News
The first major story covers the Genius Act, which allows US-based firms to issue stablecoins directly. Nish explains howCitibank, Amazon, Walmart, and Bank of America are all positioning to launch stable coins. The discussion turns on whether institutions will build their own stablecoins or rely on Circle, whose IPO has been a success.
Michiel redirects attention to Bitcoin’s latestall-time high. He critiques media framing, citing a headline about Ethereum “rolling over” as if it were intentional. The two then connect this to broader market volatility, with $1 billion liquidated in leveraged positions. Nish adds a story on World Liberty Finance and Alt-5 Sigma, noting Eric Trump’srole as an advisor — a detail that sparks skepticism from both hosts.
The focus shifts to AI, specifically the launch of ChatGPT-5. Michiel quotes Sam Altman’s claim that the model represents “a PhD-level expert in any field.” He pushes back, highlighting reliability gaps and the ethical risks of marketing AI for healthcare, especially in light of recent reports of users harmed by AI-provided medical advice. Nish shares anecdotal experiences of people who caught illnesses early with ChatGPT prompts, but stresses the danger of treating AI asa doctor. Both hosts agree the model is useful but far from AGI.
They then discuss AI startups led by former OpenAI executives (Safe Superintelligence, Thinking Machines Lab) as potential challengers in the next 18 months. Next comes chip policy under Trump. Michiel explains the new deal: Nvidia and AMD pay 15% of revenue from exports to China, while the White House is considering a stake in Intel. Nish critiquesthe profiteering optics, while Michiel frames it as a strategic attempt to reduce reliance on Taiwan. They note the unusual precedent of the US president influencing CEO tenure at a listed company (Intel).
Market commentary and token picks
The crypto market segment centers onaltcoin season. Nish outlines her strategy of spreading bets across leading layer-1s, treating it like VC investing. He notes banks backing Solana stablecoin development, skepticism on XRP, and optimism around Hyperliquid’s comeback. Michiel adds that DePin is a sector to watch.
Trading competition and portfolio results
Finally, the trading competition. Michiel details his moves: selling Bitcoin, Nvidia, and Broadcom, buying Intel,Electronic Arts, Solana, SUI, and even Pudgy Penguins NFTs. Despite a 16% drop in the penguins, his portfolio is up 34.8% since June. Nish, after emotional swings, held steady in Solana, Ethereum, and a meme coin called A$$DAQ. Despite losses there, she too stands at 34.3% up, nearly identical to Michiel. Both laugh at the absurdity of their meme coin choices.
The episode closes with broader reflections on investing: theimportance of concentrated conviction in fast-growing sectors, the dangers of over-diversification, and the promise of long-term strategies in AI, gaming, and climate tech.
Chapter list
00:00 Intro and disclaimer
01:00 Bitcoin tattoo at a wedding
03:30 The Genius Act and stablecoins (Citi, Amazon, Walmart,Circle)
05:50 Bitcoin ATH and market liquidations
07:20 World Liberty Finance, Eric Trump, Alt-5 Sigma
08:30 ChatGPT-5 launch, healthcare risks, AGI hype
11:00 AI competition: Safe Superintelligence, Meta’s role
12:40 Trump administration and chipmakers (Nvidia, AMD, Intel)
15:10 Is it altcoin season? ETH, Solana, XRP debates
18:00 Hyperliquid’s comeback and DeFi trends
19:30 DePin and World Mobile use cases
20:45 Trading competition: Michiel’s trades (Intel, EA, PudgyPenguins, Solana, SUI)
22:50 Trading competition: Nish’s portfolio (Solana, ETH, A$$DAQ)
26:00 Investment philosophy: concentration vs diversification
27:50 Climate tech, Tracer, and long-term growth industries
29:10 Closing thoughts and outro
