• Competitive pressure against NVIDIA is expected to intensify as rivals and hyperscalers pursue alternative chips and partnerships.
• The decision to sell Manus was characterized as rationally taking a local maximum given existential risks, a limited acquirer set, and likely low gross margins from orchestrating multiple LLMs at low price.
• Public markets may no longer be a compelling product if they cannot reward solid companies, creating a scenario where private markets offer higher valuations and effectively cheaper capital despite illiquidity.

• Ranger Finance’s MetaDAO raise is highlighted as an early test of whether the STAMP/MetaDAO pathway has product-market fit for teams that already have prior investors and still want VC involvement.
• A market regime shift toward focusing more on revenue is described as likely, which would generally hurt L1 tokens and help application tokens, reducing the 'rising tide' effect.
• ETF inflows, rising DEX trading volumes (including Lighter and Hyperliquid), and increasing open interest are being used as early indicators of returning risk appetite.

• A central open question is whether Strategy’s approach sustains and what happens to the hundreds of follower companies (succeed, get acquired, or fail).
• Public-company Bitcoin adoption creates a stockholder-management friction point within a system of institutions funding firms and retail shareholders participating.
• BitcoinTreasuries.net is building and updating advanced metrics including fully diluted shares quarterly, with plans for Bitcoin-per-share and mNAV metrics and portfolio tooling.