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- [00:00]
Pharmaceutical Ad Narrator
This is an iHeart podcast. Guaranteed Human.
- [00:07]
Liberty Mutual Insurance Spokesperson
And Doug, there's nowhere I wouldn't go to help someone customize and save on car insurance with Liberty Mutual. Even if it means sitting front row at a comedy show.
- [00:16]
Comedy Show Audience Member
Hey, everyone, check out this guy and his bird. What is this, your first date?
- [00:20]
Financial Market Analyst
Oh, no.
- [00:21]
Liberty Mutual Insurance Spokesperson
We help people customize and save on car insurance with Liberty Mutual together. We're married. Me to a human, him to a bird.
- [00:27]
Financial Market Analyst
Yeah, the bird looks out of your league.
- [00:28]
Liberty Mutual Insurance Spokesperson
Anyways, get a quote@libertymutual.com or with your local agent.
- [00:32]
Comedy Show Audience Member
Liberty. Liberty. Liberty. Liberty.
- [00:35]
America 250th Anniversary Promoter
Eczema isn't always obvious, but it's real. And so is the relief from Ebglis. After an initial dosing phase, about 4 in 10 people taking EBGLIS achieved itch relief and clear or almost clear skin at 16 weeks. And most of those people maintain skin that's still more clear at one year with monthly dosing.
- [00:53]
Pharmaceutical Ad Safety Information Speaker
EBGLIS Librekizumab LBKZ a 250 milligram per 2 milliliter injection is a prescription medicine used to treat adults and children 12 years of age and older who weigh at least 88 pounds or 48 kilograms with moderate to severe eczema, also called atopic dermatitis that is not well controlled with prescription therapies used on the skin or topicals, or who cannot use topical therapies. EBGLIS can be used with or without topical corticosteroids. Don't use if you're allergic to Ebglis. Allergic reactions can occur that can be severe. Eye problems can occur. Tell your doctor if you have new or worsening eye problems. You should not receive a live vaccine when treated with Epglis. Before starting Epglis, tell your doctor if you have a parasitic infection searching for real relief.
- [01:27]
America 250th Anniversary Promoter
Ask your doctor about ebglis and visit eglis.lilly.com or call 1-800-LilyRx or 1-800-545-59.
- [01:35]
Velo Nicotine Warning Announcer
Warning. This product contains nicotine. Nicotine is an addictive chemical.
- [01:42]
Velo Nicotine Spokesperson
Hey, it's the Velo guy. Listen, if Mona Lisa popped out for a smoke, all we'd have is a landscape painting at the Louvre. So yeah, be like Mona and more in the moment. Get more wherever whenever enjoyment with Velo nicotine pouches. Discover more at v e l o.com
- [01:56]
Velo Nicotine Warning Announcer
underage sale prohibited nicotine pouches Velo plus is a synthetic nicotine product website restricted to age 21/ nicotine consumers. Copyright 2026 MBI.
- [02:06]
Home Depot Commercial Narrator
Now is time to shop for upgrades that Transform your yard during spring backyard days at the Home Depot. Turn an empty corner into a hangout with the Hampton Bay Brook Mill four piece patio set. Then brighten your garden with lilacs or begonias and help them thrive with big row potting soil. It's the finishing touches that really bring your space together with low prices. Guaranteed shop spring backyard days for seven days at the Home Depot now through May 6th. Exclusion supplies to homedevot.com Pricematch for details.
