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“The fact that Nvidia's downstream supply chain and our downstream demand is so large, they're willing to make the investment upstream. And so, if you look at GTC and people are marveled by the scale of GTC, it's the entire universe of AI all in one place. I bring them together so that the downstream could see the upstream, the upstream could see the downstream, and all of them could see all the advances in AI.”

“I think the number of agents are going to grow exponentially. The number of tool users are going to grow exponentially. And it's very likely that the number of instances of all these tools are going to skyrocket. Today we're limited by the number of engineers. Tomorrow, those engineers are going to be supported by a bunch of agents. And we're going to be exploring out the design space like you've never seen explored before.”

“At some level, the instantaneous demand is greater than the supply upstream and downstream in the world. And it could be at any instance, we could be limited by the number of plumbers, which actually happens. I actually went to the hardest one. Yeah, plumbers and electricians. And the reason for that is because, if we're too far apart, the industry swarms it.”

“If our next several years is a trillion dollars in scale, we have the supply chain to do it. Without our reach, the velocity of our business, just as there's cash flow, there's supply chain flow, there are turns. Nobody is going to build a supply chain for an architecture if the architecture, the business turns is low. Our ability to sustain the scale is only because our downstream demand is so great.”

“The input is electron, the output is tokens. That is in the middle, Nvidia. And our job is to do as much as necessary, as little as possible to enable that transformation to be done at incredible capabilities. Making that token, it's like making one molecule more valuable than another molecule. Making one token more valuable than another. The amount of artistry, engineering, science, invention that goes into making that token valuable, obviously we're watching it happening in real time.”

“The central bank needs more evidence that inflation is heading toward two percent.”

“Hospitals are diverting patients as digital systems remain offline following the breach.”

“This legislation represents a generational investment in our nation's crumbling transit networks.”

“Emergency crews are on high alert as record rainfall is expected tonight.”

“The switch to solid-state chemistry could fundamentally change the economics of transportation.”

“The company realized it would wreak havoc. They ran their own vulnerability testing. They saw that it would allow offensive hacking and people to expose browsers and browser history, expose credit cards, you know, on the Internet. So, you know, what I like about this is they didn't need government to hold their hand on this.”

“Let's spend a hundred days using advanced AI to find and to fix and to harden these software vulnerabilities before hackers exploit them. Now what I think this represents, Jason, is a threshold that we're crossing. Mythos and Spud, which is going to be out from OpenAI any day now, represent the beginning of what I would call AGI models.”

“I think Anthropic has proven that it's very good at two things. One is product releases. The second is scaring people. And we've seen a pattern in their previous releases of, at the same time, they roll out a new model or new model card, something like that. They also roll out some study showing really the worst possible implication of where the technology could lead.”

“These are models with massive step function improvements and intelligence, and they're just too smart to be released immediately. You know, and by the way, there was nothing that said that every time you finish a model you gotta immediately release it GA. So they set up this idea of sandboxing, building defensive alliances, in order to move away from that regime.”

“It shows you can trust the industry and market forces in coordination with the government. They were talking to the government about this, but they're not relying on some top down regulation in order to do this. They laid out a blueprint that seems to me very pragmatic that now that we're at this threshold, we're gonna sandbox these things.”

“The company realized it would wreak havoc. They ran their own vulnerability testing. They saw that it would allow offensive hacking and people to expose browsers and browser history, expose credit cards, you know, on the Internet. So, you know, what I like about this is they didn't need government to hold their hand on this.”

“Let's spend a hundred days using advanced AI to find and to fix and to harden these software vulnerabilities before hackers exploit them. Now what I think this represents, Jason, is a threshold that we're crossing. Mythos and Spud, which is going to be out from OpenAI any day now, represent the beginning of what I would call AGI models.”

“I think Anthropic has proven that it's very good at two things. One is product releases. The second is scaring people. And we've seen a pattern in their previous releases of, at the same time, they roll out a new model or new model card, something like that. They also roll out some study showing really the worst possible implication of where the technology could lead.”

“These are models with massive step function improvements and intelligence, and they're just too smart to be released immediately. You know, and by the way, there was nothing that said that every time you finish a model you gotta immediately release it GA. So they set up this idea of sandboxing, building defensive alliances, in order to move away from that regime.”

