🤖 Sequoia Leads $60M Seed for Corma — an AI Lab Built to Close the Defensive Cybersecurity Gap
Sequoia (with Khosla Ventures and Coatue) backed Corma's $60M seed round to train foundation models purpose-built for cybersecurity defense, not just offense.
• In simulations, attackers succeeded 88% of the time while defenders caught just 12% — general-purpose models are out of distribution for defensive work.
• Early deployments cut threat-response times by more than 94% and expanded security coverage 15x across functions.
• Sequoia's Shaun Maguire: "Agentic AI gives attackers a structural speed advantage" — Corma is built to close that gap.
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#sequoia
Sequoia (with Khosla Ventures and Coatue) backed Corma's $60M seed round to train foundation models purpose-built for cybersecurity defense, not just offense.
• In simulations, attackers succeeded 88% of the time while defenders caught just 12% — general-purpose models are out of distribution for defensive work.
• Early deployments cut threat-response times by more than 94% and expanded security coverage 15x across functions.
• Sequoia's Shaun Maguire: "Agentic AI gives attackers a structural speed advantage" — Corma is built to close that gap.
🔗 Read more
#sequoia
🐢 Dataroma: TSM Insider Buying Cluster Tops All Stocks Amid AI Conviction vs. Geopolitical Risk
Taiwan Semiconductor logged 104 insider purchases over the past three months — more than any other superinvestor-held stock — with buys continuing into early August near $73-75/share.
• The cluster echoes BlackRock's pro-risk, overweight-AI stance and its call for 11.6% annual earnings growth.
• PIMCO's 2026 outlook flags Taiwan-anchored chip supply chains as a fault line in its geopolitical "rupture" thesis, while Schroders says valuations aren't yet "egregious."
💡 Why it matters: Persistent insider buying in the world's dominant chip foundry, against PIMCO's geopolitical fragmentation warnings, suggests conviction in AI-driven demand is currently outweighing Taiwan Strait risk concerns among company insiders.
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#dataroma
Taiwan Semiconductor logged 104 insider purchases over the past three months — more than any other superinvestor-held stock — with buys continuing into early August near $73-75/share.
• The cluster echoes BlackRock's pro-risk, overweight-AI stance and its call for 11.6% annual earnings growth.
• PIMCO's 2026 outlook flags Taiwan-anchored chip supply chains as a fault line in its geopolitical "rupture" thesis, while Schroders says valuations aren't yet "egregious."
💡 Why it matters: Persistent insider buying in the world's dominant chip foundry, against PIMCO's geopolitical fragmentation warnings, suggests conviction in AI-driven demand is currently outweighing Taiwan Strait risk concerns among company insiders.
🔗 Read more
#dataroma
🇪🇸 Goldman Sachs: Are Japanese Stocks at Risk of Falling as the Yen Surges?
Goldman Sachs flags echoes of 2024, when a sudden yen surge triggered a 24% peak-to-trough drop in Japan's TOPIX.
• Foreign investors' positions in Japanese equities are now 20% above pre-correction 2024 levels, and hedge fund allocations sit in the 98th–99th percentile over five years — leaving positioning vulnerable to a rapid de-risking.
• Still, GS raised its 12-month TOPIX target to 4,500 (from 4,400), citing strong earnings momentum, AI exposure, and a "structurally weak yen" that helps exporters.
• Their read: a sharp yen strengthening looks less likely than in 2024, but a shock — from AI sentiment or geopolitics — could still trigger a rapid unwind of crowded positioning.
🔗 Read more
#goldmansachs
Goldman Sachs flags echoes of 2024, when a sudden yen surge triggered a 24% peak-to-trough drop in Japan's TOPIX.
• Foreign investors' positions in Japanese equities are now 20% above pre-correction 2024 levels, and hedge fund allocations sit in the 98th–99th percentile over five years — leaving positioning vulnerable to a rapid de-risking.
