A single privately held AI startup is now valued at roughly two thirds of the entire market capitalization of bitcoin. That is utterly insane. AI companies are being valued as though they are platforms competing in a winner-take-most marketplace with incredibly high margins. I have said before and maintain that these businesses are actually in the business of selling compute, which is increasingly being commoditized. Anthropic run-rate revenue has done over a 5x in the past year, but the valuation still only makes sense if you assume some degree of capture and sustained high margins. I am skeptical of both.
Regardless, AI is disrupting the workforce quickly. As a bitcoiner, I’m more interested in how that might impact global liquidity and fiscal and monetary policy response. If AI continues to reshape the workforce in ways that sideline the majority of the working and voting class, expect massive stimulus in the near term. They are going to print so much fucking money.