme coin market. And I think they’re still continuing to play out here, which is people are consolidating anything that is not a B or a tier and is getting completely destroyed right now. And you just see people rotating into harder assets across the board or into cash. And you can kind of see it across the bottom of the screen as these are coming across, obviously majors like Bitcoin, ETH and Sol are all down between two and a half and 4% right now. But even your riskier plays like pump here, we’re still seeing those take a little hit on the head. Because I think there are a lot of people are like, Hey, I’m up, I’m up big right now. I’ve got I’ve got my gains. We aren’t sure what’s going to happen with regulation. I will note pump unlocks around the corner for a lot of people.

44:39So, you know, do you want to make sure that that’s on? And I think I think that unlock had started in August at the investor level, but I believe employee stuff. I’ve heard rumblings about that.

44:59I still think pump right now is a good buy at a certain price, or at a certain macro condition, where you just got to recognize their printing capital. Their number one risk right now is the, I think we’re seeing day after day, people care less about what chain something is on.

45:22We’re seeing products come out that are allowing people to launch tokens across three chains at once.

45:28And that’d be a shared liquidity pool cross chain and a shared market cap shared chain.

45:34That was the that was like the that token that rug across three chains at the same time, right?

45:41Yeah, it was the first cross chain rug I’ve ever seen. But like, you can see you can see that there is a move right now, strongly in the crypto market on solving the last and I call it like the last frontier consumer problems, which is easy deposit. So Apple Pay, as well as ACH, instant USDC deposit, as well as chain capital. We’ve seen this with cross venue. So like we like Lute, we’re trying to solve this for perps, where we’re building out services that allow you to trade any perp venue with a singular USDC pool. And this is mainly across like, hey, I want this asset, but it’s only on trade XYZ, or I want a cheaper funding rate, because I’m going to do a basis trade, or I’m going to do a long term trade, and I just want to have exposure at the best rate, where would I put that on? We’re seeing this also happen on the meme side, where a lot of people are like, I don’t really care. I just want this because it’s being talked about and it has attention. So I definitely want to put that on people’s radar that that is something. Additionally, we’re seeing a move towards a lot of people on the commodity side. Obviously, people are buying tokenized stocks, but the only attention that seems to getting any attention in the alternative

47:17asset side right now is anything that is paired to an equity. So all memes, everything seems to be paired to an equity. And it’s not only on Robinhood. Now we’re seeing this happen on finance, we’re seeing this happen on base. Obviously, Robinhood right now is kind of the echo, the epicenter of all this. But that ecosystem, I think is going to start to lose some of its like, uniqueness, as you see other chains like Ink Chain, who, again, we’ve talked a ton about them because of Quotrons. And even though we see Quotron prices down right now, the announcements out of Ink Chain around their tokenized equities, and their partnerships have taken $100 million from NASDAQ, their xStocks. You know that every other chain right now is like, we need RWAs, we need tokenized equities, and we need to be positioned in a way that people can trade whatever they want here. And then it becomes really kind of a race to the bottom of like, who has the who has the best fees, and the best offering. And then all the trading venues right now we’re trying to solve for, we really don’t care what chain, we just want our users to be able to hit buy and get the best, the best. Yeah, well, I think, I think ultimately,

48:29who has the best distribution, right? Like, I think that’s kind of like in, you know, kind of why has FOMO been so good is they have a great UI, and they have the best distribution.

48:42Yeah, I mean, like they’ve been crushing it, right on being able to convert people from seeing an ad or a video or whatever to signing up, right. And so I think that, to your point, I think that the fact like, you know, apps like FOMO, like Lute, like Pump.fun are making it easier for people to speculate on these tokens, and then it doesn’t really matter what chain they’re on, right, they just want like access to whatever is moving, right. And so if that gets abstracted away, then it becomes easier to speculate on more and more things, right. So, yeah, I, you know, I think. And that’s the end game. And I really do think that’s the end game.

