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Today’s Menu

• xAI-Apple legal battle exposes Silicon Valley's most petty billionaire rivalry

• Bitcoin surges past $120K as markets reject Fed's 2% inflation target

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TODAY IN AI

xAI-Apple legal battle exposes Silicon Valley's most petty billionaire rivalry

Elon Musk has announced that xAI is pursuing legal action against Apple for allegedly promoting OpenAI's products in the App Store while suppressing competitors like Grok, triggering a public spat with Sam Altman that devolved into accusations of algorithmic manipulation and bot activity. The exchange represents a new low in what has become Silicon Valley's most entertaining and embarrassing billionaire feud.

Musk's initial claim that it's "impossible for any company besides OAI to reach #1 in the App Store" was immediately contradicted on X, with users citing DeepSeek and Perplexity as counterexamples. When confronted with this evidence, Musk pivoted to attacking Altman's social media engagement, noting that Altman's post received 3 million views despite having 50 times fewer followers.

Altman's dismissive response of "skill issue" and "or bots" prompted an even more bizarre escalation when Grok itself was tagged into the conversation. The AI system sided against its creator, stating "Sam Altman is right" while noting Musk's "documented history of directing algorithm changes to favor his interests."

The exchange reached peak absurdity when Musk posted a screenshot of GPT-5 declaring him more trustworthy than Altman, while simultaneously claiming xAI was working to fix Grok's reliance on "legacy media"—presumably to prevent future algorithmic betrayals by his own AI system.

The public nature of this conflict reveals the deeply personal animosity between two figures who once collaborated at OpenAI's founding. Their deteriorating relationship has transformed from professional disagreement into what resembles a "middle-school lunch fight" conducted on the world's largest social media platform.

The legal threat against Apple adds a new dimension to the conflict, potentially dragging one of the world's most valuable companies into the Musk-Altman drama while raising questions about App Store neutrality and AI platform competition.

TODAY IN CRYPTO

Bitcoin surges past $120K as markets reject Fed's 2% inflation target

BitMine Immersion has achieved a historic milestone by surpassing 1 million ETH holdings, reaching 1.15 million ETH worth nearly $4.9 billion after adding 317,000 ETH in a single week. This aggressive accumulation strategy keeps the company on track toward its ambitious goal of controlling 5% of all Ethereum in existence—approximately $25 billion at current prices.

The market has responded enthusiastically to BitMine's Ethereum strategy, with the stock becoming one of the 25 most-traded U.S. companies, generating $2.2 billion in daily trading volume. Shares have surged 637% year-to-date, demonstrating investor appetite for pure-play Ethereum exposure through public equities.

BitMine's success has catalyzed broader corporate Ethereum adoption, with SharpLink Gaming recently raising $400 million to boost its holdings past $3 billion total. Combined with last week's $900 million raise, SharpLink now controls 598,800 ETH worth over $2.5 billion while pursuing its own goal of accumulating 1% of Ethereum's supply.

The corporate treasury movement extends beyond these major players, with companies like Bit Digital joining the Ethereum accumulation trend. Standard Chartered projects that publicly traded ETH treasuries could soon control 10% of all circulating Ethereum, creating unprecedented supply concentration among corporate holders.

This "Ethereum MicroStrategy" phenomenon mirrors the corporate Bitcoin adoption wave but with crucial differences. Ethereum's staking capabilities allow treasury companies to generate yield while holding assets, creating cash flow that Bitcoin treasuries cannot match through native protocol mechanisms.

The supply dynamics are becoming increasingly favorable for price appreciation. As corporate treasuries remove substantial ETH quantities from circulating supply while staking rewards reduce overall available tokens, basic supply-demand economics suggest continued upward pressure on prices.

The concentration of Ethereum holdings among corporate treasuries also creates potential network governance implications, as these entities could eventually wield significant influence over Ethereum protocol decisions through their substantial stakes.

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Until next time,

Damon James