2026-08-10 21:41:38
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To investors,
There has been a big debate in the AI industry on whether general-purpose AI models will dominate every industry or if there is room for application-specific AI products to win certain markets. We can settle that debate today.
Our team at Silvia is announcing this morning that we have successfully built the single most accurate and powerful AI product when it comes to tax-related topics. This means Silvia outperforms OpenAI’s Chat-GPT, Anthropic’s Claude, Google’s Gemini, xAI’s Grok, startup Tax-GPT, and open-source models as well.
I understand people will be skeptical that a small team of engineers could beat trillion-dollar companies who are spending tens of billions of dollars per year. Skepticism is good. But I wouldn’t make a bold claim like this without having the objective data and facts to support the announcement.
Today, as part of this milestone achievement, we are releasing a research paper that shows the test results, along with open sourcing the evaluation rubric, including the relevant prompts and user parameters. This allows anyone to go benchmark against our eval rubric and pressure test what we are claiming.
Very few companies ever open-source the eval rubric because they consider it IP worth protecting. We are open-sourcing the prompts and user parameters today because we want to prove beyond a doubt that Silvia is the superior AI product when it comes to tax.
So how did we successfully beat the largest AI model labs in the world at tax-related topics?
The short answer is that we made a different strategic bet than them. The general-purpose models aim to be the most intelligent models across a variety of industries and topics. They want to be very good in history, math, science, software coding and a plethora of other fields. The idea is to be as intelligent as possible, yet applicable in a general way.
I find this general-purpose approach to be quite valuable in my day-to-day life. However, when I want answers and insights about a specific topic like tax, I want to go to experts. The generalist models are great at searching the web and using their large language models to predict answers, but tax is an area where good guesses are not enough.
So our team at Silvia set out to solve this problem a few weeks ago. Here is what we did:
We started with Silvia’s proprietary AI harness, which is a state-of-the-art system created specifically for our platform, our data set, and our use case.
We built proprietary data pipelines that allowed us to index the US federal and state tax codes and then make them much easier for an AI agent to read and work with.
We leveraged our internal proprietary data set, which is one of the largest anonymized data sets in the world of wealthy people talking to an LLM about their personal finances.
By combining specialized workflows with proprietary data and the powerful Silvia AI harness, we were able to create the best AI product for tax-related topics. This objective truth proves that the big bet we made was correct: the general-purpose models are great at doing many things, but they are going to have a hard time competing with specialized workflows and domain knowledge in certain industries.
We are seeing this play out in other areas too. Harvey, the leading legal AI product, continues to dominate majority of the models by taking a similar approach. I believe there will be hundreds more companies that realize this approach is valuable and then begin fragmenting the market into a thousand pieces.
There are a few ramifications from today’s announcement that I think are worth calling out:
If you have not signed up for Silvia, now would be an excellent time to start using it. She will quickly become one of the most valuable pieces of software in your life and help guide you through your financial decisions.
The world has now been put on notice about the quality and ambition of the Silvia engineering team. While we may not have billons of dollars, we have a small team of very talented people who are laser-focused on winning the personal finances category.
The general-purpose models will have to make a decision: do they want to win the AGI race or is it worth trying to compete in the various verticals with application-specific companies and products? My guess is they will mostly stay out of the smaller verticals, which makes them susceptible to death by a thousand cuts when it comes to revenue and use cases.
There will continue to be an all-out war for proprietary data. The large models are already spending billions of dollars to acquire various data sets, including rare books and other difficult content, so you should expect that effort to accelerate from here.
Competition between general-purpose models and specialized workflow applications will become more cutthroat, but that ultimately will be a win for the consumer. Competition will breed innovation and users will end up with better, more accurate, and more useful products.
Today is one of the most important days in the history of our company. We have essentially pulled off the impossible. No one thought a team of five engineers and limited resources could beat trillion-dollar companies with thousands of employees.
But here we are. I will bet on the Silvia misfits any day of the week.
Please sign up for Silvia. Read the press release here. Check out the open source eval rubric here. And cross your fingers and toes for us. The journey ahead is not certain, but we are up for the challenge.
Hope everyone has a great start to their week. I will talk to you next time.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.
In this conversation, we break down why the last two weeks may be the most important stretch in bitcoin's history, the US-Japan yen intervention, and a weakening labor market. We also discuss the AI stock rebound, physical AI and Tesla's Terafab, Google's talent exodus, and how to value SpaceX.
