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Today’s Menu

• Alexandr Wang becomes AI dictator as Meta's hiring spree officially ends in chaos

• Fed's Hammack obliterates crypto euphoria with rate cut reality bomb

Markets

TODAY IN AI

Alexandr Wang becomes AI dictator as Meta's hiring spree officially ends in chaos

Meta just pulled off the most dramatic AI restructure in Silicon Valley history, and it's absolutely brutal. Alexandr Wang has basically become the emperor of Meta's AI kingdom, dissolving the entire AGI Foundations division and forcing everyone into four new units that all report directly to him. Even legendary Chief Scientist Yann LeCun now has to kiss Wang's ring, with FAIR being repositioned as just another cog in Wang's machine.

The power grab gets even more intense when you realize Wang has imposed a hiring freeze across the entire AI division, requiring his personal approval for any new hires. After months of poaching talent from every major AI company, Meta's summer spending spree has come to a screeching halt. The AGI Foundations team is being scattered to the winds like refugees, while a mysterious 'TBD Lab' emerges to explore "omni" models and frontier research.

What makes this restructure so fascinating is how it exposes the tensions bubbling under Meta's AI efforts. You've got entire teams that feel "lost in the shuffle" as Wang consolidates power, and the memo outlining research, training, products, and infrastructure units reads like a corporate takeover manual. The high-profile new leadership clearly wants to move at warp speed, but the human cost is becoming obvious.

This isn't just reorganization—it's a complete power shift that signals Meta's AI strategy is undergoing radical surgery. Whether Wang can actually deliver on this authoritarian approach or if it backfires spectacularly remains the billion-dollar question that could determine Meta's AI future.

TODAY IN CRYPTO

Fed's Hammack obliterates crypto euphoria with rate cut reality bomb

Bitcoin just got absolutely demolished by Cleveland Fed President Beth Hammack, who basically walked into the room and said "hold my beer" before destroying September rate cut dreams with surgical precision. Her blunt declaration that "if the meeting was tomorrow, I would not see a case for reducing interest rates" sent Bitcoin plummeting nearly 10% from last week's record above $124K, turning crypto's victory lap into a funeral march.

The market whiplash is genuinely insane—just one week ago, traders were practically guaranteeing September cuts with near 100% odds. Today, those odds have collapsed to 75% according to CME FedWatch, and you can almost hear the collective panic as leveraged positions get liquidated faster than Kanye's memecoins. Hammack wasn't done either, warning that inflation "has been trending in the wrong direction" and promising the Fed will stay "laser focused" on hitting 2%.

Here's where it gets really ugly for crypto: Hammack dropped the tariff bomb, explaining that "we're not going to see the full impact of tariffs pass through until sometime next year. It usually takes three to four months to start seeing the early impacts of tariffs, and so we're just at that point right now." Translation: the inflation pain is just getting started, which means rate cuts might be a fairy tale.

All eyes now turn to Jerome Powell's keynote today, but Bitwise strategist Juan Leon is already preparing for disaster, expecting a "cautiously hawkish" tone that could trigger "rates-higher, dollar-firmer, risk-off whiplash." The harsh reality is that the liquidity everyone's been counting on isn't coming anytime soon, but when the Fed finally does blink, crypto will be first in line to catch the tsunami of capital that follows.

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Until next time,

Damon James