Syz the moment

The proposal, reportedly floated by Sam Altman, would see leading AI companies allocate a small ownership stake to the public through a vehicle similar to Alaska's Permanent Fund. The idea is simple: if AI is set to create trillions of dollars in value, the public should directly share in the upside. The move could also help ease growing political pressure as Washington scrutinizes AI over jobs, cybersecurity, data centers, and national security. OpenAI and Anthropic have already seen their latest AI models delayed by regulatory review. The proposal would ideally extend beyond OpenAI to companies such as Anthropic, Google, and Meta, although it remains unclear whether they would participate. The discussions are still at an early, conceptual stage and would likely require congressional approval. If implemented, it would mark one of the most significant shifts in the relationship between government and private technology companies, potentially creating a new model where the wealth generated by AI is shared not only with investors, but with the public itself. Source: FT

Finance in particular is heavily exposed to automation given its job mix. Source: Matthew B @boes_ Bloomberg

South Korean retail investors were once among Bitcoin's biggest marginal buyers. Those flows have largely disappeared as speculation shifted toward domestic equities, particularly high-beta names such as SK Hynix and Samsung amid the KOSPI rally. If that speculative capital starts rotating out of Korean equities, could some of it find its way back into crypto? It may be too early to say, but a reversal in the KOSPI is one potential catalyst we're watching closely. Source: TME

The Fed turned hawkish, when inflation rolled over. Source: Andreas Steno Larsen @AndreasSteno

More than $730 billion in market value has been erased across Asian equity markets today as AI and semiconductor stocks came under heavy selling pressure. 🇰🇷 South Korea's KOSPI: -7.89% ($324B wiped out) 🇯🇵 Japan's Nikkei: -2.47% ($214B wiped out) 🇨🇳 China's Shanghai Composite: -2.1% ($191B wiped out) The selloff follows two major warnings over the weekend. The IMF cautioned that AI-related equity valuations have become increasingly speculative and detached from fundamentals. Meanwhile, Wealspring Asset, whose founder famously called the 2007 market peak, warned that a massive global AI bubble has formed, adding that its "collapse point may not be far away." After months of relentless optimism, markets are suddenly being forced to price in the possibility that AI expectations have run too far, too fast. Source: Bull Theory

Pro-crypto president indeed... Source: Nic @puckrin

Meta Platforms (NASDAQ:META) climbed more than 10% on Wednesday after a report said the social media company is developing a cloud computing business that would monetize surplus artificial intelligence computing capacity. Meta's plan to monetize excess AI compute may have exposed the first real crack in the AI CapEx narrative. If hyperscalers can generate revenue from spare capacity, or eventually reduce spending without sacrificing AI capabilities, the market's assumption of persistent compute scarcity comes into question. That would be a negative for the hardware and infrastructure layer, but potentially positive for hyperscalers that can monetize existing assets more efficiently (more here). Chart below shows KOSPI, SOX and META (inverted). Source: TME

His immediate predecessor, Joe Biden, made 13 transactions over four years. In his first term, Trump made 517. Source: FT