“It shows you can trust the industry and market forces in coordination with the government. They were talking to the government about this, but they're not relying on some top down regulation in order to do this. They laid out a blueprint that seems to me very pragmatic that now that we're at this threshold, we're gonna sandbox these things.”

“The company realized it would wreak havoc. They ran their own vulnerability testing. They saw that it would allow offensive hacking and people to expose browsers and browser history, expose credit cards, you know, on the Internet. So, you know, what I like about this is they didn't need government to hold their hand on this.”

“Let's spend a hundred days using advanced AI to find and to fix and to harden these software vulnerabilities before hackers exploit them. Now what I think this represents, Jason, is a threshold that we're crossing. Mythos and Spud, which is going to be out from OpenAI any day now, represent the beginning of what I would call AGI models.”

“I think Anthropic has proven that it's very good at two things. One is product releases. The second is scaring people. And we've seen a pattern in their previous releases of, at the same time, they roll out a new model or new model card, something like that. They also roll out some study showing really the worst possible implication of where the technology could lead.”

“These are models with massive step function improvements and intelligence, and they're just too smart to be released immediately. You know, and by the way, there was nothing that said that every time you finish a model you gotta immediately release it GA. So they set up this idea of sandboxing, building defensive alliances, in order to move away from that regime.”

“It shows you can trust the industry and market forces in coordination with the government. They were talking to the government about this, but they're not relying on some top down regulation in order to do this. They laid out a blueprint that seems to me very pragmatic that now that we're at this threshold, we're gonna sandbox these things.”

“The company realized it would wreak havoc. They ran their own vulnerability testing. They saw that it would allow offensive hacking and people to expose browsers and browser history, expose credit cards, you know, on the Internet. So, you know, what I like about this is they didn't need government to hold their hand on this.”

“Let's spend a hundred days using advanced AI to find and to fix and to harden these software vulnerabilities before hackers exploit them. Now what I think this represents, Jason, is a threshold that we're crossing. Mythos and Spud, which is going to be out from OpenAI any day now, represent the beginning of what I would call AGI models.”

“I think Anthropic has proven that it's very good at two things. One is product releases. The second is scaring people. And we've seen a pattern in their previous releases of, at the same time, they roll out a new model or new model card, something like that. They also roll out some study showing really the worst possible implication of where the technology could lead.”

“These are models with massive step function improvements and intelligence, and they're just too smart to be released immediately. You know, and by the way, there was nothing that said that every time you finish a model you gotta immediately release it GA. So they set up this idea of sandboxing, building defensive alliances, in order to move away from that regime.”

“It shows you can trust the industry and market forces in coordination with the government. They were talking to the government about this, but they're not relying on some top down regulation in order to do this. They laid out a blueprint that seems to me very pragmatic that now that we're at this threshold, we're gonna sandbox these things.”

“They are stating that the AI-fueled stock market bubble is going to burst starting right now in 2026. Their thesis is that starting in 2026, those spectacular gains are going to unwind precipitously because rising interest rates and a higher, stickier inflation rate will essentially act as gravity on these sky-high equity valuations.”

“When you buy a tech stock at a massive premium, you're basically buying the promise of huge profits 10 or 15 years in the future. But if interest rates are high today, the mathematical value of those future profits shrinks drastically. When Capital Economics says inflation is sticky, they are saying the easy money era is over, which means the justification for these astronomical tech valuations evaporates.”

“Bridgewater Associates has executed a massive portfolio pivot that completely contradicts the mainstream narrative. We are talking about cutting their holdings in Meta by over 46 percent, alphabet position by 40 percent, and they even cut Microsoft by 10 percent. These are the companies that completely defined the 2024 and 2025 bull run.”

“The core issue they are pointing to is the infrastructure cost. If the cost of building out the servers, the power grids and the massive data centers for AI outpaces the actual dollars and cents it generates in revenue, the math simply stops working. It becomes a black hole for capital.”

“Private equity firms are lending billions of dollars to AI start-ups entirely outside the purview of traditional banking regulators. If one major AI start-up defaults on that private debt because their models don't generate the promised revenue, the contagion in that unregulated debt market could be incredibly rapid and entirely opaque until it is far too late.”

