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Today’s Menu

• OpenAI's New Codex-Max Can Code For 24 Hours Straight

• Bitcoin Drops Below $89K as Fed Loses Its Data Compass

Markets

TODAY IN AI

OpenAI's New Codex-Max Can Code For 24 Hours Straight

Google released Gemini 3, its new state-of-the-art model that's now leading multiple benchmarks and leaderboards. The company is calling it a "new era of intelligence," and the results back it up.

Gemini 3 and its Deep Think variant set new records on reasoning benchmarks like Humanity's Last Exam and ARC-AGI-2, beating GPT-5's previous scores. The model leads in scientific knowledge, math, multimodal reasoning, and tool use. It trails only Claude Sonnet 4.5 in coding performance.

One standout capability is Gemini 3's ability to create generative UI and visual layouts in real-time, demonstrated through its integration in AI Mode in Search.

Google also launched Antigravity, a free agentic coding platform with browser control, asynchronous workflows, and multi-agent orchestration.

This marks the first time in a while that Google has taken the top spot from OpenAI. With access to massive resources and integration across its product ecosystem, Google is making a clear statement as the industry moves into the next generation of frontier model

TODAY IN CRYPTO

Bitcoin Drops Below $89K as Fed Loses Its Data Compass

Bitcoin briefly fell below $89K overnight before recovering toward $91K. That puts it about 5% below its 2025 open and more than 25% off the October peak. Ethereum lost the $3K level, altcoins bled further, and crypto stocks and ETFs took another hit.

This time, the trigger wasn't liquidations. It was the Fed.

Minutes from the October meeting revealed one of the widest policy splits in years. Some officials want more cuts. Others want to pause for all of 2025. One pushed for a bigger cut. Another wanted no cuts at all. There's no preset path anymore.

Then the BLS confirmed October jobs numbers are scrapped, and November's report won't arrive until after the December decision. One of the Fed's most critical inputs just disappeared.

Without fresh jobs data, markets have stopped pricing in a near-term pivot. Rate-cut odds for December collapsed from nearly 100% three weeks ago to roughly one-third today.

The stress is visible across metrics. Perpetual futures open interest saw its biggest weekly jump since 2023. Funding rates flipped positive as traders tried catching the bounce. The Fear & Greed Index sits in "extreme fear" near yearly lows. Bitcoin has traded below its 365-day moving average for six straight days, with a new "death cross" forming on charts.

But there's another angle. The Fed is caught between a weakening labor market and inflation that won't quit. If growth weakens without clear data, pressure to ease harder in 2026 increases. Every delay in cuts now typically means more liquidity later.

Short term, the path looks messy with thin liquidity, crowded leverage, and a central bank flying blind. Medium term, this week's drama doesn't change the core thesis: Bitcoin trades as a bet on future liquidity and distrust in fiat. We're in the fear phase of that cycle.

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Thanks for reading!

Until next time,

Damon James