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Today’s Menu

• Andrej Karpathy Just Crushed the AI Agent Hype

• Trump-Xi Summit Sparks Crypto Recovery

Markets

TODAY IN AI

Andrej Karpathy Just Crushed the AI Agent Hype

Former OpenAI and Tesla researcher Andrej Karpathy threw cold water on AI agent hype during an interview with Dwarkesh Patel, projecting a decade-long timeline before autonomous AI systems can deliver on current promises.

Karpathy believes industry messaging oversells current agentic coding capabilities that output "slop," saying the models "aren't there yet." He stated agents "just don't work" due to fundamental gaps like insufficient intelligence, multimodal limitations, and lack of continual learning.

He called reinforcement learning "terrible" and "noise," but notes it looks good because "everything we had before it is much worse." Elon Musk challenged Karpathy on X to compete against Grok 5, though Karpathy said he'd rather collaborate than compete.

As one of the most respected researchers in AI, Karpathy's words provide a major technical reality check to the "Year of the AI Agent" hype. But despite harsh critiques, it's possible that systems failing to impress top minds are still massively productive for the other 99% of users.

When industry insiders start calling current agent capabilities "slop," that's the brutal honesty the hype cycle desperately needs.

TODAY IN CRYPTO

Trump-Xi Summit Sparks Crypto Recovery

While markets reeled from the biggest liquidation in crypto history, Fundstrat's Tom Lee was already buying, calling it "the basement" before working back up.

BitMine Immersion Technologies backed that conviction with action, accumulating $1.5 billion worth of Ether - adding 379,000 ETH to reach over 3 million ETH total, roughly 2.5% of entire supply. That makes BitMine the world's largest Ethereum treasury.

Then came the macro catalyst. President Trump confirmed an upcoming summit with China's Xi Jinping, signaling clear de-escalation in trade tensions that had rattled markets days earlier.

The announcement ignited broad crypto rebounds - Bitcoin up around 2%, Ethereum and BNB each gaining 3.5%, and Solana rising nearly 4%. Sentiment, which plunged to "Extreme Fear" after the crash, finally started recovering.

Trump's shift from tariff threats to diplomatic talks calmed the storm that triggered the liquidation cascade, restoring confidence just as leverage cleared from the system.

With policy easing, liquidity improving, and trade tensions cooling, the setup looks like the beginning of broader recovery. The dip wasn't the cycle end - it was the reset that kicks off the next leg higher.

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Until next time,

Damon James