“They are stating that the AI-fueled stock market bubble is going to burst starting right now in 2026. Their thesis is that starting in 2026, those spectacular gains are going to unwind precipitously because rising interest rates and a higher, stickier inflation rate will essentially act as gravity on these sky-high equity valuations.”

“When you buy a tech stock at a massive premium, you're basically buying the promise of huge profits 10 or 15 years in the future. But if interest rates are high today, the mathematical value of those future profits shrinks drastically. When Capital Economics says inflation is sticky, they are saying the easy money era is over, which means the justification for these astronomical tech valuations evaporates.”

“Bridgewater Associates has executed a massive portfolio pivot that completely contradicts the mainstream narrative. We are talking about cutting their holdings in Meta by over 46 percent, alphabet position by 40 percent, and they even cut Microsoft by 10 percent. These are the companies that completely defined the 2024 and 2025 bull run.”

“The core issue they are pointing to is the infrastructure cost. If the cost of building out the servers, the power grids and the massive data centers for AI outpaces the actual dollars and cents it generates in revenue, the math simply stops working. It becomes a black hole for capital.”

“Private equity firms are lending billions of dollars to AI start-ups entirely outside the purview of traditional banking regulators. If one major AI start-up defaults on that private debt because their models don't generate the promised revenue, the contagion in that unregulated debt market could be incredibly rapid and entirely opaque until it is far too late.”

“I wanted to feed Mundy and Tara close together. And so I fed Tara over here. She picked up her food and brought it right over to the fence line here so she could be eating with Mundy. So you tell me what that means. I think that is really good.”

“The dominant political story of the year has been the 270-day-long speakership of Representative Kevin McCarthy, whose slim majority in the House of Representatives has enabled a far-right rebellion to exert more weight over the lower chamber. The battle between the rebellious Freedom Caucus and McCarthy has been at the heart of an averted debt ceiling crisis and the annual budget debate nearly devolving into a government shutdown.”

“Additionally, the latter half of the year saw many large mergers and acquisitions, some of the largest announcements being in oil and gas with ExxonMobil's purchase of Pioneer Natural Resources for nearly $60 billion and Chevron's acquisition of Hess Corporation for $50 billion, both in October and pending regulatory approval prior to closure.”

“The rise of artificial intelligence and large language models dominated not only the economy but has also been at the root of a Hollywood double strike conducted by Writers Guild of America and a SAG APTRA strike, these were part of a larger phenomenon of labor strikes across the country, in which such large diverse groups, such as Teamsters and Auto Workers won new contracts.”

“A 2023 FAA system outage, for the first time since 9-11, the Federal Aviation Administration issues a nationwide ground stop following the failure of the FAA's NOTAM system. Attorney General Merrick Garland appoints Robert Herr to investigate mishandling of classified documents by President Biden.”

“Bittensor TAO just shipped a model that competes the outputs of centralized labs. That crosses the line from white paper to infrastructure, and this is where the rubber meets the road, and a lot of these AI adjacent projects are going to be left behind, and the AI direct projects are going to rise to the top.”

“This is a decentralized computer vision platform that lets miners analyze football video footage—actually, soccer—in real time, tracking the players, the ball, and the game events using object detection and key point models. Validators score the accuracy of these annotations, rewarding the best miners with TAO, so that it can build fast, cheap, and scalable sports intelligence that anyone can use.”

“It's a creator marketing platform in Bittensor, TAO, where brands publish campaign briefs, and miners, known as YouTube influencers or content creators, produce videos and posts that fulfill the briefs. These validators use platform APIs to verify actual engagement, views and performance, and then reward the best performing creators with TAO token so that the network can continue to build kind of a transparent middleman marketplace.”

“Ridges AI is a marketplace on Bittensor for autonomous software engineering agents. This is where miners run AI coders in Python that solve real coding tasks, generate features, fix bugs and beat benchmarks like the SWE bench. The validators score the agents on their accuracy, their speed and their actual usefulness in the real world to reward the top performers.”

“It's a probability in my mind that these AI agents are going to want to be paid in crypto and banks cannot onboard AI agents as customers. AI agents cannot transact in a bank; they're only able to use crypto wallets. This leaves a massive opportunity for crypto, and this might be the big explosion of use case that we were all wondering how it would look like.”

“The question isn’t who has the best model, but who has the most creative financing to build out AI infrastructure and beyond.”