49:24If you kind of take the direction that the AI trade is going, the same thing is happening on the blockchain and consumer trading side, which is everybody is going to want to speculate on everything. And a lot of that is fueled by this idea of like, all right, well, what else is there to do in a world that is just AI? Like, where are you getting your dopamine hit? Where are you getting your additional return? When, you know, anybody can go do a job, anybody can create a product or business overnight. Where is the exponential upside? Because that is where attention is going to go. I think there’s just a human innate nature to want more. And we’re seeing that coming to the trace base. It’s why trading is cool all of a sudden, right? Because people, instead of it being like, oh, I can blow up become famous on Instagram, like that used to be like every kid’s dream. They’re like, that’s the exponential upside has become famous.

50:29Or to become a professional soccer player, football player, you’re seeing this kind of trickle into trading now, or it’s like, that’s the exponential upside. That’s how to become an outlier.

50:39That’s how to get the point 001% lifestyle. I could hit the I guess, like my question to you is, do you think that’s really what it is? Or is that just us in our echo chamber here?

50:53No, I think from I think stepping back and be like, if I wasn’t in the industry, where what is like feeling people right now, even outside of the industry that I talked to, it is like, how do I how do I get ahead right now? It just it that is a driving nature of like, how do I how do I get the greatest life for myself? And I think trading has become so accessible, so easy. So like our echo chamber was so pulled off, that it’s now kind of become so easy to get involved in it that anybody can do it. I mean, I have friends have never touched crypto. Now this is their first cycle in. And they’re I mean, the throne $1,000 clips and I have friends that are up 60 $70,000 that they’re like, all right, I’m in and they know about the memes, they know about the technology, they know they’re like, they’re watching the Clarity Act. I’m gonna this week, I’m going to do my own personal Dv and try to find people because I think my issue is that I’m just so deep in the weeds on this that most of the people I talk to are traders. So but like, I really would like to talk to people that are not right. So I’m going to be over indexed on this. Again, I do run a trading company. So that is like quite literally all I do.

52:22The devil’s advocate here is the it’s a very similar user demographic, such as user avatar that I’m describing. And I’ve contradicted myself by saying my research on the AI side from fantasy football, as well as other tasks has been every one of those consumers has been like, I’m not that stupid, you’re dumb. It’s a bad technology, I don’t want to get involved.

52:49Obviously, there’s a little less financial directness, right? It’s like a secondary effect of using AI is making more money. But that’s a technology adoption, where trading is a technology adoption of like, hey, I want to buy pre IPO stocks. What does the demand look like for that?

53:09We’ll have to see clarity act is certainly going to affect this where I think a lot of these people also, there’s there’s still kind of like a scared approach of like the consumer not knowing if what they’re touching is going to take all their money or not. Or is it you know, how is it viewed by the government IRS, SEC, etc. Yeah, it’s why it’s also why I think pump like pumps a good example this it’s why I think pump isn’t trading at like a $20 billion market cap valuation right now is, there’s scared at the institutional level as well, you do have capital that has it’s just not flowing into some of these names because of no clarity, people don’t know. Well, I guess also isn’t so I mean, I don’t know, I with the amount I just think like, I feel like there’s just like so much selling that’s going on that we don’t know about if like they’re doing these daily buybacks, buy in burns for like seven figures, and the token is not going anywhere. I don’t know, it’s just like weird. The price action doesn’t make sense to me in the sense that even if there wasn’t necessarily institutional capital, I feel like there’d be a good amount of people there’d be there’s a good amount of like, buy pressure, maybe it’s not enough. I don’t know. I just like, I have no

54:30idea. Very weird. When I see like charts like that, where I’m like, this is very bullish, and the chart doesn’t really go up. It doesn’t you know, I mean, like, I mean, granted, it just had a nice run. But like, I don’t know, it’s just like, it’s been weak for the last isn’t weaker than expected for the last like, year or whenever the whenever it went live a year and a half. Do you have any games that you think have charts that are underperforming where they should be? Because I know, and obviously, I think we’ve talked about, towel, a bit on the show that being a laggard to the AI trade and decentralized AI and compute. Yeah, so we saw this breakup towards that breakout line a bit. But this was this, this breakout was somebody pairing towel on Solana with butt tensor.

