Timothy Spangler

Anthropic's S-1 admits nobody knows when an AI agent binds its principal. DTCC just put incumbent securities on-chain. And from Meta to the frontier labs, everyone's asking shareholders to fund the bridge. Which gap closes first?

Demand isn't the question anymore, from chips to Millennium math proofs. The question is who pays, and on what terms, while regulators argue over who gets to say yes. #AI #compute #law

The steel is going up faster than the skeptics think. The debt is moving somewhere harder to see. The regulators on both sides of the Atlantic are now writing down what good AI governance looks like. #AI #build #WallStreet

"If a lion could talk, we could not understand him." – Ludwig Wittgenstein

‘Pearblossom Hwy., 11-18th April 1986 (Second Version)’ David Hockney (9 July 1937 – 11 June 2026)

Great article in today's @FinancialTimes from Sun Yu discussing #Chinese investors who are gaining indirect access in "hot" US private companies such as @SpaceX and @OpenAI through #digitalassets and various types of #blockchain #tokens. Or are they? The legal risks are real, as I warn in his piece - "A lot of people are paying for promises they won't be able to enforce." Full article below. ft.com/content/809a5144-ce28…

“Nvidia grew sales of the chips at the heart of the artificial intelligence boom even faster than Wall Street anticipated in its latest quarter, reassuring investors that Big Tech’s AI spending spree is set to continue. Revenue was $57bn in the three months to the end of October, up 62 per cent year-on-year, and beating consensus estimates of $55bn compiled by Visible Alpha. Nvidia’s revenue forecast for the current quarter was $65bn well above Wall Street expectations of $62bn.” Financial Times Nov. 19, 2025

“Only about 5,000 of the 15,000 or more private capital firms that exist today had successfully raised funds in the past seven years, Per Franzén, chief executive of Sweden’s EQT, told the Financial Times. ‘How many of these firms will have a successful fundraising also in the next five to 10 years? . . . Probably less than half,’ he said. ‘The number of zombie firms will increase by an additional couple of thousand.’” Financial Times Nov. 1, 2025 #privateequity #venturecapital #zombiefund #zombies #generalpartner #limitedpartners #privatefunds #carriedinterest

“There are 19,000 private equity funds in the US. There are 14,000 McDonald’s in the US. How are there more private equity funds than McDonald’s? That’s actually crazy, right?” Alisa Wood, KKR & Co partner Oct. 1, 2025 #privateequity #venturecapital #hedgefunds #limitedpartners #privatefunds #carriedinterest

"The right to self-custody one’s assets is a core American value." Chairman Paul S. Atkins, U.S. Securities and Exchange Commission, and Acting Chairman Caroline D. Pham, U.S. Commodity Futures Trading Commission Sept. 5, 2025 #blockchain #crypto #defi #bitcoin #ether #tokenization #dex #btc #eth

Everything is computer. @provenancefdn @FigureMarkets @Figure #blockchain #digitalassets #rwa

Congrats @BrianShroder and the @1MoneyNetwork team! #stablecoins are so important to what needs to be built in 2025.

Common sense prevails!!

A lot of us were apparently crossing their fingers for Demis… #alphafold