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Today’s Menu

• Microsoft's MAI-Voice-1 signals the beginning of the end for its OpenAI romance

• JPMorgan drops bombshell: Bitcoin is drastically undervalued with $126K fair value target

Markets

TODAY IN AI

Microsoft's MAI-Voice-1 signals the beginning of the end for its OpenAI romance

Microsoft just made a power move that should have OpenAI executives breaking out in cold sweats: they've launched their own AI voice models, and they're not messing around. The MAI-Voice-1 model is already powering Copilot's voice features with lightning speed, generating a full minute of audio in just one second, while their MAI-1-preview model continues testing with users who are reportedly blown away by the quality.

This isn't just another product launch—it's Microsoft declaring independence from OpenAI in the most dramatic way possible. For years, Microsoft has been essentially renting AI capabilities from their supposed partner, but now they're building their own stack and taking control of their destiny. The company can now innovate on their own terms without waiting for OpenAI's permission or paying their increasingly expensive fees.

The timing couldn't be more strategic, considering the growing tensions between the two companies over everything from compute resources to competitive positioning. Microsoft is essentially saying "we don't need you anymore" in the politest way possible, while simultaneously giving themselves the flexibility to compete directly with ChatGPT if they choose to.

The voice quality demos are already generating serious buzz, and if Microsoft can match or exceed OpenAI's capabilities while controlling their own infrastructure costs, this could fundamentally reshape the AI landscape. We might be witnessing the moment when Microsoft transforms from OpenAI's biggest customer into their most dangerous competitor.

TODAY IN CRYPTO

JPMorgan drops bombshell: Bitcoin is drastically undervalued with $126K fair value target

JPMorgan just delivered the kind of Bitcoin analysis that makes maximalists want to tattoo bank logos on their foreheads: they're calling the current $111K price "too low" and setting a $126K fair value target that could hit before year-end. This is the same bank that once dismissed Bitcoin, now essentially telling the world that the largest cryptocurrency is trading at a discount.

The reasoning is mathematically brutal in its simplicity: Bitcoin's six-month volatility has collapsed from 60% at the start of the year to just 30% today—the lowest level ever recorded. Managing Director Nikolaos Panigirtzoglou points out that Bitcoin is now only twice as volatile as gold, the tightest gap in history, making it dramatically more investable for institutional portfolios.

Corporate treasuries have already locked up 6% of Bitcoin's supply, which JPMorgan compared to quantitative easing in terms of market impact. Add index inclusions like Strategy's global benchmark upgrade and Metaplanet's FTSE addition, and passive inflows just keep building relentless buying pressure while supply gets scarcer by the day.

The corporate arms race is intensifying with KindlyMD raising $5 billion to buy BTC, Adam Back's BSTR wanting to rival Marathon, and Strategy maintaining its benchmark position while competition multiplies. JPMorgan's brutal assessment: collapsing volatility has made Bitcoin more investable than ever, institutions can now size positions with gold-like confidence but with bigger upside potential, and history shows Bitcoin doesn't pause politely at fair value—it blows right through it.

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Until next time,

Damon James