Empire

Is AI's infinite capital era finally running out of road? This week, we unpack the AI bloodbath and why credit markets are flashing warnings while crypto quietly holds its ground. We explore Anthropic's growth scare, Yano's AI survival tiers, why everyone's talking about Pearl, and whether regulators will ever allow global liquidity. Enjoy! TIMESTAMPS: 00:00 Intro 01:24 AI Sells Off, Crypto Holds Up 05:20 Is CoreWeave Facing A Debt Crisis? 10:14 Can Frontier Models Make Money? 16:20 Ads (Fidelity Crypto, DAS London) 17:30 Which AI Businesses Survive? 21:52 Who Wins As AI Gets Cheaper? 27:15 Ads (Fidelity Crypto, DAS London) 28:41 What Stood Out At Token2049? 31:49 Can AI Mining Challenge Bitcoin? 36:09 Does Pearl’s Mining Model Work? 40:23 What’s Next For Crypto Exchanges? 50:26 Will Stablecoins Replace National Currencies? 59:45 Content Of The Week FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyano. itz › Santi – https://x.com/santiagoroel › Rob – https://x.com/HadickM › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks SPONSORS › Fidelity Crypto was built in-house with over a dozen years of crypto experience. So you can trade crypto and stocks in one place at Fidelity, backed by industry-leading security. Fidelity Crypto. We're here to help you feel good about investing in crypto. Crypto is offered by Fidelity Digital Assets, NA, is not insured by FDIC or SIPC and includes risk of significant loss. Securities offered by Fidelity Brokerage Services,LLC. Member NYSE, SIPC. http://fidelity.com/crypto EVENTS › Join us at Digital Asset Summit London Nov 10-11 https://blockworks.com/events RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era › Start building with the Blockworks Unified API https://blockworks.com/insights/introducing-the-blockworks-unified-api DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Is tokenization pointless until you can borrow against it? This week, we sit down with Kamino's new CEO Michael Weisz on why he left fintech to build the onchain credit layer. We explore Kamino's invisible distribution strategy, why Goldman won't lend on private assets, why venture can't be collateral yet, and how his upside rides on $KMNO. Enjoy! TIMESTAMPS: 00:00 Intro 00:54 Why Leave Fintech For Crypto? 05:43 Why Join Kamino? 10:01 Kamino’s Vision For Onchain Finance 14:06 Who Owns The Customer Relationship? 17:13 Bringing Institutions Onchain: Four Pillars 23:34 Why Private Assets Need Onchain Credit 27:23 Which Assets Make Good Collateral? 33:27 Can DeFi Attract Top Asset Managers? 39:18 Running Kamino Like A Public Company 43:28 How Do Collateral And Liquidations Work? 46:45 Why Choose Tokens Over Equity? 50:05 Building Kamino’s Team 52:49 Final Thoughts FOLLOW GUEST › Michael – https://x.com/WeiszM › Kamino – https://kamino.com/earn/lend FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit London Nov 10-11 https://blockworks.com/events RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era › Start building with the Blockworks Unified API https://blockworks.com/insights/introducing-the-blockworks-unified-api DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

What if Hyperliquid’s biggest opportunity is helping the exchanges it’s compared against? This week, Hyperliquid Labs CEO & Co-founder Jeff Yan explains how Hyperliquid is building shared infrastructure for the entire financial system. We discuss options, institutional access, the cost of trading speed, and why transparent markets could deliver better execution. Enjoy! TIMESTAMPS: 00:00 Intro 01:31 Building The House Of All Finance 05:07 Is Hyperliquid More Than An Exchange? 07:17 Bringing Institutions Onto Hyperliquid 11:46 Better Trading Through Fees And Options 18:19 Do Transparent Markets Deliver Better Execution? 23:46 Keeping Hyperliquid’s Community Focused 27:05 What Comes Next For Hyperliquid? FOLLOW THE SHOW › Jeff – https://x.com/chameleon_jeff › Shaunda – https://x.com/shaundadevens › DAS –https://x.com/blockworksDAS › Jason – https://x.com/jasonyanowitz › Empire – https://x.com/theempirepod › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era › Start building with the Blockworks Unified API https://blockworks.com/insights/introducing-the-blockworks-unified-api DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

How do you price a commodity that still clears in text messages? This week, we're joined by Brett Harrison of Architect and Andrawes Bahou of Compute Desk to discuss why GPU compute needs a futures market for better pricing and hedging. We explore the opaque broker markets quoting GPUs that don't exist, buyers paying up to 2x to get chips sooner, hyperscaler cash flow going negative, and the biggest constraints in the AI market. Enjoy! TIMESTAMPS: 00:00 Intro 00:59 Why Does Compute Need Markets? 08:53 Compute Still Trades In Group Chats 13:38 Why Finding GPUs Takes So Long 19:21 How Much Compute Should You Buy? 26:58 Why Are Compute Prices Rising? 33:27 Can Architect Take On CME? 38:13 How Do You Hedge Compute? 43:08 The Risks Behind GPU Lending 52:08 What Really Constrains The AI Market? 01:02:08 What Is Everyone Missing About Compute? FOLLOW GUESTS › Brett – https://x.com/BrettHarrison › Architect – https://architect.co/ › Andrawes – https://x.com/andrawesbahou › Compute Desk – https://www.compute-desk.com/ FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes. only. Any views expressedare opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

AI is absorbing investor attention while crypto fundamentals keep improving and fueling growing signs of the long-awaiting bull market. This week, we debate the economics behind AI’s boom and whether crypto’s recovery deserves more attention. We also explore data center financing, why Yano is buying Backpack, overlooked fintech growth, and whether AI agents will disrupt financial services. Enjoy! TIMESTAMPS: 00:00 Intro 00:58 Silicon Valley’s AI Drama 02:52 What Could Pop AI’s Bubble? 08:49 AI’s Boom Vs The Debt Markets 12:33 Will Compute Demand Keep Growing? 15:53 The Economics Behind AI Compute 21:23 Is Crypto’s Bull Market Back? 30:29 Was SBF Actually A Great Investor? 37:22 Crypto’s Regulatory And Funding Shift 41:42 Is Crypto Growth Different This Time? 48:24 Will AI Agents Disrupt Finance? 54:00 Content Of The Week FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Santi – https://x.com/santiagoroel › Rob – https://x.com/HadickM › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era › Start building with the Blockworks Unified API https://blockworks.com/insights/introducing-the-blockworks-unified-api DISCLAIMER Nothing said on Empire is a recommendation to. buy orsell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.