Letters · Memos · Substack
Letters, memos, interviews, and curated posts from Wall Street gurus and crypto whales. Updated daily.
Apple WWDC, Siri AI, And SpaceX Data Centers | The Brainstorm EP 135
In this episode of The Brainstorm, Brett and Nick discuss Apple's latest AI strategy announced at the 2026 WWDC event, including a major Siri upgrade. They explore how Apple's integration of Gemini models and on-device capabilities could transform Siri into a deeply personal AI c…
#513: Kalshi Launches Perpetuals As Robinhood’s Rothera Exchange Goes Live, & More
Kalshi's launch of perpetual futures marks a watershed moment for the structure of the US crypto market. For the first time, US investors can access a Commodity Futures Trading Commission (CFTC)-regulated perpetual contract, a product that has dominated international crypto tradi…
Booming Jobs Report, Plummeting Market: What's Going On? | ITK With Cathie Wood
In this month's "In The Know," ARK Invest CEO and CIO Cathie Wood makes the case that the economy is entering boom territory. Her framework: productivity (not the Phillips curve) is driving this cycle, inflation breaks to the downside and could go negative this year, new Federal …
Don’t Die: Humanity’s Future With Bryan Johnson
In this episode of FYI, Brett Winton, Cathie Wood, and Charlie Roberts sit down with Bryan Johnson, founder of Blueprint and creator of Braintree. They explore his pursuit of extending human life and the broader philosophical shift toward valuing existence itself. Bryan shares th…
SpaceX And Blue Origin’s ‘Boom’ | The Brainstorm EP 134
In this episode of The Brainstorm, Brett, Nick and Sam are joined by Daniel Maguire to discuss Blue Origin's recent rocket explosion, which has sparked a pivotal discussion on the future of space launch dominance and AI infrastructure investments. They explore how industry giants…
#512: Blue Origin Explosion Highlights Launch Capacity Constraints In Race To The Moon, & More
Last week, ahead of its fourth mission, Blue Origin’s New Glenn rocket exploded during a test fire at its launch site in Florida. The explosion severely damaged Launch Complex 36, Blue Origin’s only operational orbital launch pad for New Glenn. While the company is building addit…
What Quantum Means For Bitcoin’s Future
In this episode of Bitcoin Brainstorm, Rod Roudi is joined by Cathie Wood, Adam Back, Hunter Beast, Rob Hamilton, Ren Crypto Fish, and David Puell for a deep discussion on quantum computing and its implications for Bitcoin. The group examines the technical, financial, and governa…
SpaceX IPO Story Is Bigger Than Rockets | The Brainstorm EP 133
In this episode of The Brainstorm, Brett, Nick and Sam are joined by Daniel Maguire and Tasha Keeney to discuss the expected June 12th initial public offering (IPO) of SpaceX. SpaceX’s recently filed S-1 revealed a significant opportunity across launch, Starlink, AI compute, and …
#511: Anthropic Is Paying $1.25 Billion Per Month To Access SpaceX’s Compute Capacity, & More
Anthropic paying SpaceX, longevity research including GLP-1s, AI's first autonomous mathematical breakthrough, and Anthropic's announcement about investing in special purpose vehicles.