• Still, GS raised its 12-month TOPIX target to 4,500 (from 4,400), citing strong earnings momentum, AI exposure, and a "structurally weak yen" that helps exporters.
• Their read: a sharp yen strengthening looks less likely than in 2024, but a shock — from AI sentiment or geopolitics — could still trigger a rapid unwind of crowded positioning.
🔗 Read more
#goldmansachs
🏦 BlackRock: Why Rising Earnings Forecasts and Higher Bond Yields Aren't Contradictory Signals
BlackRock's Investment Institute has lengthened its tactical horizon back to 6–12 months, arguing markets can absorb higher long-term yields alongside upgraded earnings.
• Consensus 2026 earnings estimates are still being revised higher, not lower — unusual five years into an economic cycle.
• BII expects US corporate earnings to grow 11.6% a year over the next five years, a pace seen in only ~15% of historical five-year periods.
• Takeaway: durable earnings growth, not falling rates, is now the key support for risk assets.
🔗 Read more
#blackrock
BlackRock's Investment Institute has lengthened its tactical horizon back to 6–12 months, arguing markets can absorb higher long-term yields alongside upgraded earnings.
• Consensus 2026 earnings estimates are still being revised higher, not lower — unusual five years into an economic cycle.
• BII expects US corporate earnings to grow 11.6% a year over the next five years, a pace seen in only ~15% of historical five-year periods.
• Takeaway: durable earnings growth, not falling rates, is now the key support for risk assets.
🔗 Read more
#blackrock
🌍 PIMCO: AI Bond Binge Is Splitting U.S. Dollar and Euro Credit Markets
PIMCO's credit team finds that heavy hyperscaler bond issuance to fund AI capex is creating a widening performance gap between USD and EUR investment-grade credit.
• Hyperscalers now account for ~5% of the USD IG index vs just 1.2% of the EUR IG index, after $120B of USD net supply this year alone (vs €22B in Europe).
• Issuer-matched Amazon and Alphabet bonds show EUR paper outperforming USD paper — a sign of "demand fatigue" in the dollar market.
• Spread dispersion in USD IG has hit levels not seen since the April 2025 tariff shock, even as headline spreads sit near multi-year tights.
Bloomberg consensus sees hyperscaler capex topping $1 trillion/year from 2027, meaning this technical divergence is likely to persist.
🔗 Read more
#pimco
PIMCO's credit team finds that heavy hyperscaler bond issuance to fund AI capex is creating a widening performance gap between USD and EUR investment-grade credit.
• Hyperscalers now account for ~5% of the USD IG index vs just 1.2% of the EUR IG index, after $120B of USD net supply this year alone (vs €22B in Europe).
• Issuer-matched Amazon and Alphabet bonds show EUR paper outperforming USD paper — a sign of "demand fatigue" in the dollar market.
• Spread dispersion in USD IG has hit levels not seen since the April 2025 tariff shock, even as headline spreads sit near multi-year tights.
Bloomberg consensus sees hyperscaler capex topping $1 trillion/year from 2027, meaning this technical divergence is likely to persist.
🔗 Read more
#pimco
🐢 Dataroma: Insider Buying Cluster Builds in Aptiv (APTV) Near 52-Week Low
Aptiv insiders logged five open-market purchases topping $8M since August 6, even as the auto-parts supplier sits just 5% above its 52-week low.
• BlackRock and Schroders both flag stretched mega-cap valuations and urge diversification beyond AI-driven leaders.
• PIMCO's 2026 outlook warns of tariff and supply-chain fragmentation — pressures bearing directly on auto suppliers like APTV.
💡 Why it matters: Insider buying against a depressed valuation, alongside institutional calls to diversify beyond crowded AI names, may point to early conviction that industrial and auto-supply laggards are due for a re-rating, though tariff and EV-transition risks remain unresolved.
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#dataroma
Aptiv insiders logged five open-market purchases topping $8M since August 6, even as the auto-parts supplier sits just 5% above its 52-week low.
• BlackRock and Schroders both flag stretched mega-cap valuations and urge diversification beyond AI-driven leaders.