Figure – Get a slice of $160,000 with their Community Appreciation event. T&Cs apply. True DeFi Democratized Prime yielding ~8.5% APY. They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Crypto Backed Loan today. Figure Lending LLC dba Figure (NMLS 1717824)
Arch Public’s platform automates your trading strategy beyond DCA for equities, commodities, ETFs, and crypto. With advanced inputs that reflect your own intentions, Arch Public supports smarter entries, exits, and opportunities in volatile markets. Connect with their team, try the product for free, and see how agentic trading can work for you, with Arch Public!
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
BitcoinIRA - Save up to 37% in capital gains taxes on your retirement investments. Signup today and win up to $4,000 in rewards.
BloFin - BloFin is a fast-growing cryptocurrency exchange focused on providing professional-grade trading tools, deep liquidity, and a secure trading environment for crypto traders worldwide.
TikTok for Business — If your company is spending on ads and you’re ignoring TikTok, you may be missing one of the largest and most engaged audiences available today. Learn more at TikTok for Business!
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
Figure Lending LLC dba Figure. Equal Opportunity Lender.
NMLS 1717824. Terms and conditions apply.
2026-08-07 21:57:20
You already know what the Arch Public tools can do. This is your shot to own them for good.
They’re running a giveaway, and one person is going to win a $50,000 Lifetime License: a full lifetime access to every algo they offer, no subscription, no renewal, forever.
And because they’re not doing this halfway, the winner also gets a Rolex. One winner takes both.
Entering takes 30 seconds, and every friend or family member who joins through your link adds 10 more entries to your name. The more of your circle who show up, the better your odds.
To investors,
The US industrial base looks very different than it did 50 years ago. Manufacturing’s share of U.S. non-farm employment fell from roughly 32% in the early 1950s to about 22% by 1979 and ~8–9% recently. Absolute employment peaked near 19.5 million jobs around 1979, held roughly stable (with cycles) into the late 1990s, then dropped by roughly 5–6 million jobs in the 2000s.
While American jobs in this sector have nearly evaporated, the economists will tell you that real manufacturing output and value-added manufacturing have generally held up or grown (with measurement caveats around computers/semiconductors), while the U.S. remains the world’s second-largest manufacturing economy by value-added.
Put aside all of the economic data, the academic studies, or what the mainstream media is trying to convince you of. I don’t think anyone believes America can manufacture physical goods the way we used to. You can twist the data to tell any story, but our industrial base has degraded and we now realize that we are exposed to this problem.
There were two announcements this week that give me hope that ambitious entrepreneurs are going to turn this situation around. First, Hadrian CEO Chris Power announced they have raised a $1.37 billion Series D to re-industrialize America. For those who are unaware, Hadrian is one of the leading private companies when it comes to the manufacturing resassaince in the country.
Axios describes the business by writing “Hadrian pumps out precision parts and provides factories-as-a-service for aerospace and defense markets. It employs skilled human workers and augments that workforce with artificial intelligence, automation and robotics. (Its proprietary software is known as Opus.) Hadrian today has nearly 3 million square-feet across four sites, and a new headquarters in Los Angeles and an engineering and research-and-development hub in San Francisco are being planned.”
You can watch Chris talk about the fundraise, which includes many of the largest financial institutions in the world, and his future plans for the business:
My biggest takeaway from this video was Chris’ comments about the four things all of his investors agree on:
America needs to reindustrialize
Physical AI is real
Transforming the world of atoms matters 100× more than the world of bits
The New American Workforce is the center of everything they do
Those are core principles to bringing the industrial base back to America. But this effort is not going to be successfully accomplished by a single private company. Instead, we are going to need as many organizations working on this as possible.
If Hadrian is a bottoms-up, private company solution, then Elon Musk’s collection of companies is the public market solution to the same problem.
For example, Tesla and SpaceX have teamed up with Intel to begin building Terafab, a massive, vertically integrated semiconductor manufacturing complex in Grimes County, Texas, backed by an initial $16.8 billion investment from Tesla and SpaceX. Spanning up to 100 million square feet, the facility aims to produce advanced logic and memory chips under one roof to power Optimus robots, Cybercabs, and space-based data centers.
