FiscalGains retweeted
at @murphcapital, we screened 140+ Funds of Funds, identified 49 that back emerging VCs, and mapped who actually makes the deployment decisions.
part II of our FoF research is officially live. inside:
> active FoFs backing EMs (updated after part I feedback)
> mandates and geographic focus (home vs. cross-border)
> who is actively deploying right now and what they look for
> team structures and LP backgrounds
bonus: we built "the players wall" to map decision-makers.
read the full research on our Substack: murphcapital.substack.com/p/…
FiscalGains retweeted
The @DormRoomFund family did it again! Proud to announce a fresh $50M Fund 2 and a new brand to keep backing the best student and recent grad/drop-out founders.
My favorite part? 30% of our investors in Fund 2 are DRF alums and their firms.
Read more: nytimes.com/2026/09/29/techn…
FiscalGains retweeted
This post looks like the start of a VERY sophisticated and well-funded PR operation to get support for Democrats to regulate AI into oblivion. Let me show you how it works:
1.) This guy, with minimal followers and no previous account activity, goes to the Wall Street Journal which publishes an exclusive with quotes from him on his resignation 18 minutes BEFORE this post goes up. Planning was clearly done in advance.
2.) Within hours, it has tens of thousands of reposts and the account has 100k+ followers. The post is punchy, quotable, it almost seems professionally written. The first three accounts to quote tweet it all do so within 15 minutes of the initial posting. Remember, this account had basically zero engagement beforehand, so an organic reach explanation seems unlikely.
According to Grok those accounts are @_NathanCalvin (General Counsel at Encode AI), @peterwildeford (Head of Policy at the AI Policy Network), and @DKokotajlo (Head of the AI Futures Project), all of which are up-and-coming AI-Doomer policy advocacy nonprofits.
The AI Futures Project website says it is funded “primarily” by the Survival and Flourishing Fund, which says on its own website that it has advised Jaan Tallinn, Skype creator and one of the leading investors in Anthropic, to grant over $2.5 million to the AI Futures Project since 2024.
Encode AI says on its website that it is ALSO funded by the Survival and Flourishing Fund, which in turn says that it told Anthropic investor Jaan Tallinn to grant $516,000 to Encode AI in 2025.
And wouldn’t you know it, the Survival and Flourishing Fund ALSO says it told Jaan Tallinn to grant $2 million to the AI Policy Institute, the 501(c)(3) affiliate of the AI Policy Network, as well.
What are the odds that the first three quote tweets of Coxon’s post would all be major AI-restriction policy advocates funded generously by the same donor, who also happens to be one of the leading investors in, and a board member of, Anthropic, the company Coxon was resigning from? And all within 15 minutes of posting (two within ten)?
3.) Jacob Coxon doesn’t have much of a resume, but we do know that, in 2022, he got a $20,159 scholarship for the “long term future scholarship program” from the Good Ventures Foundation, one of the philanthropic vehicles of Dustin Moskovitz, a notorious AI-doomer who has spent tens if not hundreds of millions on policy advocacy to strictly regulate AI, while also being an Anthropic Investor himself.
It also just so happens that the 14th person to quote Coxon’s post was @MaxNadeau_ (27 minutes after posting) who is the program officer for the Technical AI Safety team at Coefficient Giving, another of Moskovitz’s philanthropic spending vehicles. Max is not a frequent poster, his last posts before quoting Coxon were before Labor Day, but he was remarkably quick off the mark for this one.
4.) Basically every major Democrat politician and candidate has suddenly glommed on to this post, and conveniently, as the people cry out foe answers, Bernie Sanders already has a bill written to “ban super intelligence” and regulate AI into oblivion, and will be releasing later this week. The bill, among many other things, will create “a new cabinet-level federal agency to safeguard the public from the dangers of artificial intelligence” that will be “advised by an Artificial Intelligence Advisory Board comprised of experts on artificial intelligence.” Do you think, perhaps, Anthropic and its many investors who fund AI policy advocacy might have interest in getting to place a pet “expert” on the board of an entity that dictates what AI is and isn’t allowed to do? And isn’t it fortuitous that this whistleblower came forward with his oh-so scary stories so close in proximity to the release of the most radical piece of AI legislation ever introduced?