• PIMCO's 2026 outlook warns of tariff and supply-chain fragmentation — pressures bearing directly on auto suppliers like APTV.
💡 Why it matters: Insider buying against a depressed valuation, alongside institutional calls to diversify beyond crowded AI names, may point to early conviction that industrial and auto-supply laggards are due for a re-rating, though tariff and EV-transition risks remain unresolved.
🔗 Read more
#dataroma
🤝 Blockworks Dashboard: Uniswap's $3.4T Lifetime Volume and a UNI Burn Now Running at $66M a Year
Blockworks launched a new data dashboard tracking Uniswap, DeFi's largest DEX, across 23 chains.
• Uniswap has processed $3.4T in lifetime volume from over 36 million wallets — 61% of every wallet that's ever used a DEX.
• Since December's "UNIfication" vote activated protocol fees, 108.4M UNI (~$435M) has been burned; excluding the one-time 100M treasury burn, recurring fee-driven burns are now annualizing at roughly 16.4M UNI (~$66M).
• Liquidity providers still capture most of the economics — ~$44M to LPs over the last 30 days vs. just $4M to the protocol.
• Third-party routers now source more Uniswap volume (~60%) than Uniswap's own front end, a sign it's becoming core DeFi infrastructure rather than just a retail app.
🔗 Read more
#blockworks
Blockworks launched a new data dashboard tracking Uniswap, DeFi's largest DEX, across 23 chains.
• Uniswap has processed $3.4T in lifetime volume from over 36 million wallets — 61% of every wallet that's ever used a DEX.
• Since December's "UNIfication" vote activated protocol fees, 108.4M UNI (~$435M) has been burned; excluding the one-time 100M treasury burn, recurring fee-driven burns are now annualizing at roughly 16.4M UNI (~$66M).
• Liquidity providers still capture most of the economics — ~$44M to LPs over the last 30 days vs. just $4M to the protocol.
• Third-party routers now source more Uniswap volume (~60%) than Uniswap's own front end, a sign it's becoming core DeFi infrastructure rather than just a retail app.
🔗 Read more
#blockworks
✍️ Not Boring: Base Power Raises $1B at a $13B Valuation, Zach Dell's Bet to Build the World's Largest Energy Company
Packy McCormick's third chapter on Base Power Company covers its new $1 billion Series D at a $12B pre-money / $13B post-money valuation, co-led by Ribbit Capital, Valor Equity Partners, Addition, and JPMorganChase's Strategic Investment Group.
• The round was fully subscribed within a day and multiples oversubscribed by the weekend.
• Base is now the second most valuable energy startup in the world (behind Helion) and the most valuable one selling a product today.
• CEO Zach Dell's stated ambition: crack the list of trillion-dollar energy companies — a group currently topped by Saudi Aramco at $1.7T.
• Strategy: vertically integrated battery manufacturing and grid deployment, starting in Texas, building what McCormick calls a compounding "Capability Cannon."
🔗 Read more
#notboring
Packy McCormick's third chapter on Base Power Company covers its new $1 billion Series D at a $12B pre-money / $13B post-money valuation, co-led by Ribbit Capital, Valor Equity Partners, Addition, and JPMorganChase's Strategic Investment Group.
• The round was fully subscribed within a day and multiples oversubscribed by the weekend.
• Base is now the second most valuable energy startup in the world (behind Helion) and the most valuable one selling a product today.
• CEO Zach Dell's stated ambition: crack the list of trillion-dollar energy companies — a group currently topped by Saudi Aramco at $1.7T.
• Strategy: vertically integrated battery manufacturing and grid deployment, starting in Texas, building what McCormick calls a compounding "Capability Cannon."
🔗 Read more
#notboring
⚖️ Arca Weekly: BTC's Failed BIP-110 Fork, Movement's WhatsApp Remittances, and Jupiter Lend v2 Drove This Week's Moves
Arca's weekly token-price roundup flags four distinct stories behind this week's moves, with every token in the mix ending the week lower.
