Bitcoin. Stocks. AI. The three themes defining the next decade. Live M-F 12:30 ET with the people actually moving markets || By @21RatesHQ
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The house @BritishHodl grew up in was bought for 5,000 pounds. A few years ago it was worth 500,000.
Run that same growth rate out another 36 years and it's a 56 million pound house.
His take: it's over. Real estate is cooked for the next 15 to 20 years.
If a company is run by a Bitcoiner, @BritishHodl puts it at the bottom of the list. He'd take BlackRock.
Why? The business model. Selling a Coldcard pays once. $IBIT earns a fee on the money that stays in and on the asset base going up.
Which one's more incentivized?
One more Friday Stack to wrap up the week!
Tomorrow, we're joined by @_Adrian for another good conversation about Bitcoin and the community that brings us together.
12:30 ET | Live on X
Looking forward to seeing you all!
Have a lovely, relaxing evening, everyone. 🫡🧡
📋 QUOTE REQUEST
Insure $100M of AI company debt for one year. What does it cost?
That price is the credit default swap (CDS) spread. Here is what the market is quoting:
▪️ Oracle: 300+ bps = $3M+ per year
▪️ SpaceX: 200+ bps = $2M+ per year
▪️ Meta: ~115 bps = ~$1.15M per year, a record close (about 119 intraday)
Nvidia, Amazon and Broadcom hedging costs are rising too.
Why Meta? It disclosed about $825B in future lease and contract commitments, up from ~$700B in July, and raised the low end of its capex forecast to $135B.
The fair read: 1.15% a year is still a strong investment-grade price. This is not a default forecast. It's the market charging more for uncertainty.
But the AI race is turning into a financing race.
$META isn't slowing down.
Last night it reported $34.9 billion of capex for Q3 and guided $135 to 145 billion for 2026.
KT called it on Tuesday's show. Nobody in AI wants to slow down, because whoever slows down hands the other side an edge.