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Today’s Menu

• Extropic Just Claimed the Biggest AI Hardware Breakthrough in Years

• Fed Rate Cut Tanks Bitcoin on Powell's Hawkish Warning

Markets

TODAY IN AI

Extropic Just Claimed the Biggest AI Hardware Breakthrough in Years

Extropic introduced thermodynamic sampling units (TSU), a new chip architecture that handles probability calculations instead of traditional processing, claiming the hardware can run AI models using 10,000x less energy than current GPUs.

Instead of working step-by-step like traditional GPUs, Extropic's chips generate probable solutions directly, trading precision for lower energy use. The startup shipped its first development kit to AI labs and weather companies, plus open-source tools for researchers to test the approach.

Extropic will ship its Z-1 chip next year, designed to run a new type of diffusion model that creates images and videos by removing noise over multiple steps. Founded by former Google quantum researchers, Extropic believes energy limits will cap AI progress unless the industry abandons current chip designs.

Led by Guillaume Verdon (revealed as the popular @BasedBeffJezos on X), Extropic has been teasing a paradigm shift in AI hardware for years - and today looks like a first major public step towards that vision. Whether the tech translates to real-world, production-ready systems at scale will be the trillion-dollar question.

When a startup claims 10,000x energy savings over GPUs, that's either the biggest breakthrough or the biggest overpromise in AI hardware history.

TODAY IN CRYPTO

Fed Rate Cut Tanks Bitcoin on Powell's Hawkish Warning

The Fed cut rates this week, and instead of rallying, Bitcoin slipped back to $110K, down almost 2% on the day after Jerome Powell called the expected December cut "far from a foregone conclusion."

That single line flipped the market. Traders who had priced in easy money got hit with reality. Stocks and crypto dropped in sync. Bitcoin fell as low as $109K, breaking below short-term support with RSI readings flirting with oversold levels on 4-hour charts. Prediction markets on Myriad saw bullish odds slide from 75% to 58%.

The bigger picture hasn't changed though. The Fed's benchmark rate is now at its lowest level in three years, and balance sheet reduction stops December 1 - meaning QT is ending and liquidity is coming, just not fast enough for impatient traders.

Analysts remain split. Oxford Economics warned "future moves are becoming more contentious" while Coin Bureau's Nic Puckrin said Bitcoin shows a "potential double top pattern" with "daily volumes dropping off a cliff."

Yet 21Shares strategist Matt Mena sees it differently: "November has historically been one of Bitcoin's best-performing months... averaging 46% returns. We remain moderately risk-on and see a credible path for Bitcoin to break its all-time high before year-end."

Short-term sentiment has turned shaky. But the long-term story hasn't changed - liquidity is still coming, just slower than traders hoped.

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Thanks for reading!

Until next time,

Damon James