• MOVE (-17%) — Movement launched a WhatsApp-based remittance product with El Vecino and RISE, targeting the US-Mexico corridor first, with El Salvador and Guatemala to follow.
• CRO (-14%) — Trump Media shelved its planned digital-asset-treasury tie-up with Crypto.com's Cronos chain, even as Crypto.com pushed ahead with tokenized equity derivatives.
• JUP (-10%) — Jupiter Lend v2 went live on Solana, letting deposited/borrowed positions double as trading liquidity; the product already holds $1.7B in deposits and $827M in loans outstanding.
• BTC (-2.4%) — Bitcoin's BIP-110 spam-reduction proposal drew support from just 2.53% of nodes and forked off into its own (now-stalled) chain, leading to BIP editor Luke Dashjr's removal — with an unrelated eCash hard fork still slated for late August.
🔗 Read more
#arca
Arca's weekly token-price roundup flags four distinct stories behind this week's moves, with every token in the mix ending the week lower.
• MOVE (-17%) — Movement launched a WhatsApp-based remittance product with El Vecino and RISE, targeting the US-Mexico corridor first, with El Salvador and Guatemala to follow.
• CRO (-14%) — Trump Media shelved its planned digital-asset-treasury tie-up with Crypto.com's Cronos chain, even as Crypto.com pushed ahead with tokenized equity derivatives.
• JUP (-10%) — Jupiter Lend v2 went live on Solana, letting deposited/borrowed positions double as trading liquidity; the product already holds $1.7B in deposits and $827M in loans outstanding.
• BTC (-2.4%) — Bitcoin's BIP-110 spam-reduction proposal drew support from just 2.53% of nodes and forked off into its own (now-stalled) chain, leading to BIP editor Luke Dashjr's removal — with an unrelated eCash hard fork still slated for late August.
🔗 Read more
#arca
📑 RWAs Are Becoming DeFi's New Collateral Primitive
The tokenized real-world asset (RWA) market has surpassed $730B, up 197% over the 12 months to March 2026.
• The real frontier is a smaller $29B segment of non-stablecoin distributed assets (tokenized treasuries, credit, equities), which grew even faster at 246%.
• These tokens now serve as collateral for lending, margin, reserves, and yield strategies — Avalanche ranks 7th globally with over $630M in such assets.
• On Avalanche, OpenTrade's SIERRA token grew from $58M to over $110M in value.
🔗 Read more
#theblock
The tokenized real-world asset (RWA) market has surpassed $730B, up 197% over the 12 months to March 2026.
• The real frontier is a smaller $29B segment of non-stablecoin distributed assets (tokenized treasuries, credit, equities), which grew even faster at 246%.
• These tokens now serve as collateral for lending, margin, reserves, and yield strategies — Avalanche ranks 7th globally with over $630M in such assets.
• On Avalanche, OpenTrade's SIERRA token grew from $58M to over $110M in value.
🔗 Read more
#theblock
🐢 Dataroma: Berkshire's Abel Reverses Course — $19.8B Buying Spree Bets on Alphabet and Housing
Berkshire Hathaway's Q2 13F shows CEO Greg Abel net-deployed $19.8B into equities — the largest buying spree in 3.5 years, ending a 14-quarter selling streak.
• Alphabet jumped to a top-3 holding (+45%, $37.8B combined stake) alongside new bets on D.R. Horton, Lennar and Macy's, while Capital One was cut 58%.
• The AI-plus-housing barbell echoes Schroders' call to rotate beyond flat mega-cap tech into value/cyclicals, and the consumer-credit pullback tracks PIMCO's warning on a building credit-loss cycle.
💡 Why it matters: Berkshire's pivot from cash to a barbell of AI infrastructure and housing/value names, paired with reduced consumer-credit exposure, may point to institutional conviction in selective AI plays and a housing rebound even as credit-quality concerns build elsewhere; not investment advice.