- [02:35]
Financial Market Analyst
There's a rotation starting that most investors don't see yet. AI isn't just changing technology. It's forcing capital to move. And if that shift continues, Bitcoin could end up being one of the biggest beneficiaries. Now, I know bitcoin's been getting hammered, right? And if you're watching this, you've probably heard, you know, all the usual explanations like it's just the cycle or I don't know, liquidity's tight or risk assets are pulling back or I don't know, whatever sentiment got too far ahead of itself. And look, those aren't wrong, right? Those are real, right? That's happening. But here's where I think most people are making a really big mistake. They're treating this like every other pullback. They're using the same framework that they've used for the last decade, the one where bitcoin is just a high beta tech trade that goes up when the NASDAQ goes up and it goes down when the NASDAQ goes down. For a long time, that framework worked. Bitcoin did trade like a leveraged bet on growth. It moved with software stocks, it moved with risk appetite, it moved with the nasdaq. So when tech pulls back, then bitcoin pulls back harder, right? That's the pattern. That's what everybody expects. But what if that framework is breaking? What if the thing pulling tech down this time isn't a cycle, but it's a structural shift? And what if bitcoin doesn't actually belong in the same category as the assets that are getting repriced? And once you see this, once you see it, the way that I think about bitcoin in your portfolio going to completely change. So let me walk you through how I'm seeing this right now. To understand what's shifting, you have to understand the model that built the last 15 years. All right? Now, after the financial crisis, we entered this extraordinary period where interest rates went to zero. So money was cheap, right? The entire market started rewarding one thing above everything else, scalable code. Think about what made a good company valuable in that era, right? You didn't need factories anymore, you didn't need physical inventory, you didn't need 10,000 employees. You needed a piece of software that could reach millions of users with almost zero marginal cost. That's the magic of code, right? You write it once and it scales globally. Now also the old software regime, it gave us recurring revenue, 80% margins, predictable cash flows. And of course Wall street love this, right? They gave these companies massive multiples because the economics were incredible, right? And that created the growth era. The NASDAQ dominated this era. Software ate the world. SaaS companies were trading at 20, 30, 40 times revenue, not, not earnings revenue, because the model was that defensible, right? You could, you could build a product, you could lock in your customer, you could grow the subscription base and switching costs kept the competitors out, right? That was the moat code. It was the moat. But here's the thing. Bitcoin got pulled into that trade, right? Not because anyone sat down and said, hey, Bitcoin's a software company, but because of how capital gets classified, right? Bitcoin lived in that growth bucket. It was a risk on asset, it was correlated to tech. And so institutional models treated it like a high beta extension of the nasdaq. So when growth went up, Bitcoin went up faster. When growth came down, Bitcoin came down harder. Now for a while that classification made sense, right? Because in a world where scalable code was king, Bitcoin, you know, digital money, it looked like another digital bet, but that classification was never actually accurate. It was just convenient at the time. And what's happening now is forcing the market to figure, figure that out. Now if you watch my channel for a while now, you know, I love finding historical patterns because if you understand history, this starts to feel less like speculation and more like pattern recognition. Now for about a hundred years, markets have gone through, you know, these different regime shifts where they repriced the economy and the, and the rewards of the economy. Now in the industrial era, the moat was capital, right? Capital intensity. If I could build railroads or steel or oil, if I could build out physical infrastructure. So if you could build something massive, something expensive that nobody else could replicate, then you won. That's what the market rewarded, right? Heavy industry, physical scale barriers that were made of concrete and steel. But then the software era came in, right? The software regime flipped that completely upside down. Code then scaled globally, right? Distribution went digital, margins expanded because you didn't need the factory anymore. Right? Now you could have asset light businesses and they dominated the moat, shifted from physical capital to intellectual capital, and the market repriced accordingly, right? The most valuable companies in the world went from oil majors and industrials to software platforms. Now this is the key part. We're entering something different once again. Intelligence itself is becoming abundant. Not just software, not just code, actual cognitive output is being commoditized in real time. Now, when something becomes abundant, it stops being the moat. So if industrial dominance gave way to software dominance, and now software defensibility is being challenged by AI, then the question that every investor you and I should be asking is what becomes scarce next? All right, so now let's talk about what AI is actually doing to the growth trade. Because this is where most people are getting it completely wrong. You see, right now the popular narrative is that AI is bullish for tech. And on the surface that makes sense, right? I mean, tech companies are building AI, tech companies are selling AI. So AI must be good for tech stocks, right? Well, not exactly, because here's what's actually happening. AI is making intelligence abundant. And while that sounds like a good thing, and for the world, it is, right? For you and I, it really is. But for the companies that built their entire business model on moats, that's a problem. Let me explain what I mean, think about what made a SaaS company viable five years ago, right? You had a proprietary software, you had a user base that was locked into the platform, and then because of that, you had high switching costs. So you had this moat, and it was built on the fact that your code did something that nobody else's code could do, at least not as well or cheaply. But now AI is dissolving all of that. Because when intelligence becomes a commodity, when everyone can spin up an AI agent that replicates what your software does, then your moat disappears, right? Not just your revenue, but your moat. And that's the distinction that matters. Now, of course, currently these companies, they're still making money, right? The hyperscalers, they're still growing. Revenue at, I don't know, 15 plus percent. So this is not a story about businesses going bankrupt. This is a story about defensibility. The market's asking a question that it hasn't asked in over a decade. Can you actually defend your business against what's coming? Now, for most software companies, the honest answer is they don't know. Let's add another layer to this. The acceleration is, well, it's accelerating. Elon Musk called it the supersonic tsunami. Now it's hitting multiple directions all at the same time. So Right now we have open source models that are basically free. We have Chinese labs releasing competitive models at zero cost. You've got individuals, not companies, individuals running AI agents on a on a Mac Mini in their apartment doing what entire teams used to do. So if you're a hyperscaler and you're spending 650 billion this year on data centers and you can't guarantee the revenue comes in to justify that spend, what happens to your equity? Well, it compresses. If you're a SaaS company trading at 30 times revenue and your customer can now get 80% of your functionality from an AI agent for free, what happens to your multiple well, it compresses.
