This is honestly incredible, approaching $1B in 24 hour $SPCX volume congrats to Hyperliquid bulls. hyperliquid:native probably goes to $100 with Anthropic & OpenAI pre-IPO markets attracting huge amounts of attention & new traders.

For everyone who watched hyperliquid:native run all cycle and never pulled the trigger, now might be the time. In fact, I believe the case for $100 HYPE by the end of summer is very strong. This is due to a mix of factors: - First, Hyperliquid's underlying fundamentals are arguably stronger than they've ever been... Yes, DESPITE monthly fees being down ~57% (from ~$145M in August to ~$63M in May). Context matters here ^ We are in a DEEP crypto bear market, w/ BTC down ~50% from ATH. That is to say this isn't a product of their market share eroding but, instead, due to structural and market-wide forces. (e.g. Coinbase's revenue fell ~60% peak to trough last bear). Even still, HYPE's revenue has held up surprisingly well, largely because they're servicing traders who want to trade (and list) non-crypto assets on HIP-3 markets: 24/7, permissionless, in a way ONLY they can really pull off. This has, very clearly, found real PMF well outside even crypto natives (off-hours oil trading during global conflict being the perfect example). // For the first time too, there's a credible path to hyperliquid:native pulling in unexposed marginal capital from TradFi through ETFs (something required for a true parabolic ATH break). TradFi allocators now have multiple Hyperliquid spot ETFs to choose from. (Access had been a real blocker for anyone even considering exposure, even among positioned, crypto-native allocators post TGE) The HL story has also now permeated outside of crypto, repeatedly even to the point now where HL is undeniable: multiple @WSJ features, a @citrini allocation, @CNBC charting it. Set against an overwhelmingly successful SPCX pre-IPO market that became the "source of truth" on for everyone involved... Yet, the best is likely yet to come here. I expect the OpenAI and Anthropic markets to build off that momentum and pull in an EVEN MORE absurd amount of TradFi attention toward Hyperliquid. (This is key because, at EOD we are all really just trading attention)>> /// While, it might seem obvious to anyone in crypto - "everyone knows" Hyperliquid has been the most fundamentally sound project this cycle... If these variables play out, I think we get a genuinely reflexive loop that could catch people offsides (assuming broader markets hold). The most access to Hyperliquid there's ever been repeated Wall Street and media attention OpenAI/ Anthropic pre IPO markets = higher hyperliquid:native: - more attention ---> - more flows ---> - higher price ---> - more attention---> - repeat For the FIRST time that means real TradFi bidders in the book (Remember how ETH ran on far worse fundamentals?) And if/when HYPE takes out its ATH, I believe a ton of sidelined crypto-native capital will chase as well. (Shocking how little exposure many of us still have) /// A couple other points worth touching on in the HL story... 1.) I believe it is very underdiscussed that @fomo (ex @dYdX team w/ reportedly ~500k users) built their perps product on HL's builder codes. If their offering really takes off, which I think they will given how well their meme-centered product has done while the meme market's been dead, the builder code / "AWS of liquidity" narrative (not to mention marginal fees) will be dragged right back to the forefront. (~40% of HL's active users already trade through third-party frontends, not the native UI.) TradFi will LOVE this. 2.) While HIP-4 hasn't done as well as I'd have expected, I do think there's a chance HL becomes a viable competitor in prediction markets down the road, especially as those markets get aggregated and traded through terminals. (Worth noting the comps here = Kalshi @ $22B & Polymarket @ $15B) HL has arguably the most valuable user base in the space, and from a dev POV, building on Hyperliquid is far friendlier than anywhere else, large reason builder codes have taken off the way the have. For this reason I do not think it's a stretch to say we could see this play out the same way their perps liquidity did, though it'll take time. 3.) Finally, USDH being acquired Circle/Coinbase giving 90% of the USDC yield back to HL heavily derisks HYPE IMO (not to mention the incremental ~$200M /yr in HYPE buybacks). Two things here are true: 1. Circle and Coinbase are among the most connected companies in Washington and some of the highest spenders on lobbying 2. They've decided they can't afford not be part of Hyperliquid's growth story. US approval or not, the non-KYC offshore market Binance has owned for years is more than enough reason for them to get in the mix. Hyperliquid.

$NVDA $CRWV | Needham on CoreWeave: 'NVIDIA Partnership Includes Likelihood of Backstop on Future Leases'. "We attended CRWV's sell-side analyst call to discuss its recent partnership and equity investment from NVIDIA. We are positive on the partnership as it should materially help CRWV develop more than 5GW of capacity longer term and more deeply integrate the company's software stack & capabilities with the leading AI compute infra provider. Our three biggest takeaways are 1) Includes NVIDIA backstopping to help CRWV sign future leases/co-lo deals and be more competitive with IG hyperscalers in leasing market; 2) reinforces CRWV as the dominant platform from a software stack standpoint; and 3) pushes back against bears that GPU asset life is shortening (renewed H100 cluster; 95% ASP). Full takeaways below: NVIDIA has invested $2 billion in CRWV Class A common at $87.20/share (~5% discount to Thursday's close). In our view, future leases with HPC operators were becoming more difficult to procure (on both rental rate economics and financing) for CRWV given some credit concerns and with increasing IG hyperscaler competition. On the call back, it became clear that NVIDIA would look to offer a backstop or credit guarantee on future leases to make CRWV more competitive with IG hyperscalers. CRWV will look to fund the >5GW build out with a mix of equity, debt, and prepayments in a similar strategy the company currently employs. The $2Bn raise from NVIDIA more so deepens NVIDIA's exposure to CRWV common, but is not looked at as key to financing these build-outs (5GW will require tens of billions in CapEx). GPU asset life: received 95% ASP renewal on large scale H100 cluster which suggests pricing remains attractive on prior gen infrastructure, which goes against a common Bear argument. Future builds will include multiple generations of NVIDA infra: including Rubin platform, and future GPU generations, BlueField storage systems. The 5GW builds will come in the form of building, owning & operating CRWV's own data centers, leasing more sites from HPC operators, and partnering in JVs for development. The capacity development will be internationally and domestically with CRWV receiving sig. demand globally; we would still expect the majority of the incremental 5GW to be in the US."

NVIDIA $NVDA has invested $2 billion into CoreWeave $CRWV at $87.20/share: businesswire.com/news/home/2…

Progress on the @hytopia studio is accelerating really fast. AI agent workflow is already in a usable MVP state. Studio will ship with a lot of QoL improvements over current workflows.. - Hot/live reload on game code & asset changes. - Co-op game building & edit support, you can edit the world and build the games in real time with others. - Built in forked version of blockhbench that ships with HYTOPIA specific optimizations, emissive/bloom and other feature support - 1-click multiplayer testing links - And a lot more, we are pushing this product to break the historical mental model and assumptions of how game dev is done.