55:24So it was a butt tensor meme coin that drove a lot of this demand. You hate to see, you hate to see that the breakout was caused by a meme coin. Yeah. So, but yeah, I mean, listen, I think that I think that, again, one of the things I like the most about the bit tensor ecosystem is that const reborn is very active. I think he takes people’s feedback. He’s a very active founder, he’s mission driven, it doesn’t seem like he’s driven by money, per se, or is his primary motivator. And so that to me, I’m like, dude, I’m gonna like he keeps on shipping, right? Like, it’s not like one of those projects that we’ve seen that’s raised whatever, 100 $200 million from VCs. Their whole point is to get to ICO, then they get to ICO, and it’s kind of like game over, like he’s, he’s in the trenches, he’s shipping, there’s things that are being built on bit tensor subnets that, you know, are hoping to scale, you know, like, they’re hoping to scale multi billion dollar businesses. And so I think that to me, I’m it’s still a bet that like, I’m willing to make. And so I’m long there. Yeah, I mean, I think like a lot of the stuff that I’ve been like focused on more has been like on chain stuff, obviously, Quotrons.

56:47Quotrons are down, you know, I, I feel like this is something we have to discuss, obviously, I’m big holder, you’re a big holder. Prices down 66%, almost from all time high, hovering down, it’s been kind of juggling between seven and $8 million market cap right now on the token side. We had the floor at like 4.5 ETH, almost 5 ETH, I think at one point.

57:14Floor is now down to 2.3 ETH, $5600. I guess the good part about this is unique owners has gone up from what it was like 16 17%, it’s up to 22%. Now, you only have 4.5% listed, which actually is grown significantly, it was down like 130 only listed down to up another 60 listed. So that’s grown from three, about 3% up to 4.5% in the last 24 hours. I, I think this is, I don’t know, I’m curious to get your take. And I can give you my take afterwards, because I think mine’s a little bit more of like, no news is bad news, right? And in a, okay, I think first off, like, I think people need to get away from this whole, I need news every single day. I mean, that’s just not the way the world works. Like, and if people want to sell on that, that’s cool. I’m personally very happy for people to sell, because I earn fees on every sale. Right? So as a NFT holder, you just made $10,000 on on fees just by holding. Yeah, last week. And so like, that to me, like, to me, it’s just like, I think I see the vision there. I like I said, my my bull case on this is that tokenized equities is going to be a huge market. And you know, we’re at the beginning of it. I think I read something from blockworks yesterday how tokenized equities is up 30x

58:48year over year, 30x year over year. And that’s like, and that puts it only at 300 billion, I think, in terms of no, not 330 billion, in turn, and I think that’s in terms of volume, maybe. I think that might be volume, I don’t think it’s a, I think that’s too high for it to be a, but I think it might be in terms of volume. And that number is going to be much, much higher than what it is today. And so I think that like, Coachons is a play on that, you know, convexity of that platform. So like, you know, people that want to sell because there’s no news announcement in 24 hours. Cool. Like, like, my opinion is like, go for it, man. Like, please sell because again, as a coach on his holder, I earn those fees. And I think that people in today’s trading environment are very, very used to, you know, rotating very quickly. And it’s like, cool, if you want to rotate very quickly, that’s your prerogative, whatever. But I do think that there are certain projects that you want to hold. And I think this is one of them, right? So it’s, that’s, that’s kind of like my opinion on it. And if people want to sell, sell, I do think people that have longer than a five minute time horizon are going to do way better than the

