And Then You Win is Finally Out! The story of how we went all-in on Bitcoin, were ridiculed, “ate glass” to survive — and built businesses worth $12 billion and counting. More than that, it’s about what we learned about ourselves and the world along the way. Amazon: amazon.com/dp/1636805310

Know what you own. AI demand just started moving in a meaningful way. Stay patient. We are still early.

$CIFR CEO Tyler Page says the company may generate its own power on-site to move faster on AI data center demand. Hyperscalers need power faster and Cipher may be able to “tap the pipeline” instead of waiting years on the grid.

Bitcoin $BTC has fallen to its 200-week moving average for the first time since 2023 📉 Historically, this has been a great buying opportunity 👀

C8VC Daily Brief: AI's bottleneck is no longer intelligence. It's electricity. The market has only priced one of them. — Google grew Cloud 63% to $20B and called itself "compute constrained." That's not a demand problem. That's a supply one. — ~$640B of hyperscaler capex in 2026, climbing in 2027. None of it buys a smarter model. It buys power, land, cooling, silicon. — One megawatt, leased to AI instead of hashing bitcoin: 5–7x the revenue. Same asset. The wrapper was never the value. — Nuclear didn't get a climate bid this cycle. It got a compute bid from a buyer who doesn't care what a kilowatt costs, only that it's firm. — Models are software. They compress toward zero. Power is physics. It doesn't. The AI trade everyone owns is the model. The one still mispriced is the megawatt. When the scarce input is electrons, the re-rate goes to whoever already holds them.

US Debt at $37 Trillion Annual Budget Deficit $2 Trillion And you are selling s BTC ? 😭😭

GK Daily Brief: It's The Earnings, Stupid

I promised once our incubated companies Bitfury USA a.k.a $CIFR and Bitfury Canada a.k.a. $HUT would BOTH become DECACORNS I would make the tweet. WHAT a RIDE! Congrats to outstanding leadership by @rftylerpage and @ashergenoot and their respective teams. Next Stop - HECTACORN 🚀

DeCentralised AI @gonka_ai Time Has Come: 1) GPU Supply Crunch 2) Power Supply Crunch 3) Sovereign Mandates 4) Agentic AI Age 5) Massive Cost Advantage

The Blume podcast unearths the best of founder stories. Last year’s theme “Destiny, Avenged” recounts 8 origin stories, startup successes that most people said couldn’t exist. @BKartRed and @BlumeVentures bring these stories to you in the 5th edition of our Narrowcast series. 🔷 @harshilmathur & @shashank_kr - @Razorpay "The system said no to them. Now they are the system." Two coders. 100 banker rejections. Then they became the payment rails for 80 of India's top 100 unicorns. 🍷 @RajeevSula - @sula_vineyards "Grit out when times are tougher. Know that what you're doing will pay off in the long term." He didn't start a wine company. He created India's wine industry. 💻 @SrishtiBaweja & @tarundua81 - @e2enetworks "Problem-solving, compounded over fifteen years, created something no vision could have." No grand thesis. Just the next problem, until they became India's only sovereign AI cloud infrastructure company. ✈️ @DeepKalraMMT & @Rajesh_Magow - @makemytrip "Perseverance, resilience is just showing up and being there." 9/11. Dot-com bust. COVID. They stayed through every crisis that wiped out everyone else. ₿ @BitfuryGeorge - @BitfuryGroup "First they ignore you. Then they laugh at you. Then they fight you. And then you win." He chose to build when he could have just held 300,000 Bitcoin. Three billion-dollar companies later, he's still building. ⚡@tarunsmehta - @atherenergy "No one can shortcut a decade of engineering. The patience and the technological lead become the moat." He bet on premium EVs in a market obsessed with cheap. The hardness of hardware became his edge. 🧴Mohit Yadav - Minimalist "You can't be selectively honest." Radical transparency in a category built on hype. It turned out customers could think for themselves. 🏠Tanuj Shori - Square Yards "Is this life and death for you?" He used to ask every founder this question. Then he found his own answer and built India's largest integrated real estate platform. At Blume, we chose the theme "Destiny Avenged" for 2025 because it captures something every long-game founder knows: the feeling, after all the toil, that you've delivered on what your fate line suggested when you started. These aren't quick wins. They're decade-long journeys. And we've been privileged to witness and hear them up close. “Destiny Avenged” is in airport bookstores amzn.in/d/057VEOkd @sajithpai @arpiit @AshishFafadia @sanjaynath @riashroff @saritaraichu @mitul_am @yashrajsharma_ @RinushreeS

