Hormuz cut the nitrogen fertilizer supply by choking LNG and natural gas.

Now China is halting sulfuric acid exports from May. 50% of sulfuric acid goes to phosphate fertilizer.

That's both legs of the fertilizer market hit simultaneously — nitrogen from…

According to the report, Iran used small boats to lay mines in the Strait last month, leaving only a narrow safe corridor for vessels willing to pay a fee. The Islamic Revolutionary Guard Corps reportedly carried out the mining in a chaotic manner, and it…

U.S. Forces Start Mine Clearance Mission in Strait of Hormuz

No Margot Robbie in a bathtub today. Just a hedgehog who's been watching private credit for months and needs you to read this carefully.

🦔The biggest banks on Wall Street are launching a new tool next week to bet against private credit funds, the same $3…

You need to understand, Iran was always going to walk away from these talks a winner.

-We sent inexperienced negotiators.

-Up against a people with multiple martyrs.

-Who wanted to project strength.

Either they would come home with a deal, or the story…

I'm not sure why this is making $ENA catch a bid.

@ethena was a simple but brilliant regulatory arbitrage play at a time when DeFi lego blocks were just being built and composability was key to distribution.

Retail couldn't easily access deeply liquid…

Maybe retail just got sick of being absolutely fleeced by VC’s endlessly selling supply on their heads…?

Yes HYPE had revenues and that forced people to rewrite the sector based on a real multiple but the bigger thing was the combination of no VC overhang…

@fejau_inc Ok I wasn't gonna get into this because it'd be contrarian and unpopular but here we go.

First off - I'm not denying HYPE is 💯 one of the most impressive projects out there. None of the below is a comment on HYPE's fundamentals as a business.…

Another week on the road meeting with a couple dozen IT and AI leaders from large enterprises across banking, media, retail, healthcare, consulting, tech, and sports, to discuss agents in the enterprise.

Some quick takeaways:

* Clear that we’re moving…

The Return of Rimland

A bunch of people have written me back saying this was the best newsletter I have ever sent (flattering) ... so here it is for those who don't subscribe: AI Is Not a Labor Crisis. It Is a Meaning Crisis.

i didn’t realize how bad it was until i saw this comment section on instagram

NEW: Ramp AI Index out today with FT @tryramp

- Anthropic will surpass OpenAI in adoption within a month or so
- Businesses shrugged off the DoD security designation