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Today’s Menu

• Meta Goes All-In on AI Infrastructure

• Fidelity Says Bitcoin May Enter Supercycle

Markets

TODAY IN AI

Meta Goes All-In on AI Infrastructure

Meta just announced Meta Compute, a new "top-level initiative" to build AI infrastructure at unprecedented scale, with plans to add tens of gigawatts of capacity this decade and hundreds of gigawatts over time.

Infrastructure chief Santosh Janardhan will co-lead the effort with Daniel Gross, who came over from AI safety startup SSI last year. Meta has committed $600 billion in U.S. infrastructure spending by 2028 and recently locked in 20-year nuclear power agreements for its data centers.

Newly appointed president and former Trump national security official Dina Powell McCormick will handle government deals to finance and build capacity. The announcement comes amid reported major layoffs to Meta's Reality Labs and metaverse and VR divisions, with a roughly 10% cut expected this week.

Zuck and co. splashed serious cash on poaching top AI talent in the summer, and now they're doubling down on the compute front as well. With the AI race increasingly becoming an infrastructure one, Meta's initiative aims to ensure that scale won't be the bottleneck in leveling up to the frontier.

When you commit $600 billion to AI infrastructure and sign 20-year nuclear deals, that's not just scaling. That's declaring compute will never be your limiting factor.

TODAY IN CRYPTO

Fidelity Says Bitcoin May Enter Supercycle

Fidelity just made a prediction for 2026. Bitcoin may be shifting from its four-year cycle into a "supercycle," with longer highs, shallower drops, and structural changes that alter market behavior.

Parth Gargava, managing partner at Fidelity Labs, made the case in Fidelity's 2026 outlook. Bitcoin has historically followed a four-year cycle tied to halvings, with price peaking roughly 18 months after each halving. The 2024 halving happened in April. The question: Has Bitcoin already peaked? Or has the cycle changed?

The supercycle thesis suggests more prolonged highs, longer highs, and shallower dips. Three drivers: Persistent ETF demand with spot Bitcoin ETFs holding $123 billion. That's steady institutional capital, not retail speculation. Pro-crypto U.S. policy with less regulatory uncertainty. And changing correlations, with Bitcoin decorrelating from the S&P 500 and precious metals, trading less like pure risk and more like a liquidity hedge.

Quantitative tightening has ended. U.S. debt exceeds $38 trillion. Governments are choosing growth over austerity. Global M2 growth is turning positive. $7.5 trillion sits in money market funds. If a fraction rotates into risk assets, Bitcoin absorbs it. Fidelity calls Bitcoin a "liquidity sponge."

But inflation remains sticky. The dollar is strong. Policy is easing but still restrictive. If markets tip risk-off, Bitcoin can sell off hard alongside tech.

Gargava didn't declare the four-year cycle dead. He said 2026 will answer whether Bitcoin follows its boom-bust pattern or shows a longer, steadier expansion. Bitcoin is maturing into a macro asset shaped by liquidity cycles and institutional flows. This time might just be different.

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Until next time,

Damon James