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Today’s Menu

• OpenAI Just Declared War on Every Coding Tool

• Corporate Bitcoin Buying Hit a Wall (But Not Why You Think)

Markets

TODAY IN AI

OpenAI Just Declared War on Every Coding Tool

GPT-5-Codex landed today across terminals, IDEs, GitHub, and ChatGPT - and it's designed to obliterate competitors like Cursor and GitHub Copilot.

This isn't just another incremental upgrade. GPT-5-Codex can "think" dynamically for seconds to hours, crushing GPT-5 on SWE-bench Verified and large-scale refactoring benchmarks while delivering stronger, fewer-wrong code reviews.

The killer feature? Real-time compute adjustment without routers. It pushes longer on tough bugs, meaning cleaner pull requests and faster fixes for development teams.

Product lead Alexander Embiricos basically announced that static coding assistants are dead. When your AI can spend computational hours solving complex problems instead of rushing to quick answers, the quality gap becomes insurmountable.

The brutal truth: Every coding tool company just became obsolete overnight. OpenAI isn't playing feature catch-up - they're redefining what AI-assisted development looks like.

Developers using outdated tools will fall behind fast. The productivity gap is about to become a chasm.

TODAY IN CRYPTO

Corporate Bitcoin Buying Hit a Wall (But Not Why You Think)

Bitcoin corporate treasuries crossed 1 million BTC for the first time ever, yet August buying slowed to 47,718 BTC - less than half of July's frenzy.

The numbers tell a strange story. Public companies doubled their Bitcoin balances since late 2024, with total tracked holdings hitting 3.68M BTC worth $400B. New players like Bullish revealed 24,000 BTC post-IPO, while KindlyMD dropped $679M on its first major purchase.

But here's the twist: companies announced over $15B in equity raises, yet most of that dry powder hasn't hit the market. The lag between fundraising announcements and actual Bitcoin purchases explains why the August rally to $123K faded back under $109K.

Galaxy's Mike Novogratz nailed it: "I think we've probably gone through peak treasury company issuance of new companies. What will be most interesting is which of the existing companies become monsters."

The real story: This isn't adoption stalling - it's consolidation. Corporate conviction remains sky-high, but the buying pattern shifted from new entrants to existing players scaling up.

With billions in raised capital waiting to deploy, the next wave hasn't started yet. When that dry powder hits the market, the supply shock will be devastating.

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Thanks for reading!

Until next time,

Damon James