To put 100 million square feet into perspective, Elon shared this graphic yesterday:
This thing is not only enormous, but it is likely the single most ambitious manufacturing facility ever constructed by humans. That detail alone is inspiring. But our friends at Geiger Capital put it best when they explained why this type of project is so difficult in America:
“Elon might be the only person building stuff in America at China speed/scale, despite the overwhelming US regulations and partisan politics…we need more Elon’s, not less.”
Just look at what Elon is trying to build in this illustrative video. He shared this by saying “Terafab Texas will be the largest and most valuable building on Earth by far. And it will be stunningly beautiful.”
Anyone who is claiming that the American industrial base has been hallowed out over the last few decades has a strong argument. But I don’t think we should spend time looking in the rear-view mirror, instead we have a lot of positive things to look forward to. We have public and private companies race to reindustrialize our nation.
We have many of the leading investment firms pouring tens of billions of dollars of capital into this effort. And we have some of the country’s best entrepreneurs leading the charge.
I wouldn’t bet against America. We are going to reindustrialize, which means invstors who can get allocated to this trend are going to do very well over the next 10-20 years. As one example, I asked CFO Silvia to explain what Tesla and SpaceX could be valued at if Terafab becomes a reality. Here is what she said:
Even if the probability is low, the potential return is high. That is exactly what a lot of investors are looking for right now.
My bet is “reindustrialization” will have been code for “profits” when we look back two decades from now. The question is just where those profits migrate and who the big winners are.
Hope everyone has a great end to their week. I will talk to you next time.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Tillman Holloway is the Co-Founder & CEO of Arch Public, and Andrew Parish is the Co-Founder & COO.
In this conversation, we break down the Cold Card hack and what it means for bitcoin self-custody, why bitcoin barely moved despite $100 million in losses, the Leopold hedge fund blowup, and the race between closed and open source AI. We also discuss why Apple could win the AI trade, agentic trading, and give away a Rolex watch.
Figure – Get a slice of $160,000 with their Community Appreciation event. T&Cs apply True DeFi Democratized Prime yielding ~8.5% APY. They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Crypto Backed Loan today. Figure Lending LLC dba Figure (NMLS 1717824)
Arch Public’s platform automates your trading strategy beyond DCA for equities, commodities, ETFs, and crypto. With advanced inputs that reflect your own intentions, Arch Public supports smarter entries, exits, and opportunities in volatile markets. Connect with their team, try the product for free, and see how agentic trading can work for you, with Arch Public!
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
BitcoinIRA - Save up to 37% in capital gains taxes on your retirement investments. Signup today and win up to $4,000 in rewards.
BloFin - BloFin is a fast-growing cryptocurrency exchange focused on providing professional-grade trading tools, deep liquidity, and a secure trading environment for crypto traders worldwide.
TikTok for Business — If your company is spending on ads and you’re ignoring TikTok, you may be missing one of the largest and most engaged audiences available today. Learn more at TikTok for Business!
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
2026-08-05 21:31:07
Legendary VC investor Tim Draper bought 29,656 BTC at $632 in 2014. That trade is up roughly 100x. Now, he’s backing a new venture called mogul.
mogul is a revolutionary real estate investment platform that tokenizes property ownership on the blockchain. The mogul founders built Goldman Sachs’s institutional single-family rental program and deployed over $1B to this strategy. Then, they left to bring that same institutional strategy to investors like you and me.
To date, they’ve launched 100+ properties and averaged an 18.8% annual IRR, which is ~3x higher than competitors.
What you get: ownership in institutional-quality rental properties. Monthly rental income. Real-time appreciation. Tax benefits. No tenant calls.
Long story short: Draper backed it. The founders built the model at Goldman. Now you can access it.1
Today’s edition is a guest post by Phil Rosen, chief market strategist at ProCap Financial and the author of the Opening Bell Daily newsletter.
The balance sheets of Big Tech companies are all sending the same bullish message.
The hyperscalers that dominated the last decade — Alphabet, Microsoft, Amazon, Meta — are hell-bent on shaping the next one by deploying as much capital as possible into artificial intelligence.
Alphabet, Microsoft, Amazon and Meta will invest roughly $673 billion in 2026 against “only” $660 billion of trailing operating cash flow.
That means they will spend 102% of their operating cash flow on AI capex this year, up from 64% in 2025 and 48% in 2024, according to company filings.
