Software is a dead asset - long commodities, long compute, short anything built on code ⚰️

Jordy Visser (Head of AI Macro Nexus at 22V Research) is not mincing words.

He's calling the end of the software era - the decade-long run where non-cyclical, seat-based SaaS companies dominated everything.

Jordy says AI has broken the growth narrative that powered the Mag 7 and is now compressing multiples across all long-duration fiat assets.

His playbook is long commodities (copper, silver, DRAM, optical fiber), long compute and semiconductors, and short anything that relied on a software moat.

For Bitcoin specifically, Jordy says it always gets hit first in liquidity squeezes but rallies hardest once central banks step in - and with private credit stress building and oil as the trigger, that intervention is getting closer.

His bottom line: Wall Street is closer to embracing Bitcoin than people realize because the Mag 7 growth trade is dying and pension funds still need returns.

🎙️ Listen to the full episode here.

Tax day is the sneaky catalyst nobody's talking about 📅

Matt Hougan (Chief Investment Officer at Bitwise) just dropped an under-the-radar call...

He thinks crypto chops sideways or down until April 15 (U.S. tax day) and then rips.

His logic: a ton of people who cashed in gains during the 2025 rally (Trump memecoin, post-election pump) now owe the IRS, and they're selling crypto to pay that bill.

Once tax freedom day hits, that selling pressure clears.

Combine that with potential CLARITY Act passage and any improvement in the Middle East and you've got the setup for crypto spring.

🎙️ Listen to the full episode here.

Tesla's building its own chip empire (and it's not even close to priced in) 🧠

Kyle Reidhead (Head of Research at Milk Road) broke down the Tesla, SpaceX, and xAI joint venture to build a "Terrafab" in Texas.

(Basically a massive chip manufacturing facility that could produce 100 to 200B units per year.)

Kyle says this is the move that ties Elon's whole empire together:

They can't source enough chips from TSMC or Nvidia to scale Optimus, Cybercab, FSD and Grok - so they're just going to build their own.

The chips they're designing are reportedly 40x more powerful than their current A14.

Kyle says this doesn't hurt Nvidia today (Tesla will keep buying GPUs for years) but it removes the geopolitical risk of Taiwan dependence and gives Tesla fully integrated silicon optimized for their exact use cases.

🎙️ Listen to the full episode here.

Stablecoins are about to eat $1T of emerging market savings 💵

Geoffrey Kendrick (Global Head of Digital Assets Research at Standard Chartered) laid out a thesis that might be the most underappreciated macro story right now.

Of the $300B in stablecoins outstanding today, Geoffrey estimates roughly two-thirds (about $200B) is emerging market savings.

People in Argentina, Kazakhstan, Ukraine and elsewhere parking cash in dollar-backed stablecoins because it's safer and easier than their local banking system.

Geoffrey sees another $1T flowing in over the next few years as this behavior filters from the ultra-wealthy down to everyday people.

And because the GENIUS Act requires T-bill backing, that will mean $1T of new demand for short-dated Treasuries - enough to potentially replace all planned 30-year auctions over three years.

The second-order effect? Lower mortgage rates in the U.S., stronger dollar flows, and possible bank runs in weaker emerging markets.

🎙️ Listen to the full episode here.

Bitcoin is a "heads I win, tails you lose" asset right now 🪙

John Gillen (Host & Macro Analyst at Milk Road) relayed a line from macro trader David Brickell that perfectly captures what's happening with BTC.

In risk-on environments with high liquidity, Bitcoin rips because it's the highest-beta play in the room.

In environments where governments are collapsing and fiat currencies are imploding (like what's happening in Iran right now) Bitcoin also rips because it's the easiest way to move value out.

John says you can literally see onchain activity spiking from Iranian wallets as people try to protect their capital.

Meanwhile gold just had its biggest sell-off in 43 years, with some holders reportedly taking 20 to 30% haircuts just to get liquid.

BTC is sitting in this $60k-85k range waiting for the market to pick a direction.

John's advice is simple: sit on your hands and don't outsmart yourself.

🎙️ Listen to the full episode here.

PRO INSIGHT OF THE WEEK 🔮

On Tuesday, after we got a glimpse at the current draft of the CLARITY Act - one of our PRO members asked:

“How does the CLARITY act, as drafted now regarding stablecoins, impact SKY?”

To which Kyle, our Head of Research, answered:

“Great question - it doesn't.

CLARITY act is regulation around centralized U.S.-based companies that issue payment stablecoins backed 1:1.

Sky is neither a centralized U.S.-based company (it’s a protocol with DAO governance) nor is it a payment stablecoin backed 1:1 - it’s an overcollaterlized yield-generating stablecoin.

So it doesn't touch it - if anything, this restriction makes Sky’s product even more useful, since USDC and others would not be a competitor.”

P.S. Want direct access to our PRO analyst team, so you can get your burning questions answered in real-time and make the right moves?

👉 Go PRO to unlock access!