We covered lazy cash, private credit hangover, why Bitcoin is treated different, and what it means when in one day, Meta soars, Microsoft craters, and a celebrated AI fund evaporates.
Whiplash Week
We recorded this on a Thursday that began with word that Situational Awareness had been liquidated. A hedge fund run by a celebrated former OpenAI executive was over-levered and in hindsight totally not hedged. Then Microsoft opened up double digits on the back of strong numbers, while Meta went the other way entirely with negative earnings growth, expenses growing faster than revenue, and a 10% haircut in the stock price. This is the kind of day that reminds you how fast the news cycle moves right now and how quickly information needs to be sorted analyzed and interpreted. This kind of day is why I wanted Glenn and Ken in the room. As background, Glenn covers banks, brokers, and alternative asset managers and Ken covers brokers, exchanges, and crypto.
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