In other words, Big Tech will spend 102 cents of every dollar it makes.
It’s hard to know how much of their collective bet on AI is competitive one-upmanship versus conviction on new technology.
Either way, over the last four years as capex has climbed and free cash flow has dwindled, the Magnificent 7 have delivered weaker and weaker annual returns for shareholders.
An equal-weighted basket of the Mag 7 this year has gained just over 4%, even as the S&P 500 has more than doubled that in the same stretch. That puts the group on pace to trail the index for the first time since 2022 after a three-year winning streak.
While the Mag 7 has shown renewed strength in recent days, public markets have largely punished Big Tech for its spending ambitions over the last year. That said, investors have also positioned themselves to capture the other side of the spending boom.
Every dollar hyperscalers spend lands on someone else’s balance sheet.
Chipmakers, power producers, cooling specialists and niche utility stocks have been among the biggest winners (I’ve shared many of these names inside our Best Ideas Club portfolio).
The 102% figure is ultimately a story of asymmetry. The biggest companies in history are funding the buildout while the firms selling them chips, electricity and materials are cashing in.
As much as the bears point to the eye-watering capex as reason for panic, it’s just as palatable to take it as a bullish signal for the other side of the trade.
Pomp Letter subscribers can join our Best Ideas Club with a special 20% discount for the next 24 hours to unlock our high-conviction portfolio that’s crushing the S&P 500.
Join me this Thursday, August 6th at 2:00pm EST for a live, deep-dive webinar with the team at Arch Public. We’re diving deep into how systematic algorithms adapt to modern crypto volatility and how those same quantitative strategies are now being applied to traditional equities.
Plus, there will be a Q/A opportunity at the end. Space is limited, so make sure to reserve your spot ahead of time.
Nancy Beaton is the President of Retail at Uphold.
In this conversation, we play devil’s advocate on the biggest crypto critiques — from crypto losing its “outside the system” ethos to custodial risk and the Clarity Act. We also discuss tokenized securities, what her users are actually demanding, and where bitcoin and blockchain adoption are headed over the next decade.
Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.
Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
TikTok for Business — If your company is spending on ads and you’re ignoring TikTok, you may be missing one of the largest and most engaged audiences available today. Learn more at TikTok for Business!
BloFin - BloFin is a fast-growing cryptocurrency exchange focused on providing professional-grade trading tools, deep liquidity, and a secure trading environment for crypto traders worldwide.
BitcoinIRA - Save up to 37% in capital gains taxes on your retirement investments. Signup today and win up to $4,000 in rewards.
Plaud - Plaud builds AI-powered wearable devices designed to help people capture, organize, and recall important information from real-world conversations and moments.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
mogul — Invest in tokenized residential real estate with targeted yields, monthly rent payouts, and no landlord headaches. Learn more at mogul.club/pomp.
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
Past performance does not guarantee future results. Investing involves risk, including loss of principal. This is not an offer to buy or sell securities. See important Disclaimers
2026-08-04 22:41:15
To investors,
Information is power. The internet allows anyone to learn a topic as long as they are curious enough. But a big problem in finance is that everything moves at the speed of light now. We are bombarded with headlines, social media feeds, podcasts, and newsletters.
By the time you get up to speed on one current event, it feels like five new ones have occurred.
Rather than drown in a sea of information, I wanted to figure out a way to get up to speed on a current event as efficiently as possible. The parameters that were important to me were factual accuracy, efficient use of time, easy to consume format, and real-time understanding as events transpire.
After weeks of work, our team at Silvia has officially launched a new feature that solves this problem.
You can now ask Silvia to create a 2-minute video on any current event and she will deliver you an incredible video on that topic that has audio voiceover and visual slide presentation of facts. For example, I asked Silvia to “create a 2 minute video explaining to me what is happening with the Japanese yen.”
This is the video she quickly created:
I am fairly impressed with how this overview came out. Our engineering team did a great job finding the right balance between “easy to consume” and “factual accuracy” for a nuanced topic.
This feature is new, so there may be minor bugs that pop up. We are working hard to improve it. My ultimate goal is to have Silvia become an indispensable tool for independent investors around the world.
Giving Silvia the ability to quickly teach an investor about any current event in real-time is a great step towards that goal. I highly recommend signing up for Silvia and giving this new feature a try.