FiscalGains retweeted
Introducing @OpenReserveBank , a blockchain native de-novo digital bank, finally out of stealth. This week the Office of the Comptroller of the Currency (OCC) granted conditional approval of our full-service U.S. national bank charter application.
Preliminary conditional approval to charter a de novo national bank is a privilege our team does not take lightly. It is a significant milestone and the beginning of the most demanding phase of the work.
We're building toward real-time settlement across fiat and blockchain rails, direct Federal Reserve connectivity, tokenized deposits, and GENIUS Act-designed payment stablecoin infrastructure.
Thank you to the entire OpenReserve team, our board, investors, and to the OCC who ran a rigorous review. More to come!
See what we are building: openreserve.ai
FiscalGains retweeted
OpenRouter Acquisition Breakdown 👇
*Three core lessons:*
1) ~$3.5-4.0bn for the Founders (congrats @alexatallah) 💰
2) Second 100x+ in one week for @a16z! (after the Cursor acquisition) 🧠
3) 5.4x in four months (an IRR of >15,000%) and ~$600m+ for the Series B led by CapitalG 📈
So let's dive into the details 🔖
Prior to expanding on all the points above, *this is again an incredibly large exit! It will create ~$2.5bn of proceeds (in cash & Stripe shares) for investors involved*, when the very first round happened <2 years ago!
*1) Founders & Teams are winning:*
Combined, they will make ~$4.5bn in proceeds. Those are the perks of having a very capital efficient business model and steep up rounds with low dilution...!
That's ~$3.8bn for the Founders, and ~$0.7bn for employee assuming the company had allocated a 10% option pool over its lifetime. An epic win, and a truly great outcome for early employees.
*2) a16z is on a GENERATIONAL run:*
This is the second time this week that a16z will deliver a 100x+ return, following the closing of Cursor's acquisition by SpaceX over the week-end.
Back then, it was led by the legend Anjney Midha who then invested in the Series B with his new fund AMP PBC.
Congrats as well to Soma Capital for participating in this round as well. They will share some of the ~$1.3bn of proceeds.
*3) Growth investors: winning again:*
CapitalG's round (Series B) is less than 4 months old. And it is set to return >5x... In other words, a 15,000%+ ARR. On $113.5m deployed.
*4) Menlo cementing its place as an all-time great AI fund:*
Menlo is well known for leading the Anthropic Series D (and participating in every round since the Series C there).
But as shown below, they also co-led the Series A of OpenRouter. A 12x+ return in just over 1 year, and sharing >$500m of proceeds there with a16z (the other co-led that round after leading the seed). Congrats @mmurph
They are also in Suno, WisprFlow, and just led the Series C of Lovable! Truly one of the breakout funds of the AI era.
FiscalGains retweeted
.@DecagonAI is the second Wayfinder II company to hit $100M run rate this year (the first being @WeAreLegora).
Like @MaxJunestrand, @thejessezhang's trajectory as a founder has been insane. I first worked with him 8 years ago during YC and he has not stopped impressing since.
Decagon Hit $100 Million Betting Against Forward Deployed Engineers newcomer.co/p/decagon-hit-10… @cityofthetown @NewcomerMedia
FiscalGains retweeted
Congratulations to our portfolio company @Extropic on a series of major breakthroughs, including:
1) Z1 (Extropic’s first scaled-up semiconductor chip or “TSU”—taped out with an industry-leading foundry and built to run probabilistic AI workloads at orders-of-magnitude greater energy efficiency than conventional GPUs)
2) Torx (a new PyTorch-like open-source higher-level framework for stochastic differentiable programming)
3) Thermalizers (a new variational compiler that enables Torx programs to run on Extropic’s hardware)
When we led Extropic’s pre-seed round in August 2022, @GillVerd was one of the few founders we had met who foresaw that AI would soon scale to a point where its progress would be bottlenecked by the supply of energy and compute. We shared his conviction in AI’s vast potential to benefit humanity, and in his ambitious plan to solve those impending bottlenecks by building a new, energy-efficient computing stack for AI from first principles.