- [10:15]
Pharmaceutical Ad Narrator
Eczema is unpredictable, but you can flare less with Epglis, a once monthly treatment for moderate to severe eczema after an initial four month or longer dosing phase. About four in 10 people taking EB GLISS achieved itch relief and clear or almost clear skin at 16 weeks. And most of those people maintain skin that's still more clear at one year with monthly dosing.
- [10:34]
Pharmaceutical Ad Safety Information Speaker
Hempglis Lebricizumab LBKZ, a 250mg injection, is a prescription medicine used to treat adults and children 12 years of age and older who weigh at least 88 pounds or 40 kilograms with moderate to severe eczema, also called atopic dermatitis, that is not well controlled with prescription therapies used on the skin or topicals, or who cannot use topical therapies. EBGLIS can be used with or without topical corticosteroids. Don't use if you're allergic to ebglis. Allergic reactions can occur that can be severe. Eye problems can can occur. Tell your doctor if you have new or worsening eye problems. You should not receive a live vaccine when treated with ebglis. Before starting ebglis, tell your doctor if you have a parasitic infection.
- [11:08]
Pharmaceutical Ad Narrator
Ask your doctor about ebgliss and visit ebgliss.lilly.com or call 1-800-lilyrx or 1-800-545-5979.
- [11:15]
Velo Nicotine Warning Announcer
WARNING this product contains nicotine. Nicotine is an addictive chemical.
- [11:22]
Velo Nicotine Spokesperson
Hey, it's the Velo guy. If Henry Ford popped out for a smoke, horsepower wouldn't be your flex, it'd be your ride. Because no one made history by popping out, they stayed for more wherever, whenever Enjoyment with Velo Nicotine pouches. Discover more at v e l o.com
- [11:36]
Velo Nicotine Warning Announcer
underage sale prohibited nicotine pouches Velo plus is a synthetic nicotine product website restricted to age 21/ nicotine consumers. Copyright 2026 MBI.
- [11:45]
America 250th Anniversary Event Announcer
It's a celebration 250 years in the making.
- [11:49]
America 250th Anniversary Promoter
And we want everyone in America, from Maine to Montana, from Alabama to Alaska to be a part of it.
- [11:56]
America 250th Anniversary Event Announcer
This, this year marks America's 250th anniversary. And we're coming together from coast to coast at star spangled events, live performances, and the largest day of giving in American history.
- [12:08]
America 250th Anniversary Promoter
Join the nationwide celebration at america250.org
- [12:16]
Financial Market Analyst
what
- [12:16]
Cornhole Game Promoter
if your next favorite hobby came with a built in crew? That's cornhole. Whether you're brand new to the game or just looking for an excuse to get outside, there's a whole world of players out there ready to welcome you in. Local leagues, weekend tournaments, backyard throwdowns, it's all happening near you. Find your people at your next event@iplaycornhole.com events. New hobby, new friends, Same you just having a lot more fun.