If you want extra points, you can add “tell me how this will impact my personal portfolio” to any explainer video and Silvia will personalize the content to your specific financial situation. It feels like magic the first time you see it.
Hope everyone has a great day. I will talk to you tomorrow.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Join me this Thursday, August 6th at 2:00pm EST for a live, deep-dive webinar with the team at Arch Public. We’re diving deep into how systematic algorithms adapt to modern crypto volatility and how those same quantitative strategies are now being applied to traditional equities.
Plus, there will be a Q/A opportunity at the end. Space is limited, so make sure to reserve your spot ahead of time.
Nancy Beaton is the President of Retail at Uphold.
In this conversation, we play devil's advocate on the biggest crypto critiques — from crypto losing its "outside the system" ethos to custodial risk and the Clarity Act. We also discuss tokenized securities, what her users are actually demanding, and where bitcoin and blockchain adoption are headed over the next decade.
Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.
Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
TikTok for Business — If your company is spending on ads and you’re ignoring TikTok, you may be missing one of the largest and most engaged audiences available today. Learn more at TikTok for Business!
BloFin - BloFin is a fast-growing cryptocurrency exchange focused on providing professional-grade trading tools, deep liquidity, and a secure trading environment for crypto traders worldwide.
BitcoinIRA - Save up to 37% in capital gains taxes on your retirement investments. Signup today and win up to $4,000 in rewards.
Plaud - Plaud builds AI-powered wearable devices designed to help people capture, organize, and recall important information from real-world conversations and moments.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp
Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com
mogul — Invest in tokenized residential real estate with targeted yields, monthly rent payouts, and no landlord headaches. Learn more at mogul.club/pomp.
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.
2026-08-03 21:25:20
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To investors,
Hackers have stolen more than $100 million of bitcoin from over 5,000 wallets in the last few days. This theft is particularly noteworthy because it is happening to users who were using Coldcard, a type of cold storage device that was previously thought to be the most secure way to store your bitcoin.
It is important to call out that the bitcoin network was not hacked, nor does this hack disprove the importance and efficacy of self-custody and cold storage. Instead, this hack was due to a software flaw with a specific vendor (Coinkite) related to the way their random number generator worked.
These details won’t matter though as the mainstream media reports headlines like “Hackers Hit Bitcoin’s Safest Hiding Place In Ongoing Attack.” That type of coverage will obviously not help bitcoin’s adoption. But more importantly, this hack strikes at the heart of the true bitcoin believers. The people who took the time to learn self-custody, and spent the time to implement it, are not casual investors.
These are the most hardcore bitcoiners. And now a hacker has been able to siphon away their bitcoin through an attack vector that most bitcoiners didn’t even know existed.
I don’t believe bitcoin will ultimately suffer long-term from this. There could be a few rocky weeks ahead though depending on the fear driven by mainstream media coverage. Bitcoin has been through worse and it will once again prove how resilient it can be.
I also think this incident will drive renewed interest in the bitcoin ETFs or other third-party, multi-sig arrangements. People are willing to pay for security when security is a concern. And this Coinkite situation is going to make security a VERY big concern.
In addition to my opinion on how this situation will impact the market, I shared a few other thoughts with the bitcoin community over the weekend. Here they are in no particular order:
1. This is devastating for a lot of people. They lost their hard-earned economic value in a way most didn’t realize was possible. Not everyone is a technical genius, but almost all are merely looking to build a better life for themselves and their family. I feel for these people and their new reality.
2. I have personally lost bitcoin in the past and it is never fun. The only lesson I can impart from my personal experience on those going through this is that you are unlikely to change the past. Don’t spend immense time thinking about what could have been, but rather focus on a plan moving forward. You can only control your actions and response, so focus on how to come back stronger.
3. People will inevitably attack the various investors in Coldcard, or the podcasters promoting the product, but that anger is misplaced and unproductive. I saw this phenomenon first-hand with the BlockFi situation. Even though I wasn’t involved in the company’s operations, people wanted someone to blame and they came for those who were the most accessible. To those who are angry, don’t waste your time attacking those who are not responsible. To those who will be unjustly attacked, this too shall pass.
4. This incident highlights the difficulty with self-custody. I fundamentally believe in an individual’s right to have true sovereignty over their assets. It is one of the core value propositions of bitcoin. But we must also recognize that self-custody is a technically complex topic that some, but not all, are prepared to take on. Better education and better technology can help bridge this gap in the future.