Quantum Risk And Bitcoin: Preparing For A Post-Quantum World
In this episode of FYI, Brett Winton is joined by David Puell, Nic Carter, and Alex Pruden to examine the potential risks quantum computing poses to Bitcoin. The group explores how advances in quantum technology could compromise cryptographic security, what a “broken” Bitcoin sys…
The Longevity Shift: Valuing The Extension Of Healthy Human Life
Our ability to quantify biological aging has improved markedly. Functional performance metrics, molecular biomarkers, multiomics data, and continuous digital signals now can measure what clinicians once inferred almost entirely from chronological age. These tools do not imply tha…
Hyperliquid And SpaceX Synthetic Trading | The Brainstorm EP 132
Hyperliquid is revolutionizing global markets with its innovative blockchain, facilitating $3 trillion in annual volume and rivaling giants like Binance. In this episode, Lorenzo Valente reveals how hyperliquid's cutting-edge technology and products like perpetual futures are dem…
#510: SpaceX Targets Starship Flight Test 12 Ahead Of Expected IPO Filing This Week, & More
This week, SpaceX is targeting its twelfth Starship flight test, debuting its next-generation Starship (V3) and Super Heavy booster as well as upgraded Raptor engines and a redesigned Starbase launch pad. The test comes amid reports that SpaceX could file its prospectus as soon a…
SpaceX And Anthropic Partnership | The Brainstorm EP 131
In this episode of The Brainstorm, Brett, Frank and Sam explore the groundbreaking deal between SpaceX and Anthropic, focusing on the implications for AI compute infrastructure, space-based data centers, and the economics behind data centers.
#509: Shopify Is Building The Operating System For Agentic Commerce, & More
Last week, Shopify reported another strong quarter, with Gross Merchandise Volume (GMV) increasing 35% year-over-year and surpassing $100 billion, while revenue increased 34%. Although investors focused on softer-than-expected near-term guidance, specifically revenue growth at a …
A 30-Year Pattern Reversed: Inflation & AI Outlook | ITK With Cathie Wood
In this month's "In The Know," ARK Invest CEO/CIO Cathie Wood lays out a framework where we believe inflation surprises lower (not higher), the dollar rallies (not crashes), the rolling recession ends, AI drives structural deflation the bond market is only starting to price, and …
From Binance To Beyond: CZ Predicts Crypto’s Next Phase
In this episode of FYI, Lorenzo Valente sits down with ARK Invest CEO Cathie Wood and Changpeng Zhao (CZ), founder of Binance, to examine his journey from early life in China to building the world’s largest crypto exchange. CZ shares how Binance scaled rapidly, the regulatory cha…
Megacap Recap | The Brainstorm EP 130
In this episode of The Brainstorm, Brett, Nick and Sam offer a comprehensive analysis of mega-cap tech companies, focusing on CapEx trends, AI integration, user engagement, and market demand. They discuss Meta's AI strategies, cloud spending, and the evolving landscape of digital…
#508: Robinhood Is Handing Customers And Investors A 'Gold'en Opportunity, & More
Last week, Robinhood reported first-quarter results with softer-than-expected transaction revenues, the result of weak trading activity. In our view, the more important story was and is Gold, Robinhood's $5 per month subscription tier and—increasingly—the gateway to its ecosystem…
Stationary Energy Storage Could Become The Backbone Of The Modern Grid
Surging demand from AI data centers and the gradual electrification of transportation are adding pressure to the US grid, but the solution might already exist. ARK's research suggests that stationary energy storage, paired with existing underutilized generation, could unlock late…
$60 Billion SpaceX Cursor Deal? | The Brainstorm EP 129
In this episode of The Brainstorm, Brett, Nick and Sam explore how AI is reshaping technology, from coding to consumer devices, and how SpaceX's acquisition of Cursor at a $60 billion valuation could redefine the future of technology. They delve into the strategic layers of AI, r…
#507: A New Executive Order Is The Latest Catalyst Clearing The Path For Psychedelic Therapies, & More
On April 18, President Trump signed an Executive Order directing the U.S. Food and Drug Administration (FDA) to issue Commissioner's National Priority Vouchers (CNPVs) to psychedelic drugs with Breakthrough Therapy designation, a mechanism that can compress FDA review timelines f…
The DeFi Quarterly: Q1 2026
The DeFi Quarterly Q1 2026 report includes sections on stablecoins, RWAs, tokenization, network and application economics, decentralized exchanges, lending protocols, HIP-3 markets, and market pulse.
