AMD has the best perf/$ in AI. Everyone still buys NVIDIA. Why? ROCm is a mess. George Hotz is fixing that with TinyGrad. Chiplet Architecture ROCm improvment FPGAs = asymmetric upside. The market is too focused on the income statement and sleeps on operational advances.

BlueWalker Capital has raised one million dollars to scale its systematic trading operations in prediction markets, adding @dhoward’s @halo__xyz and @woutergort of Hummingbird Ventures as shareholders. We are using these funds to strengthen our infrastructure and scale our engineering, research and operations teams. We trade algorithmically using our own balance sheet and shareholder capital, with the capacity to rotate hundreds of thousands of euros in daily volume. Join us on our mission to become the leading hedge fund in this emerging asset class, delivering investment returns while making prediction markets efficient as the world's most accurate source of truth. elperiodico.com/es/economia/…

BlueWalker Capital has raised one million dollars to scale its systematic trading operations in prediction markets, adding @dhoward’s @halo__xyz and @woutergort of Hummingbird Ventures as shareholders. We are using these funds to strengthen our infrastructure and scale our engineering, research and operations teams. We trade algorithmically using our own balance sheet and shareholder capital, with the capacity to rotate hundreds of thousands of euros in daily volume. Join us on our mission to become the leading hedge fund in this emerging asset class, delivering investment returns while making prediction markets efficient as the world's most accurate source of truth. elperiodico.com/es/economia/…

Hedge funds, educational institutions, and everyday people are now able to sponsor liquidity rewards to get more reliable Polymarket forecasts. While polymarkets are incredibly accurate even with little volume, this accuracy only improves with additional liquidity incentives.

Taken Sep 1, 2016 when @JonathanRoss321 convinced me we could take on the giants, build new silicon and that AI was coming. In typical SV fashion, we didn’t even have a company yet - just a term sheet from me to invest and the three of us. I spent the next month recruiting as many of the TPU team from Google Wisconsin as I could. “Welcome to chips”, I thought. The company, as with all important companies, went through its own trials and tribulations including promoting Jonathan from CTO to CEO and the inevitable falling out and repair of his and my relationship. Anyways, it all happened for a reason. Today we close this almost decade chapter and Jonathan starts a new one with nVidia. I can’t thank him enough. Sometimes it’s simply better to be lucky than good and be fortunate enough to work with great people and follow them into battle. That is me here. Jonathan was not only the father of TPU when he was at Google but he is a technical genius of biblical proportions. He also assembled a great team with folks like @sundeep and @GavinSherry to back him up. They will also do incredible things at nvidia. Separately, whenever something I’m involved in either crashes or wins, I reread my thoughts when I first did it. Was it luck? Was it skill? What did I learn? What do I do now? YMMV, but I am attaching the original investment memo I wrote a decade ago. I’ll do a more substantive view on why this deal matters and what my guess is about the future of AI silicon from here on an upcoming episode of the pod. In the meantime, Merry Christmas. I am very thankful. So thank you Jonathan, Sunny, Gavin and the entire Groq team. 🙏🏽🙏🏽🙏🏽

on becoming "legible to capital": the most underrated factor in the success of firms is the degree to which they are legible to Capital. defining this precisely is hard ("you know it when you see it"): but an idea, a firm, or a person is legible to Capital (cap-C) when by dint of their existence capital forms behind them in excess. think of an idea being legible to Capital as being magnetically charged to the capital markets. dollars are just attracted to you: allocators discuss it at cocktail parties, funds market it at their AGMs, and twitter discusses novel financing schemes to get more dollars behind the idea. becoming legible to Capital is the single greatest superpower for a fledgling firm. look at ramp, look at cognition, look at leopold, look at toni and dan at dany. these are all superhumans at being legible to Capital. its worth noticing how ideas and people become legible to Capital: first, there is no divide between the ceo/mgmt and the idea. the story is NOT that of an individually successful and impressive individual bringing their talents to a new platform. you can see these kind of puff piece stories in many companies that are illegible to Capital. the company is never about YOU. for a founder to be legible to Capital there can be no air between them and the expression of the idea. their lives only matter insofar as they are building with intensity towards the pure form of the idea. second, the company can be understood fundamentally as an equation/trade. in a best case, the most legible companies grow as a superlinear function of dollars in. the founders are highly verbal, and can clearly articulate and understand the inputs to this growth equation: talent, capital, mgmt, etc. the companies that are most legible to Capital, and the mgmt that runs them, at their best: feel like clockwork toys in the hand. simply by looking at them the levers of progress and output become immediately clear. they are immediate, smack you in the face, expressions of an idea that is both small enough that you can feel the thing click around in your hand, but cosmically large enough the idea feels True in some sense beyond literal. when the trade is immensely clear, every capital provider across the stack can immediately understand their role today-- but more importantly their ability to scale to putting 10-100-100x the number of dollars into the thing as it reaches maturitiy. finally, a company becomes legible to Capital when it is clear the entire firm (from Capital, to mgmt, to talent) is singing from the same song sheet, they are all living their lives in expression of the same exact idea. an idea i've shamelessly stolen from @phineasb is the chocolate cake problem: many firms have great inputs (eggs, chocolate, flour, some beautiful icing) but mgmt thinks they're cooking a soufflé, investors think they're getting cup cakes, and talent thinks they're getting a pound cake. the companies that are most legible to Capital are obsessive about chasing the tolerances between competing ideas of the firm to zero by becoming legible to Capital a firm not only can achieve singularity in the private capital markets (ie unlimited free capital forever) but more importantly, it can unify the secret that ignites it internally with the world outside. when that secret is shared, there is truly no limit.

JUST IN: Kraken secures $200M investment from Citadel at $20B valuation

It's actually even better. Hummingbird owns 22%. Libertus owns 10%, which is led by Pamir, an ex-HB investor. In total, HB affiliates own ~33%. Hummingbird and their cubs (chicks?) are doing exceptionally well. Congrats to all!