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GK DAILY BRIEF - we live in intersting times. 1/ G7 30-yr yields broke above post-Covid peak. The $50T safe-haven debt market is repricing for Iran-war inflation, not deflation. 2/ US Consumer Sentiment crashed to 44.8 — lowest in 74 years. Worse than Volcker '80, worse than '08, worse than COVID. 3/ 12-mo inflation expectations: 4.8%. The Fed's credibility anchor is unraveling in real-time. 4/ Sentiment -21% since Feb, -10% last month alone. Not a soft patch — consumer capitulation. 5/ Gerstner from Altimer: the AI shortage trade is a mirage. Hardware scarcity is artificially inflating low-quality commodity suppliers. Glaring mismatch vs resilient cash-generators like $NVDA. Mandate: own structural winners, not shortage beneficiaries. 6/ The trade no one's pricing right: power. AI demand stagflation grid constraints = utilities, nuclear, and miners-turned-HPC ($CIFR, $IREN) are the asymmetric infra bet. Hard assets AI compute under one roof. Stagflation regime AI quality divergence power scarcity. Position accordingly.

GK Daily Brief: Agentic AI Has Arrived. The Grid Hasn't. Last night Jensen Huang said three words that change everything: "Demand has gone parabolic." Here's what that actually means: → Nvidia just did $81.6B in revenue. Data center alone: $75.2B. Up 92% in a year. → Q2 guidance: $89–93B. Above every estimate on Wall Street → Agentic AI doesn't run in bursts. It runs 24/7. The compute demand curve doesn't flatten — it compounds → Hyperscalers confirmed $725B in AI capex for 2026. Six times 2022 levels !!! → ASML builds the machines that make the chips that power all of this. Their EUV tools take over a year to manufacture. You can't rush the choke point. The market is still debating model benchmarks. The real question is simpler: Where does the power come from? 50% of US data center builds are already delayed — not because of capital or demand. Because the grid can't handle them. Transformer lead times: 5 years. Build time for a data center: 18 months. Agentic AI running 24/7 doesn't just need more chips. It needs more watts. Every hour. Forever. The chip race gets the headlines. The energy race gets the economics. Energy arbitrage IS the moat. $NVDA $ASML $CEG $CIFR $IREN

GK Daily Brief: The Summit Happened. And Nothing Was Solved. ⚡ Stabilisation is not resolution. The market keeps confusing the two. → Brent pulling back from $120 to ~$109 on summit relief — but without SPR releases, diesel yield switching, and demand destruction all activating simultaneously, OECD diesel hits critical shortage levels by August, gasoline by October. The crude pullback is a relief valve, not a fix. It snaps back the moment any of those solvers disappoint → CLARITY Act Senate Banking Committee hearing completed — most serious legislative progress on crypto market structure in 2026. No vote timeline confirmed yet. But committee engagement is real. Watch for Senate floor scheduling. A vote = BTC breaks $82K on regulatory clarity alone → Warsh is now Fed Chair as of May 15. No press conference yet. He inherits CPI 3.8%, PPI 6.0%, real wages negative, and zero cuts priced. First Warsh speech or Fed minutes due this week. His view that AI boosts supply-side productivity and preference for trimmed mean PCE — which runs below core — gives him marginally more dovish cover than the headline numbers suggest → Pre-summit, the market priced a grand bargain. What it got was stabilisation — trade truce extended, Boeing jets and LNG purchases agreed, Xi told CEOs China will "open wider." No tariff reductions. Taiwan warning rattled markets. Fundamental issues unresolved. The tactical rally in Chinese equities and yuan is exactly what was expected. It doesn't change the structural picture → Nvidia earnings Wednesday May 20 — the most important corporate call of 2026. CEO just returned from Beijing without China chip access. Blackwell ramp, US data center demand, and China guidance will drive the print. At $5.4T market cap, every line of guidance moves markets. The China question is now the primary downside risk variable going into the call. Energy arbitrage IS the moat — and while the summit bought time, the operators with secured power don't need diplomacy to win. The grid constraint compounds regardless of what happens in Beijing. $NVDA $CEG $CIFR $IREN $PWR $MU $VST $VRT