- [12:46]
Financial Market Analyst
Now. This is what the market's processing right now. Not a panic, not a crash, a repricing of defensibility. See, AI doesn't destroy revenue, it compresses this defensibility. Defensibility goes down, moats shrink, margins get pressured, and the multiples compress. And in plain terms, the growth trade that defined the last 15 years of the markets is getting structurally repriced. And again, not because these businesses are bad, but because the thing that made them special, the scalable code with defensible margins, is being commoditized by something more powerful than code. And that repricing doesn't happen overnight, but it's, but it's happening pretty fast, right? You can see it in the SAS charts, you can see it in the multiple compression across the software industry. And we're at the lowest multiples in that space since before the iPhone came out. I mean, that's a signal. So now the question becomes if all that growth capital, I'm talking trillions of dollars, if it's sitting in growth buckets and it starts to realize that the model's changed, then the question is, where does it go? Well, this is where it gets really interesting. Because of course, capital doesn't just disappear, right? I think people forget how this actually works. When you hear the market is down or growth is selling off, it sounds like money's evaporating. But that's not what happens. Money moves, it rotates, it finds a new home. So let me walk you through the mechanics of how that rotation actually plays out. Because it's not random, right? There's There's a machine behind this. You see most of the serious capital in the world, the institutional money, we're talking pension funds, endowments, hedge funds, the smart money, it's all organized into buckets. You've got a growth bucket, you've got your value bucket, you've got your fixed income bucket over here. And those allocations, they're managed against benchmarks and risk models. And here's the key. You see when multiples compress in the growth bucket, when the names that drove your returns for a decade start repricing, then the models 4 force you to reduce your exposure again, force you. It's not optimal. If you're a hedge fund and you're down say 10% in a month, you're not sitting there philosophizing here, right? You're cutting risk. You have to, right? You're marked month to month. Your investors expect performance reporting every 30 days. Now, personally, I buy and hold, right? I look at the long term here, I look at the direction that we're going. I think most of you should do that as well. But I'm also a partner at a venture capital fund, right, the Bitcoin Opportunity Fund. And our investors want to see performance quarterly and annually. So I know how those decisions get made. It's not a thoughtful long term repositioning, it's pressure, right? It's for selling. That happens here. So what you're seeing right now in the markets, it's not just AI anxiety, it's the plumbing of institutional capital trying to reposition for a world that it wasn't built for. We have trillions of dollars that are allocated to a growth model that assumes software moats were permanent. And those moats are eroding in real time. So that money in that bucket, it has to go somewhere. Well, some of it goes to value, some of it goes to commodities, some of it goes to physical assets, like things you can touch, things that are tied to the real economy, things that benefit from the build out of AI infrastructure rather than being disrupted by it, Things like critical minerals, energy, things like that. But here's the problem with all those commodities, they're cyclical, right? Industrials are cyclical, right? They're value trades, they're not growth trades. They work for a rotation, but they don't solve the core problem, which is that most of the world capital is allocated to growth, right? It lives in this growth bucket. It wants growth characteristics. It needs an asset that behaves like growth without the vulnerability that AI just exposed. And that's where something has to separate. Because you see, up until now, Bitcoin's been lumped in with everything else that's selling off, right? It's in the growth bucket. It trades with tech, it correlates with the nasdaq. So when software gets hit, then Bitcoin gets hit as well. But structurally, and this is the part that I think the market hasn't figured out yet, Bitcoin is not a software margin business. It has no revenues to compress. It has no moat to erode. It has no employees to replace. It has no competitor that can ship a better version of it for free. You see, Bitcoin is in the growth bucket by classification, but it doesn't share the growth bucket vulnerability. Now, once the distinction becomes clear, once the market stops trading Bitcoin like a leveraged NASDAQ bet, and starts asking what it actually is, then that rotation into Bitcoin doesn't just make sense. I think it becomes structural. But if we're saying that bitcoin is different, that's not enough, right? There's lots of things that are different. Cash is different, gold is different, right? Farmland, that's different. The question is, why does Bitcoin specifically gain a structural premium in an AI denominated world? Now, the answer comes down to one word, scarcity. Because when intelligence becomes abundant, the rules of what the market rewards flip. And most people haven't caught up to that yet. So in a world where almost everything is becoming more abundant, what isn't? That's the investment question of the next decade. Now, scarcity means something very specific in investment context. It means the asset can't be replicated and it can't be diluted. No one can ship a cheaper version. No one can inflate the supply because the economics changed. Software fails every one of those tests right now, right? The