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Today’s Menu

• OpenAI looks to acquire Jony Ive's AI hardware startup

• Key events this week set to impact crypto markets

Markets

TODAY IN AI

OpenAI looks to acquire Jony Ive's AI hardware startup

OpenAI is reportedly in talks to acquire io Products, a secretive AI hardware startup led by former Apple design chief Jony Ive and already backed by OpenAI CEO Sam Altman. The deal could value the company at over $500 million, signaling OpenAI's serious ambitions beyond software.

io Products is developing AI-powered personal devices and household products, including an intriguing "phone without a screen" concept. Ive and Altman began their collaboration over a year ago, with Altman deeply involved in product development as the pair sought to raise $1 billion for the venture.

The startup has attracted impressive talent, including several prominent former Apple executives such as Tang Tan, who previously led iPhone hardware design, and Evans Hankey. This suggests the project aims for Apple-level design excellence and manufacturing quality.

The hardware arrangement appears symbiotic: built by io Products, designed by Ive's LoveFrom studio, and powered by OpenAI's AI models. This vertical integration could allow for uniquely optimized AI experiences that aren't possible with third-party hardware.

OpenAI acquiring an Altman-associated startup would certainly raise eyebrows, but the strategic rationale is clear. As AI interfaces evolve beyond screens toward ambient computing, controlling the hardware layer becomes increasingly valuable. A standout OpenAI wearable or home device could represent an 'iPhone moment' for AI hardware, especially given the underwhelming attempts from other companies so far.

^{Today In Crypto}

Bitcoin demonstrates improved resilience during market turbulence

Global markets have been rocked by uncertainty stemming from Trump's tariff announcements, with Monday delivering a particularly brutal session across Asian and European markets. While Tuesday brought some relief, it appeared more like a brief respite than a genuine recovery.

Crypto skeptics quickly highlighted bitcoin's price drop to $75,000 on Monday as evidence that its safe haven narrative was crumbling. However, this criticism misses important context about bitcoin's evolving market behavior.

During acute market stress, investors historically rush to cash, liquidating even traditional safe haven assets like gold. Bitcoin following this pattern isn't surprising, but what's notable is the degree of correlation. Since Wednesday's New York market close, BTC has declined 8.4%, outperforming both the S&P 500 (down 10%) and the Nasdaq (down 11%).

The broader perspective is even more telling. The Nasdaq currently sits 22% below its all-time high, while bitcoin is only 28% off its peak. In previous market shocks—like the yen carry-trade unwinding in August 2024 or the COVID crash in March 2020—bitcoin suffered far deeper relative drawdowns.

As David Lawant, head of research at FalconX, noted: "What matters is that BTC's beta to broader risk assets appears meaningfully lower in this sell-off than in previous ones. This suggests a growing recognition of bitcoin's potential role as a non-sovereign store of value during periods of economic stress."

Monday's trading was further complicated by false reports about a 90-day tariff delay, causing markets to spike briefly before crashing back after the reports were debunked. This episode highlights the hair-trigger sensitivity of current market conditions and the importance of verifying information before trading.

The strategic takeaway: Bitcoin's evolving market behavior suggests it's gradually being recognized as a distinct asset class rather than simply a high-beta tech proxy. This maturation process isn't linear, but the reduced correlation during this particular stress period represents an important milestone in bitcoin's journey toward becoming a legitimate macroeconomic hedge.

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Thanks for reading!

Until next time,

Damon James