5. The mainstream media hasn’t picked up this story yet, but I am sure they will at some point. They can’t resist the “bitcoin was hacked!” storyline. Obviously bitcoin was not hacked and there is no known security vulnerability with the protocol. This was a third-party issue, but that won’t stop the misinformation, so it is important to combat the misinformation with facts.
6. Sentiment in the bitcoin industry is very bad right now. This is normal in a bear market, so it is not surprising. But a security incident like this is equivalent to throwing a match on gasoline. There will be more anger, in-fighting, and unproductive nonsense. If this is your first time experiencing it, welcome to the arena. If you have seen it before, you know the negative sentiment will eventually evaporate and the sun will shine again over the next 12-18 months.
7. There are very real ramifications to the acceleration in AI technology. I am not sure if AI played a part in this hack, but it wouldn’t surprise me if that was the case. Every developer should take this new capability seriously and consider how they can enhance their security practices accordingly.
8. The bitcoin community is just as resilient as the network itself. We have been through insane, painful moments throughout the years. This is another one. The only way forward is to go through the fire.
In conclusion, this situation sucks for everyone affected. I genuinely feel for them and intimately understand the pain from my own past experiences. If you are one of the affected folks, keep your head up and continue walking forward. For those who own bitcoin and were not affected, understand there will be a lot of noise in the coming days, but nothing about bitcoin or its future outlook has changed.
Hope everyone has a great start to their week. I will talk to you tomorrow.
- Anthony J. Pompliano
Founder & CEO, ProCap Financial (Nasdaq: BRR)
Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.
In this conversation, we break down the Leopold Aschenbrenner hedge fund unwind, the market crashes in South Korea and Japan, Kevin Warsh and the Fed's next move, and the case for compute scarcity as AI demand outpaces supply. We also discuss tokenization and why bitcoin remains the ultimate hedge and store of value in a world being reshaped by AI.
Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.
Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)
TikTok for Business — If your company is spending on ads and you’re ignoring TikTok, you may be missing one of the largest and most engaged audiences available today. Learn more at TikTok for Business!
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Today’s edition is a guest post by Phil Rosen, chief market strategist at ProCap Financial and the author of the Opening Bell Daily newsletter.
Bull markets do not end when the average stock in the market keeps hitting new highs.
That’s exactly what’s happening right now.
The equal-weight S&P 500 is up 12.2% this year against 8.7% for the market-cap weighted benchmark. Not only that, but the NYSE advanced-decline line hovers near all-time highs, which means there are far more names going up than going down.
That is compelling evidence that the bull run is still broadening out, however top-heavy the index might look from the outside.
Over the last month, the average stock has gained more than 1% despite the bear market in many of the most popular semiconductor and memory names like Micron, Sandisk and Western Digital.
Roughly two-thirds of S&P 500 stocks are higher today than at the start of June, and 8 of 11 sectors have climbed. Healthcare and financials have led the way — hardly what you’d expect in a market that’s supposedly propped up by an AI bubble.
That participation doesn’t show up in the S&P 500’s headline number because the Magnificent 7, which is negative as a group so far in 2026, still accounts for close to 30% of its value.
The same broad pattern holds true with the Nasdaq 100, the market’s most concentrated and tech-heavy index.
The average Nasdaq 100 stock is up 14.2% this year, outperforming the cap-weighted Nasdaq 100’s 11.3% return.
To be clear, the current bull market is nearly four years old and it was indeed top-heavy for most of its early run. That said, a broadening out like this is still historically what you would see in the middle innings of a rally.
No investing story is usually simple enough to explain in a headline. That’s why the bears will pound the table about a popping bubble when semiconductor stocks turn red or when broader indexes move sideways.
Yet the more intriguing and accurate story isn’t happening at a headline level. It’s unfolding beneath the surface and across the most boring names and sectors in the market.
The risk-reward favors the bulls right now. So does history.
Phil Rosen is the chief market strategist at ProCap Financial and the co-founder of Opening Bell Media.
Darius Dale is the founder and CEO of 42 Macro.
In this conversation, we break down what the Fed should do next, how money printing quietly erodes your purchasing power, Kevin Warsh's plan to reshape the Fed, what history says happens to economies as K-shaped as ours, and what gives Darius hope for the future.
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