Hyperscalers are spending 650 billion a year just to stay in the game. But with no guarantee, the returns show up commodities, right? They're cyclical. They spike on demand, but they come back down. They're trades, not structural growth assets. But Bitcoin passes every single one. There's only 21 million with a fixed supply. There's no revenue to compress, no margins to erode. No competitor can ship a better version for free. And here's the irony. In a world where every business mode is being challenged by AI, Bitcoin's moat is the only one AI can't touch. Because it's not built on intelligence, it's built on math, cryptographic scarcity, decentralized consensus that no single entity controls. And here's something people aren't talking about. Enough AI might actually make Bitcoin's security story stronger. You see, as AI agents become more powerful, as cybersecurity threats escalate, as the ability to break into centralized systems accelerates, the value of a decentralized cryptographically secured network, it goes up, not down. See, what I'm saying is that AI increases the supply of intelligence, it does not increase the supply of Bitcoin. The same force that is compressing software multiples, the same force that is eroding business modes, may actually increase the structural premium on scarcity. And that's not speculation, that's just how markets work. When everything becomes abundant, the things that can't become abundant, they get repriced. And right now, Bitcoin is the only asset that sits in the growth bucket. That's institutional capital already, right? It has a framework to allocate to while being structurally immune to the thing that's repricing everything else that's in the bucket. It's the only growth asset that's scarce, right? That's Bitcoin. Not because of a narrative, not because of a meme, but because of what it actually is. Provable, programmable, fixed supply scarcity in a world that is making everything else abundant. So here's how I'd frame this out. If Bitcoin continues to be treated as a tech beta, right, just another risk on asset that trades with the nasdaq, then then yeah, it stays volatile. It's going to keep getting pulled down every time software sells off. But when the market starts to recognize what's actually happening here, that AI is repricing defensibility across every growth asset in the world. And then also that Bitcoin is the one asset in that bucket that's structurally immune to it, then the repricing starts to go the other direction. Now, long term AI doesn't weaken Bitcoin, it increases its role. The last decade rewarded scalable code. The next decade will reward provable scarcity. And that's a very different world. If you'd like to see a deeper dive on Bitcoin and its volatility, then you might want to watch this video right here and I'll see you over there.
- [20:52]
Pharmaceutical Ad Narrator
Eczema is unpredictable, but you can flare less with evglis, a once monthly treatment for moderate to severe eczema. After an initial four month or longer dosing phase, about 4 in 10 people taking EPGLIS achieved itch relief and clear or almost clear skin at 16 weeks and most of those people maintain skin that's still more clear at one year with monthly dosing.
- [21:11]
Pharmaceutical Ad Safety Information Speaker
Empglis Lebricizumab LBKZ a 250mg per 2ml injection is a prescription medicine used to treat adults and children 12 years of age and older who weigh at least 88 pounds or 40 kilograms with moderate to severe eczema, also called atopic dermatitis, that is not well controlled with prescription prescription therapies used on the skin or topicals or who cannot use topical therapies. EBGLIS can be used with or without topical corticosteroids. Don't use if you're allergic to Epglis. Allergic reactions can occur that can be severe. Eye problems can occur. Tell your doctor if you have new or worsening eye problems. You should not receive a live vaccine when treated with Eglis before starting Ebglis, tell your doctor if you have a parasitic infection.
- [21:45]
Pharmaceutical Ad Narrator
Ask your doctor about ebglis and visit ebglis.lilly.com or call 1-800-LilyRx or 1-800-545-5979 Warning
- [21:53]
Velo Nicotine Warning Announcer
this product contains nicotine. Nicotine is an addictive chemical.
- [21:59]
Velo Nicotine Spokesperson
Hey, it's the Velo guy. If Henry Ford popped out for a smoke, horsepower wouldn't be your flex, it'd be your ride. Because no one made history by popping out, they stayed for more. Get more wherever, whenever Enjoyment with Velo Nicotine Pouches discover more@velo.com underage sale prohibited
- [22:15]
Velo Nicotine Warning Announcer
nicotine pouches Velo plus is a synthetic nicotine product website restricted to age 21 plus nicotine consumers.
- [22:20]
America 250th Anniversary Event Announcer
Copyright 2026 MBI It's a celebration 250 years in the making and we want
- [22:27]
America 250th Anniversary Promoter
everyone in America from Maine to Montana, from Alabama to Alaska to be a part of it.
- [22:34]
America 250th Anniversary Event Announcer
This year marks America's 250th anniversary and we're coming together from coast to coast at star spangled events, live performances and the largest day of giving in American history.
- [22:45]
America 250th Anniversary Promoter
Join the nationwide celebration at the visit america250.org
- [22:53]
Cornhole Game Promoter
what if your next favorite hobby came with a built in crew? That's cornhole. Whether you're brand new to the game or just looking for an excuse to get outside, there's a whole world of players out there ready to welcome you in local leagues, weekend tournaments, backyard throwdowns. It's all happening near you. Find your people at your next event event@iplaycornhole.com events new hobby new friends? Same. You just having a lot more fun.