In partnership with

In today’s post:

  • πŸ€– This Actress Doesn't Exist

  • πŸ’” Saylor Just Broke His Vow

  • 🫧 Worse Than The Dotcom Crash?

Trade Real-World Events. Get $10 Free.

Start trading real-world events. With Kalshi, you can trade on things you already follow: inflation, elections, sports, and more. It’s simple: buy β€œYes” or β€œNo” shares on what you think will happen, and earn returns if you’re right.

To get you started, we’re giving you a free $10. Use it to explore the platform, test your instincts, and see how prediction markets work in real time.

Join thousands already trading the news and putting their knowledge to work.

Claim your $10 and start trading now.

Trade responsibly.

πŸ€– This Actress Doesn't Exist

Meet Tilly Norwood, the AI-generated "actress" starring in Misaligned, a full-length comedy-drama from Particle6.

The plot? A coming-of-age story set in the "Tillyverse," a surreal digital world floating somewhere in the cloud.

Yes, really.

The twist: it's a hybrid production.

Real writers, editors, and directors are working alongside AI creators. Particle6's founder says AI needs "substantial amounts of human craft" to make premium films.

The robots still need adult supervision.

Hollywood is not thrilled.

SAG-AFTRA says AI has no life experience, no emotion, and audiences don't want to watch computer-generated content anyway.

Actors calling their replacement soulless? Groundbreaking.

But here's the number studios actually care about: 90%.

That's how much Particle6 claims production costs drop when you swap human actors for Tilly.

No trailers. No entourages. No craft services. Just a render farm that never asks for a raise.

And the tech keeps sprinting ahead.

Dreams of Violet, a 75-minute film about the Iranian protests, was made entirely with AI. No actors. No cameras. It became the first full-length AI movie accepted into a major film festival.

The question isn't whether studios can do this. It's whether you'll buy a ticket.

TL;DR

  • AI "actress" Tilly Norwood is starring in Misaligned, a full-length comedy-drama from Particle6

  • It's a hybrid production: human writers and directors working alongside AI creators

  • SAG-AFTRA is furious, arguing AI devalues human artistry and uses stolen performances

  • Studios are eyeing the real headline: Particle6 claims 90% lower production costs

  • Dreams of Violet already proved a fully AI-generated film can crack a major festival

  • The tech is ready. Audience appetite is the only variable left

Better cap table management starts here

Cap table management doesn’t have to be frustrating. From issuing grants to 409A valuations or ASC 718 reporting Pulley can make it simple.Β 

Just ask Linear. They knew they needed a partner who could handle the complexity of their equity management. That’s why they migrated to Pulley.

There's a company that just got cut in half. Down nearly 50% from its November peak, touching levels not seen since last summer.

The crowd says the AI giants are about to eat its lunch. Amazon and Google are literally copying its playbook, and one AI lab is already doing $47 billion in annual revenue against its $8 billion.

Sounds like a funeral, right?

Except the numbers say otherwise. 72% revenue growth this year. Free cash flow margins above 55%. Customers spending 40% more every year without being asked.

That last stat is almost unheard of in software. And it's the reason this crash might be the single best entry point since 2024.

The CEO just went on national TV to call out the entire AI industry's business model. He might be right. And if he is, this stock doesn't stay at these levels for long.

In today's Premium deep dive, we break down:

  • Why the 50% crash happened and why the market may have badly overshot

  • The one metric that proves the moat is holding (and where it breaks)

  • The exact support level we're watching before adding

  • The single risk that would flip us from buyers to sellers

The last time this stock traded here, it went on a historic run. You were either in it or watching it.

πŸ’” Saylor Just Broke His Vow

Again…

Strategy $MSTR ( 0.0% ) dumped 3,588 bitcoin for $216 million last week. The stock slipped 2% premarket, and bitcoin dropped about $1,000 to ~$61,900 on the news.

Why sell?

Dividends. Strategy has a mountain of preferred stock ("Digital Credit securities") that pays holders cash every quarter.

Cash the company needs to actually have.

So it sold BTC in two batches:

  • 1,363 BTC for $80.8M (June 29–30)

  • 2,225 BTC for $135.2M (July 1–5)

The proceeds topped up the USD reserve that funds those payouts.

The Bigger Shift

On June 29, Strategy launched a "BTC Monetization Program."

What’s that code for? A standing permission slip to sell bitcoin whenever it needs cash, up to $1.25 billion more.

None of that has been used yet. But the door is now officially open.

The pile is still enormous: 843,775 BTC in reserves, plus $2.55B in USD.

Now the ugly part

Strategy also reported an $8.32 billion loss on digital assets for Q2. Almost all of it unrealized, which is finance-speak for "we haven't sold, so it only hurts on paper."

Carrying value of the stash as of June 30: $49.67B.

Buying bitcoin with borrowed money is a great strategy when bitcoin goes up. When it goes down, you end up selling the thing you promised to hodl... to pay the people who lent you the money to buy it.

TL;DR

  • Strategy sold 3,588 BTC for $216M to fund preferred stock dividends

  • MSTR fell 2% premarket; BTC dropped ~$1,000 to ~$61,900

  • New BTC Monetization Program allows up to $1.25B in further sales (untouched so far)

  • Still holds 843,775 BTC and $2.55B in cash

  • Reported an $8.32B digital asset loss for Q2, mostly unrealized

  • BTC stash carrying value: $49.67B

🫧 Worse Than The Dotcom Crash?

An internal Treasury draft report is warning that if the AI boom pops, it could make the dotcom crash look like a warm-up act. That's according to NOTUS, who got their hands on a copy.

Yes, the same administration hyping AI as the golden ticket to economic growth.

Here's the problem.

Back in 2000, dotcom companies were basically websites with confetti budgets. When they died, the damage was mostly contained to Pets.com shareholders and sock puppet fans.

AI is different. It's wired into everything:

  • Cloud providers

  • Chipmakers

  • Utilities powering data centers

  • Private credit markets

  • The stock market itself

  • Everyone financing the data center gold rush

Pull one thread and the whole sweater could unravel.

But before you panic-sell everything...

The report also says today's AI giants are more mature, more profitable, and more diversified than their dotcom ancestors.

These companies actually make money. Novel concept, I know.

So if the bubble does deflate, analysts think it'd be more of a slow leak than a violent pop. Less 2000-style faceplant, more air mattress with a pinhole.

Who's reading this thing?

The report was prepared for Treasury Secretary Scott Bessent, Fed Chair Kevin Warsh, and other financial regulators. It's awaiting final sign-off before going public.

When the people printing the optimism start drafting the warning labels, pay attention.

TL;DR

  • The U.S. Treasury has drafted an internal report warning an AI bust could hit harder than the dotcom crash

  • AI is deeply embedded across cloud, chips, utilities, credit markets, and stocks, so damage would spread wider

  • The upside: today's AI companies are profitable and diversified, unlike most dotcom-era startups

  • Any crash would likely be slower and less brutal than 2000

  • Report was prepared for Treasury Secretary Bessent and Fed Chair Warsh, and awaits final approval before public release

What did you think of today's update?

Login or Subscribe to participate

Reply

Avatar

or to participate

Keep Reading