The Token Economy: AI Infrastructure And The Future Of Compute
In this episode of FYI, Brett Winton and Charles Roberts sit down with Michael Stewart of M12, Microsoft’s venture fund, to examine how AI is reshaping software, infrastructure, and investment strategy. Michael explains how M12 identifies emerging signals across the AI ecosystem,…
Prediction Markets: The Potential Multi‑Trillion Dollar Asset Class Hiding In Plain Sight
In a world where trust in information is breaking down, prediction markets offer a model for truth discovery backed by capital, not opinion. Beyond their early traction in sports, we believe predication markets’ real potential will come from their instantiation as the future of f…
Verifying Humanity In An AI World | The Brainstorm EP 128
In this episode of The Brainstorm, Brett, Nick and Sam explore the emerging landscape of digital identity verification, focusing on World ID and its implications for online security, business models, and advertising. They discuss the technical challenges, regulatory hurdles, and …
#506: Technology Giants Are Accelerating The Convergence Between AI And Biology, & More
Some of the world's largest technology companies are making substantial moves into the life sciences space through acquisitions, platform launches, partnerships, and board appointments that are signaling the deepening convergence between AI and biology. In our view, relative to a…
The Bitcoin Quarterly: Q1 2026
The Bitcoin Quarterly Q1 2026 report includes market summary, on-chain activity and technicals, ETFs, Digital Asset Treasuries (DATs), derivatives, liquidity, and macroeconomics.
Mythos And AI Safety | The Brainstorm EP 127
In this episode of The Brainstorm, Brett, Nick and Sam explore the latest developments in AI models like Mythos, the strategic moves of companies like Anthropic, OpenAI, and Meta, and the future of social networks in an AI-driven world. They discuss the implications of AI safety,…
#505: Patent Cliffs And Pipeline Gaps Are Driving A Structural Bid For Biotech, & More
Biopharma mergers and acquisitions (M&A) are heating up. In March alone, biopharma companies announced ten acquisitions worth ~$31.5 billion, including two deals exceeding $5 billion each in upfront payments.
April 9, 2026 — In The Know With Cathie Wood
On the April episode of ITK, ARK CEO/CIO Cathie Wood dives into the unexpected divergence between the Producer Price Index (PPI) and Consumer Price Index (CPI), revealing that while consumer inflation seems to be slowing, producer prices are rising, excluding food and energy. Thi…
SpaceX To The Moon | The Brainstorm EP 126
In this episode of The Brainstorm, Brett, Nick and Sam explore the transformative impact of public and private space initiatives, focusing on how NASA's missions and SpaceX's innovations are accelerating progress toward lunar bases and Mars colonies. Discover the economic implica…
Kalshi Beats Consensus | The Brainstorm EP 125
In this episode of The Brainstorm, Nick and Sam are joined by Nicole Kagan, Head of Research at Kalshi. They discuss how prediction markets could revolutionize risk management across every industry you can imagine. From macroeconomic trends to cultural phenomena, she's uncovering…
#504: Elon Musk Unveils Terafab, A Chip Fab That Will Impact SpaceX, xAI, And Tesla, & More
Last week, Elon Musk unveiled his plans for a “Terafab”—a facility capable of producing 1 terawatt (TW) of AI chips per year when complete and ~50x larger than current global available new compute in a single site. The facility could scale to ~100M square feet, ~3x the size of Ne…
Terafab: Elon’s Plan To Dominate Semiconductors | The Brainstorm EP 124
In this episode of The Brainstorm, Brett, Nick, and Sam delve into Elon Musk's ambitious Terafab project, a revolutionary semiconductor manufacturing facility poised to transform the future of AI and space infrastructure. Discover how Musk's strategy integrates energy, manufactur…
The State Of AI Infrastructure: Demand, Costs, And Custom Silicon
Demand for accelerated compute has exploded in the three years since the launch of ChatGPT. Nvidia’s annual revenue has soared nearly 8-fold, from $27 billion in 2022 to $216 billion in 2025, with consensus estimates up another 62% to $350 billion in 2026.