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#dataroma
Berkshire Hathaway's Q2 13F shows CEO Greg Abel net-deployed $19.8B into equities — the largest buying spree in 3.5 years, ending a 14-quarter selling streak.
• Alphabet jumped to a top-3 holding (+45%, $37.8B combined stake) alongside new bets on D.R. Horton, Lennar and Macy's, while Capital One was cut 58%.
• The AI-plus-housing barbell echoes Schroders' call to rotate beyond flat mega-cap tech into value/cyclicals, and the consumer-credit pullback tracks PIMCO's warning on a building credit-loss cycle.
💡 Why it matters: Berkshire's pivot from cash to a barbell of AI infrastructure and housing/value names, paired with reduced consumer-credit exposure, may point to institutional conviction in selective AI plays and a housing rebound even as credit-quality concerns build elsewhere; not investment advice.
🔗 Read more
#dataroma
💻 Tom Tunguz: 84% of AI Tokens Aren't State-of-the-Art — and That's the Real Story
• Frontier models got two-thirds smarter since November and labs now ship a new model every ~36 hours — yet 84% of tokens on OpenRouter still go to non-frontier models.
• The six most-used models deliver about 77% of frontier performance at just 2.5% of flagship pricing (Claude Fable 5).
• Ramp data shows buyers are price-elastic: pricier Fable 5 generated only ~75% of the model-attributed revenue of OpenAI's priciest tier despite costing far more.
• Tunguz's read: frontier models still win on software architecture and security — but each new SOTA release must fight harder to earn its nine-figure training bill.
🔗 Read more
#tomtunguz
• Frontier models got two-thirds smarter since November and labs now ship a new model every ~36 hours — yet 84% of tokens on OpenRouter still go to non-frontier models.
• The six most-used models deliver about 77% of frontier performance at just 2.5% of flagship pricing (Claude Fable 5).
• Ramp data shows buyers are price-elastic: pricier Fable 5 generated only ~75% of the model-attributed revenue of OpenAI's priciest tier despite costing far more.
• Tunguz's read: frontier models still win on software architecture and security — but each new SOTA release must fight harder to earn its nine-figure training bill.
🔗 Read more
#tomtunguz
🇪🇸 Goldman Sachs: Japan's Historic $85B Yen Intervention Buys Time, Not a Fix
• Japan's Ministry of Finance sold an estimated $85 billion over July 30–31 — its largest two-day FX intervention since 2011, joined symbolically by the US Treasury.
• The yen rallied from near 40-year lows past 164/dollar toward 157, though it has since given back about half those gains.
• Goldman says Japan holds roughly $200 billion in ready cash for further rounds, out of $1 trillion in reserves.
• "It ultimately just buys some time" — a lasting fix needs the BOJ to deliver a rate hike at its September meeting, now priced at 65% odds.
🔗 Read more
#goldmansachs
• Japan's Ministry of Finance sold an estimated $85 billion over July 30–31 — its largest two-day FX intervention since 2011, joined symbolically by the US Treasury.
• The yen rallied from near 40-year lows past 164/dollar toward 157, though it has since given back about half those gains.
• Goldman says Japan holds roughly $200 billion in ready cash for further rounds, out of $1 trillion in reserves.
• "It ultimately just buys some time" — a lasting fix needs the BOJ to deliver a rate hike at its September meeting, now priced at 65% odds.
🔗 Read more
#goldmansachs
🇪🇸 Goldman Sachs: Heavy Treasury Supply and AI Debt Are Pushing Long-Term Bond Yields Higher
• August core CPI came in right down the middle (+0.215% m/m), with a softer read-through to the Fed's preferred PCE gauge — markets now price just 9bps of cuts for the September Fed meeting.
• Last week's jobs report showed negative payroll growth for the first time in months, but Goldman's Mike Mitchell says the labor market "is not the story" — it's all about inflation data.
• A 10-year Treasury auction this week was the highest-yielding since 2007, as heavy government supply and rising fiscal deficits keep pushing up the term premium on longer bonds.