“The question isn’t who has the best model, but who has the most creative financing to build out AI infrastructure and beyond.”

“They are stating that the AI-fueled stock market bubble is going to burst starting right now in 2026. Their thesis is that starting in 2026, those spectacular gains are going to unwind precipitously because rising interest rates and a higher, stickier inflation rate will essentially act as gravity on these sky-high equity valuations.”

“When you buy a tech stock at a massive premium, you're basically buying the promise of huge profits 10 or 15 years in the future. But if interest rates are high today, the mathematical value of those future profits shrinks drastically. When Capital Economics says inflation is sticky, they are saying the easy money era is over, which means the justification for these astronomical tech valuations evaporates.”

“Bridgewater Associates has executed a massive portfolio pivot that completely contradicts the mainstream narrative. We are talking about cutting their holdings in Meta by over 46 percent, alphabet position by 40 percent, and they even cut Microsoft by 10 percent. These are the companies that completely defined the 2024 and 2025 bull run.”

“The core issue they are pointing to is the infrastructure cost. If the cost of building out the servers, the power grids and the massive data centers for AI outpaces the actual dollars and cents it generates in revenue, the math simply stops working. It becomes a black hole for capital.”

“Private equity firms are lending billions of dollars to AI start-ups entirely outside the purview of traditional banking regulators. If one major AI start-up defaults on that private debt because their models don't generate the promised revenue, the contagion in that unregulated debt market could be incredibly rapid and entirely opaque until it is far too late.”

“They are stating that the AI-fueled stock market bubble is going to burst starting right now in 2026. Their thesis is that starting in 2026, those spectacular gains are going to unwind precipitously because rising interest rates and a higher, stickier inflation rate will essentially act as gravity on these sky-high equity valuations.”

“When you buy a tech stock at a massive premium, you're basically buying the promise of huge profits 10 or 15 years in the future. But if interest rates are high today, the mathematical value of those future profits shrinks drastically. When Capital Economics says inflation is sticky, they are saying the easy money era is over, which means the justification for these astronomical tech valuations evaporates.”

“Bridgewater Associates has executed a massive portfolio pivot that completely contradicts the mainstream narrative. We are talking about cutting their holdings in Meta by over 46 percent, alphabet position by 40 percent, and they even cut Microsoft by 10 percent. These are the companies that completely defined the 2024 and 2025 bull run.”

“The core issue they are pointing to is the infrastructure cost. If the cost of building out the servers, the power grids and the massive data centers for AI outpaces the actual dollars and cents it generates in revenue, the math simply stops working. It becomes a black hole for capital.”

“Private equity firms are lending billions of dollars to AI start-ups entirely outside the purview of traditional banking regulators. If one major AI start-up defaults on that private debt because their models don't generate the promised revenue, the contagion in that unregulated debt market could be incredibly rapid and entirely opaque until it is far too late.”

“I wanted to feed Mundy and Tara close together. And so I fed Tara over here. She picked up her food and brought it right over to the fence line here so she could be eating with Mundy. So you tell me what that means. I think that is really good.”

“The dominant political story of the year has been the 270-day-long speakership of Representative Kevin McCarthy, whose slim majority in the House of Representatives has enabled a far-right rebellion to exert more weight over the lower chamber. The battle between the rebellious Freedom Caucus and McCarthy has been at the heart of an averted debt ceiling crisis and the annual budget debate nearly devolving into a government shutdown.”

“Additionally, the latter half of the year saw many large mergers and acquisitions, some of the largest announcements being in oil and gas with ExxonMobil's purchase of Pioneer Natural Resources for nearly $60 billion and Chevron's acquisition of Hess Corporation for $50 billion, both in October and pending regulatory approval prior to closure.”

“The rise of artificial intelligence and large language models dominated not only the economy but has also been at the root of a Hollywood double strike conducted by Writers Guild of America and a SAG APTRA strike, these were part of a larger phenomenon of labor strikes across the country, in which such large diverse groups, such as Teamsters and Auto Workers won new contracts.”

“A 2023 FAA system outage, for the first time since 9-11, the Federal Aviation Administration issues a nationwide ground stop following the failure of the FAA's NOTAM system. Attorney General Merrick Garland appoints Robert Herr to investigate mishandling of classified documents by President Biden.”