1:00:10people that don’t. Yeah, I think I think this is one of the few trades that I’ve just kind of diamond handed. I mean, I think I’m down like six figures in P&L at this point, which is unrealized P&L, which I feel like normally I would have been a little bit more upset, but from knowing that this is a centralized exchange with its own chain with CTFC licensing with a hundred million dollar investment from the NASDAQ with rumors around hyperliquid with rumors around other decentralized perp innovations coming has x stuff like if you kind of lay it all out, it’s like, all right, if this if this can’t hold a, you know, 50 to 100 million dollar market cap combined across NFTs and token, then there is just no play in the real revenue, real company, real asset class playbook. And you’re much better just closing your eyes and going playing the vaporware trade, which I don’t think on a long time horizon plays out.

1:01:21Obviously the macro here affecting crypto, Clarity Act affecting some things here.

1:01:27But yeah, I think long term, I would rather keep a flyer on Kraken than anonymous dev launching a meme coin. Right. So like, I mean, also to that point is, you know, Co-trans is what, 50, 60% from all time highs, but you take a look at a lot of other tokens, they’re doing much worse in that same time period. And so, you know, I think like everything’s cyclical. And again, I just I personally like putting my money into projects where I see long term potential. And it’s not just, oh, this is like the rotation trade. And I’m long this thing into the catalyst that it gets followed by Vlad, like that to me is not like the type of trading I like to do. Sure. But that’s like the trading that has been working. And so, I get it, people do that trade and whatever. But that’s not just that’s just not me, I’d rather be able to hold some like for me, what I find the best use of my time and why I’m very interested in Co-trans is like, I spend the majority of my day like trying to get people to like, do something on the Co-trans ecosystem. Right. And I’m just like, Hey, you should do something here. Right. And just like talking to builders. But like, again, that takes time, right? Like, I know like, three or four cool projects from like builders that like I like,

1:02:57that are launched that want to launch on Co-trans. But like, it takes time, right? Like, if you want to build like you can you can fork something and copy, pass it very quickly. You can do that in 24 hours. But if you’re building something new, it takes time. So if you don’t get that news, and you’re impatient, and you want to floor it, so you can go catch some meme coin that you think is going to outperform it in that time, like, that’s cool. I find that I generally out underperform in those scenarios where I sell one token to catch another token. It’s like, dude, like I have my thesis, I have my, my capital that I risked in it, you know, and it is what it is. Right. And so I don’t know, I just think that like, again, you people have to learn to be patient. I think there’s like another, there’s another project that launched yesterday, that somebody was telling me I think sucked a lot of liquidity out of Robinhood Chain in general was the standard reserve, right? It launched last night. Ohm like mechanics. I was, I was on the white list for it. So I minted one, but then like, the auction, the Dutch auction for both the charters. So basically, I’ll give like a high level overview.

1:04:11So basically, it’s, I get it a little bit like it’s more like you need to understand the game behind it, right? And so basically, you can buy a charter. So the goal of it is to create the central bank of crypto that and it’s programmatic, right? And so it has these game mechanics of like burning, like to increase and reduce supply of what it’s backed by and stuff like that. And I think that’s like a later part of the game.

1:04:40But like, if people want to understand that you can literally just plug in the website to your favorite AI and have it, you know, Eli five it for you. But the way the say the first part of the game was operated was, there was 1000 charters and the charters in NFT. If you own a charter, you can buy up to 10 branches per charter. So the charters were auctioned. Some people were given a whitelist to get in. And then there was a Dutch auction for the rest of them that started at 1.25 ETH and would finish at 0.15 ETH over the course of like 30 minutes. It sold out in about 15 seconds, I think 30 seconds, whatever under a minute for sure, at 1.25 ETH. And then it started trading. And then bank branches, I think you can only they only auction 100 bank branches a day. And each branch gets a percentage of revenue share that the product that no sorry, doesn’t get a percentage of revenue share. Each branch gets their pro rata of 700,000 standard reserve tokens that gets emitted every day. So as more branches are auctioned, then if you only, you know, hold one branch, you start getting diluted over time, right? So you earn a certain amount the first day, and then that amount goes down over the course of time. And so the branches sold out

1:06:10over time, I think in like under five minutes, as well. And so then, you know, the token went up to I think started at like, I think a little under 2 million. And I think it peaked last night at around 40 something million, I think right now it’s trading at 30 ish 33 million. And this is like an own, an own fork, an own like fork, a lot of own mechanics on there.