• AI-driven corporate debt issuance could hit $250B in 2026 and $400B in 2027, adding further pressure on long-end yields on top of Treasury supply.
• 10-year TIPS real yields near 2.5% (20-year near 3%) are the most attractive since before the 2008 financial crisis; Goldman's preferred trade is a curve steepener.
🔗 Read more
#goldmansachs
• August core CPI came in right down the middle (+0.215% m/m), with a softer read-through to the Fed's preferred PCE gauge — markets now price just 9bps of cuts for the September Fed meeting.
• Last week's jobs report showed negative payroll growth for the first time in months, but Goldman's Mike Mitchell says the labor market "is not the story" — it's all about inflation data.
• A 10-year Treasury auction this week was the highest-yielding since 2007, as heavy government supply and rising fiscal deficits keep pushing up the term premium on longer bonds.
• AI-driven corporate debt issuance could hit $250B in 2026 and $400B in 2027, adding further pressure on long-end yields on top of Treasury supply.
• 10-year TIPS real yields near 2.5% (20-year near 3%) are the most attractive since before the 2008 financial crisis; Goldman's preferred trade is a curve steepener.
🔗 Read more
#goldmansachs
🔐 Paradigm Ships Centaur 2.0: Granular Permissions and MCP Support for Its Open-Source AI Agent
Paradigm's self-hosted, multiplayer AI runtime Centaur gets a major upgrade, rebuilt on a smaller Rust core.
• New granular permissions let teams grant agents access to sensitive tools without exposing credentials.
• MCP support means Centaur's tools now work from Claude, ChatGPT, or any MCP client, not just Slack.
• Since the 2.0 rollout, over 99% of daily Centaur sessions complete successfully, and 80%+ of usage now happens in shared team channels rather than DMs.
🔗 Read more
#paradigm
Paradigm's self-hosted, multiplayer AI runtime Centaur gets a major upgrade, rebuilt on a smaller Rust core.
• New granular permissions let teams grant agents access to sensitive tools without exposing credentials.
• MCP support means Centaur's tools now work from Claude, ChatGPT, or any MCP client, not just Slack.
• Since the 2.0 rollout, over 99% of daily Centaur sessions complete successfully, and 80%+ of usage now happens in shared team channels rather than DMs.
🔗 Read more
#paradigm
💧 Electric Capital Maps 501 Real-World Yield Sources to Find What Gets Tokenized Next
Electric Capital catalogued 501 real-world yield sources across 15 categories and benchmarked them against on-chain RWA traction to map what's likely to get tokenized next.
• On-chain Treasuries remain the largest RWA category at roughly $11B, with the top 10 RWA assets holding 64% of all on-chain RWA value.
• Distribution, not supply, is the bottleneck: only 2 of 35 non-stablecoin RWAs above $50M have crossed 2,000 holders.
• A $327M redemption from Centrifuge's JAAA fund in March 2026 caused it to lose 44% of its value in a day — a stark concentration-risk example.
• Five demand forces — yield diversification, concentration-risk hedging, vaults, tranching and leverage/looping — are flagged as drivers of continued RWA growth.
🔗 Read more
#electriccap
Electric Capital catalogued 501 real-world yield sources across 15 categories and benchmarked them against on-chain RWA traction to map what's likely to get tokenized next.
• On-chain Treasuries remain the largest RWA category at roughly $11B, with the top 10 RWA assets holding 64% of all on-chain RWA value.
• Distribution, not supply, is the bottleneck: only 2 of 35 non-stablecoin RWAs above $50M have crossed 2,000 holders.
• A $327M redemption from Centrifuge's JAAA fund in March 2026 caused it to lose 44% of its value in a day — a stark concentration-risk example.
• Five demand forces — yield diversification, concentration-risk hedging, vaults, tranching and leverage/looping — are flagged as drivers of continued RWA growth.