Guillaume’s plan was to attack the constraint at its root. Rather than build another deterministic chip that spends energy fighting the thermal noise inherent in its own materials, why not embrace and harness that randomness to deliver the most natively stochastic, energy-efficient compute possible for the fundamentally probabilistic workloads that AI will increasingly depend upon?
We believe that the breakthroughs announced today, together with Extropic’s signing of an LOI with the US Department of Commerce for up to $75M in funding last week, are important milestones on Extropic’s journey. They demonstrate the speed at which in just a few years, a lean, talent-dense team can invent and build out multiple layers of a new probabilistic computing stack, including new AI model types, native programming frameworks, a native compiler, and a scaled-up chip taped out with an industry-leading foundry.
Congratulations again to Guillaume and the entire Extropic team. We're proud to have partnered with you from the beginning.
Scaling Thermodynamic Computing:
From One to One Billion
Announcing:
- Our newest chip: Z1 + hardware systems
- Torx: our software framework for stochastic programming
- Thermalizers: our thermodynamic compiler
- Our new live simulator API
Read more :
extropic.ai/writing/from-one…
FiscalGains retweeted
The first autonomous agent cyberattack is an unprecedented event that deserves unprecedented transparency. Today we’re sharing everything we can: a full technical timeline, an interactive replay, and how we used an open model to defend ourselves, so defenders everywhere can learn from it and prepare for what’s next.
huggingface.co/blog/agent-in…
FiscalGains retweeted
Today, @FlexSuperApp, raised $70M Series B1 to launch The Full Financial Home for Business Owners. Making Flex officially a unicorn.
Led by @RyanQualtrics and @ryanjsweeney’s @halo_fund, with participation from existing investors.
And we're introducing Flex Global.
FiscalGains retweeted
As a VC, Fable is better than me at VC work.
It breaks down white papers better than I do. It's better at financial analysis. It chews through mountains of diligence in minutes. There is no single well-scoped intellectual task where I beat a frontier AI. I catch its mistakes sometimes, but it catches mine more often.
If my job is "VC work," then Fable is better than me at my job.
But Fable alone would be a mediocre investor.
It would quickly pass on all the bunk, sure. But among the set of doable deals, it can't find the one with the je ne sais quoi. It doesn't have the bias toward special people, wild ideas, or risk-taking. Its tweets and thinkpieces are OK, but they're too safe, too obvious. I can prompt it in the right direction, but even then it's not quite right. It's too suggestible. It changes its mind too easily. It's not stubborn, self-assured, irrationally confident about how the future will play out, the way great investors are.
But me + Fable is really good. Better than either of us alone. In fact every investor on our team has leveled up with AI in the same way. We all feel we have more to do now, not less. We feel more capable, not less.
My theory is that AI disempowers service providers and empowers owners. If you sell your labor by the task, AI is genuinely terrifying. It can accomplish that task cheaper, faster, with more control and less bullshit. But if you own the outcome, if you're using AI to do something for you, then AI is amazing. It's empowering, not disempowering. Make your own logo, design your own website, write your own copy, build your own systems.
It also means is that you should aim to reorganize yourself in the food chain. If you don't, AI will do it for you. Don't be a service provider, be an owner. If you're building something, you are a beneficiary of AI, all of the incredible gains that AI is enabling will accrue to you too.
But if you're a tax on people building things, just know that the tax rate on building is rapidly going to 0.
It’s over. I’m quitting design.
A client of mine just created a logo with Fable 5, and the result left me speechless.
