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Today’s Menu

• OpenAI Just Declared War on Apple's Hardware Empire

• Crypto Gets Reality-Checked Hard

Markets

TODAY IN AI

OpenAI Just Declared War on Apple's Hardware Empire

OpenAI isn't building AI devices - they're systematically dismantling Apple's hardware advantage by poaching their best talent with $1M+ packages.

The Information reports dozens of Apple hardware veterans jumped ship, including interface designers, audio engineers, and manufacturing specialists. Former Apple exec Tang Tan leads the charge, promising recruits reduced red tape and ambitious product vision.

But here's the killer move: OpenAI secured production partnerships with iPhone manufacturers Luxshare and Goertek. They're planning a display-less smart speaker device for late 2026, with glasses, pin wearables, and voice recorders in development.

This isn't coincidence - it's strategic warfare orchestrated by former Apple design chief Jony Ive. OpenAI is literally rebuilding Apple's hardware playbook with Apple's own people and manufacturers.

The brutal reality: Apple spent decades perfecting hardware design and manufacturing relationships. OpenAI just bought that entire ecosystem in 18 months.

When these devices launch in 2026-2027, they won't compete with Apple - they'll replace Apple using Apple's own DNA. The most anticipated product launch in recent memory is coming from Apple's biggest AI threat using Apple's former employees.

Cupertino should be terrified.

TODAY IN CRYPTO

Crypto Gets Reality-Checked Hard

Bitcoin dropped 2.6% to $112K while Ethereum cratered 6%, triggering $1.5B in leveraged position liquidations across a market that forgot risk management exists.

The CoinDesk 20 Index fell 8% and the CoinDesk 80 lost 7.5%, proving widespread weakness when overleveraged positions unwind simultaneously. Even crypto equities like MicroStrategy and Coinbase dropped 2.8% in pre-market trading.

Some analysts are spinning this as "healthy correction that clears excessive leverage." Others see deeper problems brewing.

10x Research founder Markus Thielen delivered the harsh truth: "Total inflows are not strong enough to push bitcoin materially higher." Despite $140.5B in year-to-date inflows, momentum is stalling.

The flow breakdown reveals concerning trends: Bitcoin ETFs raised $3.48B this month while Ethereum ETFs managed only $406M. Even worse, Ethereum treasury companies - recent primary buyers - are running out of capital as net asset values shrink.

Arthur Hayes' family office dumped $5.1M worth of HYPE tokens before 237.8M tokens unlock over 24 months, adding $500M monthly supply pressure.

The uncomfortable truth: Crypto markets got drunk on leverage and ETF euphoria. When reality hits overleveraged positions, the correction is swift and merciless.

This pullback separates genuine investors from degenerate gamblers. The survivors will be positioned for the next real rally - whenever that comes.Retry

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Until next time,

Damon James