🔗 Read more
#electriccap
🐢 Dataroma: Liberty Latin America Insiders Pour $121M Into Stock as EM Value Gap Widens
Insiders at Liberty Latin America have bought over $121M in stock across 13 filings in the past three months — the largest dollar total of any Superinvestor-held name on Dataroma's insider-buying tracker.
• Schroders flags emerging markets as cheap on forward P/E even as developed-market valuations sit near historic highs.
• PIMCO frames today's fragmented growth and energy trends as fertile ground for divergent, regionally selective bets.
💡 Why it matters: Heavy insider conviction in a Latin America/Caribbean telecom name, set against Schroders' EM-value thesis and PIMCO's fragmentation framework, points to capital quietly rotating toward cheaper non-US, non-AI exposure even as BlackRock's headline equity call stays concentrated in US mega-cap and AI infrastructure; not investment advice.
🔗 Read more
#dataroma
Insiders at Liberty Latin America have bought over $121M in stock across 13 filings in the past three months — the largest dollar total of any Superinvestor-held name on Dataroma's insider-buying tracker.
• Schroders flags emerging markets as cheap on forward P/E even as developed-market valuations sit near historic highs.
• PIMCO frames today's fragmented growth and energy trends as fertile ground for divergent, regionally selective bets.
💡 Why it matters: Heavy insider conviction in a Latin America/Caribbean telecom name, set against Schroders' EM-value thesis and PIMCO's fragmentation framework, points to capital quietly rotating toward cheaper non-US, non-AI exposure even as BlackRock's headline equity call stays concentrated in US mega-cap and AI infrastructure; not investment advice.
🔗 Read more
#dataroma
🗺 Bessemer: India's $264B IT Services Industry Is Losing the AI Race — to OpenAI and Anthropic Themselves
Bessemer's follow-up to its October 2025 roadmap finds India's IT services disruption moving faster than expected: the NIFTY IT index has fallen 39% from its December 2024 peak as AI reshapes the $264B sector.
• Top-five incumbents posted average constant-currency revenue growth of just 1.2% in FY26, with revenue per employee flat for a decade.
• Instead of ceding ground to IT giants, Anthropic and OpenAI launched their own enterprise deployment arms — Anthropic's backed by Blackstone, Hellman & Friedman and Goldman Sachs; OpenAI's by $4B from 19 investors led by TPG.
• Bessemer's take: margins track the complexity of the work, not the delivery model — Palantir's services-heavy approach still nets 80%+ gross margins, and vertical AI-native challengers built in India, selling globally, are best positioned to capture the opening.
🔗 Read more
#bessemer
Bessemer's follow-up to its October 2025 roadmap finds India's IT services disruption moving faster than expected: the NIFTY IT index has fallen 39% from its December 2024 peak as AI reshapes the $264B sector.
• Top-five incumbents posted average constant-currency revenue growth of just 1.2% in FY26, with revenue per employee flat for a decade.
• Instead of ceding ground to IT giants, Anthropic and OpenAI launched their own enterprise deployment arms — Anthropic's backed by Blackstone, Hellman & Friedman and Goldman Sachs; OpenAI's by $4B from 19 investors led by TPG.
• Bessemer's take: margins track the complexity of the work, not the delivery model — Palantir's services-heavy approach still nets 80%+ gross margins, and vertical AI-native challengers built in India, selling globally, are best positioned to capture the opening.
🔗 Read more
#bessemer
📚 Treasury's Q3 FY2026 TBAC Report: Primary Dealers See $2 Trillion Deficits Through 2028, No Change to Auction Sizes
Treasury's August 2026 refunding presentation to the TBAC pegs privately-held net marketable borrowing at $739B for Q4 FY2026 and $628B for Q1 FY2027.
• Primary dealers' median deficit estimate is $1.95T for FY2026, rising to $2.1T by FY2028 — modestly below their April forecasts.
• Receipts are up 4% YoY to $4.15T through Q3, but outlays climbed 3% to $5.52T, keeping the deficit run-rate elevated.
