Mark W. Yusko - Two Point One Quadrillion

@digitalcurrents @MarkYusko 🚨 "A Fall from Grace" is live Jensen Huang is out at Nvidia. What happens to AI now? Plus: Anthropic founder cash-outs, OpenAI's $10B quarter, DeepSeek's $15B raise, and MSCI drops Strategy. 🎧 podcasts.apple.com/us/podcas…

~14 months public. Q3 2026: • ~$126M net income • ~$221M Adjusted EBITDA* • 41% gross margin And now #13 among publicly traded corporate Bitcoin holders globally. *𝘍𝘰𝘳 𝘢𝘥𝘥𝘪𝘵𝘪𝘰𝘯𝘢𝘭 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢 𝘳𝘦𝘤𝘰𝘯𝘤𝘪𝘭𝘪𝘢𝘵𝘪𝘰𝘯 𝘰𝘧 𝘈𝘥𝘫𝘶𝘴𝘵𝘦𝘥 𝘌𝘉𝘐𝘛𝘋𝘈 𝘵𝘰 𝘪𝘵𝘴 𝘤𝘭𝘰𝘴𝘦𝘴𝘵 𝘎𝘈𝘈𝘗 𝘮𝘦𝘢𝘴𝘶𝘳𝘦, 𝘱𝘭𝘦𝘢𝘴𝘦 𝘴𝘦𝘦 𝘰𝘶𝘳 𝘘3 2026 𝘦𝘢𝘳𝘯𝘪𝘯𝘨𝘴 𝘳𝘦𝘭𝘦𝘢𝘴𝘦.

The AI math doesn’t ADD up. Big Tech is borrowing billions to build AI data centers, and one of its biggest customers, OpenAI, just posted a $10.9 BILLION operating loss in one quarter. Amazon, Alphabet and Meta’s long-term debt has nearly quadrupled in a year to $379 BILLION, per their filings. Oracle’s quarterly interest bill jumped 55% to $1.43 BILLION, as it builds out a cloud deal with OpenAI reported at about $300 BILLION. CoreWeave’s interest bill hit $846 MILLION in Q3, about 4 times its operating income, with OpenAI contracts worth up to $22.4 BILLION. Meanwhile, OpenAI’s Q3 operating loss of $10.9 BILLION came on $10 BILLION of revenue, while rival Anthropic’s was just $567 MILLION on $17 BILLION, per WSJ.

Bitcoin, macro, market cycles, and plenty of differing opinions on what comes next. Join us November 20–22 in Miami for Investing Through the Cycles. We will be closing out the weekend with a private yacht day for VIP ticket holders and speakers. 🛥️ benjamincowen.com/conference

"Shall Congress take from Government and the people all power to issue and regulate the quantity of the public currency and grant it unreservedly…to a private corporation controlled by the big banks owned by Wall Street?"

What comes next for the markets? @MarkYusko, @GarethSoloway, and @jasonpizzino join us at the ITC Conference in Miami for “The Macro Outlook: What Comes Next?” moderated by @davidlin_TV November 20–22 | Miami 🎟️ Tickets and full agenda: benjamincowen.com/conference

BREAKING: Oracle stock, $ORCL, falls -5% after Microsoft ends its deal to rent AI cloud capacity from the company. Oracle is now down -68% from its record high.

Tech is recovering today... that doesn't mean the selling is over Right before the 2000 dot-com crash, the S&P rallied 12% to reclaim its previous highs... Those who went max long because “the internet is the future” were right, but still lost 50% over the next 2 years. To make sure every last bull stayed in (and then got wiped out), we had 3 separate 20% bear market rallies... Only after everyone was fully shaken out did we bottom in 2002. It then took ~14 years just to break even on a nominal basis... And by that point, most developed PTSD and were too scarred to participate in the next bull run. Lesson: Don't participate in historically overvalued markets, especially not when that overvaluation coincides with the biggest supply crisis in human history

At Morgan Creek Capital Management, @MarkYusko has talked for years about how so many of these ‘hedge’ funds aren’t actually ‘hedge(d)’!

First, Satoshi was misunderstood. Then @MarkYusko Then Michael @saylor Then @TimKotzman Then @PunterJeff Then @AdamBLiv Then @RobinSeyr A tale as old as time. First they ignore you. Then they ridicule you. Then they question your sanity. Then they quietly adopt your ideas. Being early is often indistinguishable from being wrong or crazy. Until it isn’t.

Hyperscalers have $4T in debt not reflected on their balance sheet. Creative accounting FTW

Today NASDAQ lost more than its entire valuation at the bottom of 2002.

Every generation learns old lessons anew.