1:06:40And so there was a lot of hype around it, because OX beans is, you know, a DeFi OG, like really good dev people were hyped around it. And also, like, I will say, like, the launch went off flawlessly. Everybody’s been saying the same thing there. And so I think like there was no, there was no technical difficulties whatsoever. You know, the all the phases went as planned, maybe a couple minutes delayed here and there. But I think that’s like no big deal in the world of crypto. And I just think like, the experience has been very, very good. And I don’t think there was any body either, right? Because there was like some sort of like, even CBV came out was like, we tried to bought it didn’t we just bought on the open market. There you go. Right. And so like, you know, I think that, um, again, like, that shows you like it’s a, you know, it’s a quality project, a quality dev, and it probably like picks up steam from here. And again, this is one of those things. It’s like a three, three type game.

1:07:40But I think there’s also mechanics for like the exit tax that kind of makes it expensive to exit that I don’t think Ohm had right and so I don’t know I’m, I’m playing the game, I decide I’m just trying to figure out if I want to like, buy the token on the market or not or whatever. But I just think it’s interesting. And so I think we like I personally want to see more stuff like this. This to me is like way more interesting than buying mean coin that you know, your catalyst is the CEO interacts with it or Vlad interact like to me like those. I don’t know. I don’t like that type of stuff. I think this to me more longer type hold. So like, I’m looking at this, I’m going to be looking at it over the course of the day, trying to decide what I want to do if I want to add to it. If I do this is a game. This is a game. This is not like a game. I mean, everything’s a game in crypto, right? It’s like, what is the game theory behind it? Right?

1:08:40And so what they ultimately want to do and again, I haven’t read enough into the docs to know the long term vision of it. But like, they kind of want it seems like they want to create some sort of stable coin that has a treasury backing where if you own one of the charters, you’re kind of have like a vote in what’s going on and you’re like backing this stuff. So I don’t know, we’re going to see how it goes out, right? Like, I think like a lot of these iterations of things that went viral in the past is like, you know, there’s like key learnings from it and they tweak it and they’re like, maybe this works. And then maybe that works. Maybe that works. And so, yeah, I mean, this thing could run. I mean, I don’t know. Like also like, you know, NetNet, which is also an own fork, you know, went from, you know, under a million to, I don’t know what to top that 70 million or something, right? And so like, it’s doing its own version of that. And I think this is like its own version.

1:09:40And I think it’s also going to be a big part of an own fork as well. And I’m sure we’re going to see plenty more. So like, I don’t, I don’t doubt that this is the last version of it, but like people, I mean, own went really high. Yeah. But like, it also went very low. Yeah. Ultimately, right. Like there were some mechanics in it that caused it, you know, to, to end really poorly. But I think people, like, again, I didn’t participate in own personally. So I don’t really know the mechanics of why it failed. But, you know, these are a bunch of people had participated in it. And their forks and their versions of it, you know, they’re taking their learnings from own, like, they’re, they’re things of it that actually, that obviously work because, you know, people were like buying in and stuff like that. But then it’s like, how do you, how do you, how do you help the downside volatility on things? And I think that’s what people are trying to solve. So I don’t know, I think it’s interesting. Like, to me, again, I find this more interesting than buying a meme coin. Right. And, but like, again, like, I’m not if I if I buy more, at this point in time, it won’t be that much more, right? Like, I won’t be like putting six figures into it, it’ll be like a trade that you know, maybe a couple of X’s on it. So, but yeah, like, I think that like, again, like my quote, Ron’s, I, I’m not I’m like, literally sitting comfy and spot. The only thing I really look at is how much I’m making off the NFTs. And what can I do, personally, to help

1:11:10you know, and what can I do? Like, how can I am? And I’m like, a little bit. So a lot of these guys, like, are you like, I’m missing out on them? Yeah, I’m getting there. And they’re like, well, this is the thing. I’m missing out. You know, that’s the thing. I’m like, I’ve done that now with a couple developers that one of them, they want to build a game on top of it, and they’re good game builders outside of crypto.