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GK Daily Brief: Stagflation Is Live. Beijing Might Fix Half Of It. ⚡ The Fed is trapped. China might have the exit? → PPI 6.0% YoY — nearly triple expectations. Core PPI double estimates. CPI 3.8% yesterday, PPI 6.0% today. Real wages negative. Inflation pass-through is structural. The Fed cannot cut or hike without breaking something. Feels trapped. → China agreed to oppose Hormuz tolls — first joint US-China signal on the war. If Hormuz reopens as a Beijing summit outcome, energy prices collapse, CPI reverses, Fed cuts return. Markets haven't priced this yet. Win win. → Trump landed in Beijing with Jensen Huang on Air Force One alongside Musk, Cook, Fink. NVDA hit all-time high at $5.5 Trillion. China's $50B AI chip market on the table. Nvidia reports tonight while its CEO negotiates chip access in real time → Tokenized Treasuries hit $15 billion — near zero 18 months ago. Institutional capital building on-chain yield quietly while everyone watches the inflation print. Tokenization doesn't need a bull market. It needs rate-bearing assets and blockchain rails → Powell's term ends Friday. Warsh inherits 3.8% CPI, 6.0% PPI, a war, and zero cuts priced. His first press conference is the most important Fed moment in years Question: If China and the US jointly reopen Hormuz, inflation reverses, the Fed cuts, and Warsh turns dovish what does that do to every asset class simultaneously?

GK Daily Brief: Inflation Is Back. The Market Hasn't Fully Priced It? Real wages just went negative. The Fed's hands are tied. And the war isn't ending. → CPI printed 3.8% — hotter than expected. Surprise. Suprise :) Core 0.4% MoM, highest since January 2025. Gasoline 28.4% YoY. Airline fares 20.7%. Shelter re-accelerating. The worst number: real wages fell 0.5% for the month — negative for the first time since April 2023. Fed rate hike odds now at 30%. → BTC holding $80,860 despite the hot print — four rejections at the 200-day MA at $82,228. One clean close above it changes the entire technical picture. Fear & Greed at 47. Retail not in yet. Three catalysts still this week: CLARITY Act hearing Thursday, Trump-Xi summit, PPI tomorrow. → Trump rejected Iran's peace proposal as "completely unacceptable" — four demands including war reparations and Hormuz sovereignty. War continues. Energy constraint is now structural into H2 2026. Hot CPI plus Hormuz closed plus real wages negative — this is the feedback loop that breaks consumer spending → PPI prints tomorrow. If core PPI accelerates alongside core CPI — tariff pass-through into producer prices is confirmed. The "transient energy" narrative collapses completely and the inflation fight is not over, it's just beginning. Watch bond yields. they ve been getting out of whack. → Ray Dalio says BTC is not a safe haven — gold is better. He cites 91% correlation with S&P 500 during Iran escalations. He's right on correlation. He's wrong on the monetary debasement thesis. Watch the next 30 days: if CPI keeps printing hot and BTC holds — that IS the safe haven argument. Very ironic. He probably completely forgot that at higher prices supply of gold will ramp up, with BTC supply is only diminishing. Oh well :)

TRIPPLE DIGITS 🚀🚀🚀

Cipher Digital Provides First Quarter 2026 Business Update - Development Timeline on Track at Barber Lake and Black Pearl Data Centers - Signed Third AI Data Center Campus Lease with Investment-Grade Hyperscale Tenant - Secured $200 Million Revolving Credit Facility Supported by a Syndicate of Leading Global Financial Institutions Read the full press release here: investors.cipherdigital.com/…