• All primary dealers expect no changes to nominal coupon, TIPS, or FRN issuance sizes at the August refunding.
🔗 Read more
#rwaxyz
Treasury's August 2026 refunding presentation to the TBAC pegs privately-held net marketable borrowing at $739B for Q4 FY2026 and $628B for Q1 FY2027.
• Primary dealers' median deficit estimate is $1.95T for FY2026, rising to $2.1T by FY2028 — modestly below their April forecasts.
• Receipts are up 4% YoY to $4.15T through Q3, but outlays climbed 3% to $5.52T, keeping the deficit run-rate elevated.
• All primary dealers expect no changes to nominal coupon, TIPS, or FRN issuance sizes at the August refunding.
🔗 Read more
#rwaxyz
🐢 Dataroma: $121M Insider Buying Cluster in Liberty Latin America Tracks EM Rotation Call
Insiders at Liberty Latin America (LILA) have bought $121M across 13 separate purchases over the past three months — the largest dollar total of any Superinvestor-held stock on Dataroma's insider tracker.
• Schroders and PIMCO both flag emerging markets and non-US names as comparatively cheap and better positioned right now, even as BlackRock stays overweight US AI infrastructure and mega-cap tech.
• The LILA buying lines up with that EM/international tilt, though it's a leveraged single-name telecom bet rather than a diversified EM allocation.
💡 Why it matters: Heavy, sustained insider buying in an international telecom name alongside strategists' preference for EM and non-US value may signal early positioning ahead of a broader rotation out of concentrated US mega-cap tech; not investment advice.
🔗 Read more
#dataroma
Insiders at Liberty Latin America (LILA) have bought $121M across 13 separate purchases over the past three months — the largest dollar total of any Superinvestor-held stock on Dataroma's insider tracker.
• Schroders and PIMCO both flag emerging markets and non-US names as comparatively cheap and better positioned right now, even as BlackRock stays overweight US AI infrastructure and mega-cap tech.
• The LILA buying lines up with that EM/international tilt, though it's a leveraged single-name telecom bet rather than a diversified EM allocation.
💡 Why it matters: Heavy, sustained insider buying in an international telecom name alongside strategists' preference for EM and non-US value may signal early positioning ahead of a broader rotation out of concentrated US mega-cap tech; not investment advice.
🔗 Read more
#dataroma
🚌 Keyrock: Chip Earnings — Not Cooling Inflation — Just Set an S&P 500 Record. Bitcoin Didn't Get the Memo
July CPI eased to 3.4% and producer prices came in flat, but the S&P 500's record close was paid for by semiconductor earnings, which grew 135% YoY — the single largest contributor to tech sector growth.
• Bitcoin fell 3.7% to $62,829 on the lowest spot exchange volume since 2019, even as gold hit a two-month high and the dollar slipped.
• Mining difficulty has dropped ~19% from its November 2025 peak — the deepest drawdown since China's 2021 ban — but it's not capitulation: miners like Hut 8 and Core Scientific are re-pointing gigawatts of power toward AI compute leases instead of going bankrupt.
• Keyrock's take: watch the next few difficulty retargets — a higher low would flag genuine capitulation, but power sold to AI on 15-year contracts doesn't come back.
🔗 Read more
#keyrock
July CPI eased to 3.4% and producer prices came in flat, but the S&P 500's record close was paid for by semiconductor earnings, which grew 135% YoY — the single largest contributor to tech sector growth.
• Bitcoin fell 3.7% to $62,829 on the lowest spot exchange volume since 2019, even as gold hit a two-month high and the dollar slipped.
• Mining difficulty has dropped ~19% from its November 2025 peak — the deepest drawdown since China's 2021 ban — but it's not capitulation: miners like Hut 8 and Core Scientific are re-pointing gigawatts of power toward AI compute leases instead of going bankrupt.
• Keyrock's take: watch the next few difficulty retargets — a higher low would flag genuine capitulation, but power sold to AI on 15-year contracts doesn't come back.
🔗 Read more
#keyrock