1:11:50And I’m like, all right, cool. Let’s do it.

1:11:54And hopefully you have good game mechanics.

1:11:57I think that’s one of the things that crypto has missed over the last couple of years, is that people are like, oh, we’re going to make the next, whatever, AAA game.

1:12:09And it’s like, yeah, well, you’re not a game dev. So like, it’s very hard to do.

1:12:13Exactly. You know how to make games, whether it’s a casual game or AAA game, you’re definitely at a much more structural advantage.

1:12:20So yeah, those are like my things.

1:12:24But again, like everything, I think on chain is subject to macro conditions.

1:12:29And we’re going to see what happens in terms of risk.

1:12:33If Bitcoin sells off, then obviously on chain will sell off a little bit.

1:12:37And then at the very least, maybe a lot of it.

1:12:39But at the very least, I think we’re probably close to a bottom.

1:12:46So you kind of want to be positioning in risk in terms of catching like- The science will be very clear. It’ll be clear when we bottom. It’ll be clear when things are moving the other direction.

1:12:58I wouldn’t try to time the bottom, per se.

1:13:00I think that’s the one thing.

1:13:02Since doing the show, I’ve stopped thinking about absolutes and like, hey, you get one entry point.

1:13:09And it’s more like as conditions change, should I be buying over a period of time here?

1:13:15Or should I be holding here? Or should I be selling over the next, like into the strength?

1:13:20And I think right now is like you got to be either in the hold or like, hey, I think the bottom is going to happen.

1:13:27And I’m going to start deploying capital, but obviously all not one bid.

1:13:32Right.

1:13:35Wow. Well, we’ll see. We will know. Conditions are certainly going to change over the next few days.

1:13:42We’re going to see more drama. We’re going to have certainly labs are going to come out and speak more on what they’ve said over the last 96 hours.

1:13:54We’ll have Fed conversation here on rates, on outlook, and we’ll likely know for a fact that the clarity act is fully dead for this year.

1:14:05I would say it’s kind of clear that it’s dead, but I think we’ll have more confirmation as the week goes on. Seems that more information is flowing out every day on why it is dead and going to stay dead.

1:14:21Look, as always, you know, you said this early on the show, do we need to have patience, have some patience for the next two days until we’re back on Thursday at 10 a.m.

1:14:3410 30 a.m.

1:14:36Make sure you are following the Full Port X account.

1:14:40We’re posting clips as well as myself, Hunter Orrell, and gmoney NFT on EGG.

1:14:45And also, if you don’t catch us live, follow us on YouTube.

1:14:49We’re also on Spotify under Full Port Show.

1:14:54Yeah. So we’ve been trying to post up there.

1:14:56And if you have any ideas, suggestions, feel free to reach out to us.

1:15:00We’re always open to them.

1:15:01We’re going to, we need to, look, I love doing this show.

1:15:05We got to talk about doing three days a week, maybe here.

1:15:07I feel like we miss so much.

1:15:10I feel like we miss a lot, man.

1:15:11There’s a lot of things that I’m like, damn, if we could, if I could speak about this on Friday.

1:15:17I don’t know. I will talk about this offline.

1:15:22But yeah, no, look, appreciate everybody jumping on.

1:15:25AI trade. Keep your attention there.

1:15:27And we’ll be back in two days.

1:15:29I appreciate you guys tuning in.

1:15:32Cheers, guys. Peace.