It understood the brand story, values, audience, strategy, and turned all of it into a smart, minimal symbol. A genuinely brilliant concept. The kind of idea that captures everything at once. Something I honestly don’t think I would have come up with myself.
And it didn’t just nail the idea. It executed the design pixel-perfectly.
So I raise the white flag.
My skepticism about AI’s ability to do great design is officially gone.
There, I said it:
AI beat me at design.
Now that AI finally took my job, I can peacefully quit and dedicate my life to studying the only thing it may never achieve: human consciousness and the pathways to God.
Good luck everyone.
FiscalGains retweeted
Hand jobs available, come join
tesla.com/careers/search/?qu…
FiscalGains retweeted
The AI Business model trap: LLMs want cash flow to fund the race to AGI or the next model. Enter free consumer AI - they are losing a lot of money on the breadth of models to serve consumers for free! They are caught in the post training data trap, free consumer usage feeds post training needs, it can't be right to stop serving customers for free?
But they need money for the compute:
The monetization challenge is being pointed to Enterprises.
Phase 1 - seemed easy, value capture in coding, the most bottom up motion in enterprise - with low customization per customer. Developers continue to train coding, tasks and eventually will train flawless skills.
Phase 2 is where the challenge lies, showing true enterprise value. The promise of efficiency, accuracy, elimination of resources - that requires a different approach, build depth with harnesses, context, memory, solving for edge cases with deterministic guardrails! Build skill libraries - enter FDEs. Yes,FDEs will train the enterprise Waymos of the world.
The risk - high token pricing for enterprises while consumers for free! Yes for consumer distribution businesses (aka Google, Meta, Apple, etc) it makes sense to hold on the distribution with free AI.
If you want to win enterprise, you should be forward pricing tokens. The cheaper the tokens for enterprises it will allow for experimentation, workflow reimagination - instead CIOs are busy restricting AI use and working on making the use more efficient!
Paradox: They still haven't fully understood and embraced the value of AI in the enterprise.
If I were them:
1. Cut token pricing now, else send enterprises to secure opensource and end up with friction filled routing layers.
2. Show me how enterprises can use their context, training and data as their competitive advantage.
3. Build tools for rapid edge case learning and reducing false positives.
@HarryStebbings
@sama @DarioAmodei @demishassabis
FiscalGains retweeted
Big fintech funding story!
@theflutterwave raised a Series E at a ~$3.2B val w/ a strategic equity investment from @Ripple (round size undisclosed)
Flutterwave is an African payments infra company handling cross-border payments, card, bank transfer, mobile wallet + remittance flows across 34+ countries
Some stats on the biz:
- 1B+ txns processed worth $50 billion+
- $500 million+ total raised now
Last priced round was a $250M Series D from @BCapitalGroup in Feb '22 at a $3B val
techcrunch.com/2026/06/16/pa…
FiscalGains retweeted
We’re excited to introduce Taste Labs.
Our mission is to end AI slop. We’re building the data and infrastructure layer to give AI models and agents taste.
And today we’re coming out of stealth, announcing our $18.5M seed funding, co-led by @CRV and @AmplifyPartners
AI has nailed objective domains and made it easy to generate anything. But it still feels off. Now, the challenge is judgement. What fits, what feels like you, what’s GREAT. This requires turning a fuzzy, subjective domain into something we can measure and codify. We’re starting with design.
There are two sides to cracking this, the foundation model layer and the agent layer:
- We’ve already been working with the top frontier labs to evaluate and improve their models, crafting the right post-training data and RL environments.
- We’ve also been working with app-layer companies to build the context and verification tools for their agents to produce better, more on-brand, more creative outputs.
We want a future where AI feels right.
If you’re passionate about this mission, join us!
FiscalGains retweeted
ELON MUSK PULLED THIS SAME MOVE 16 YEARS AGO
Look at this closely:
Tesla IPO (2010) - pumped hard, then dropped 70% over the next few months
Most people only remember what happened years later
SpaceX IPO (2026) - just ran the exact same opening move
Elon has done this once already and it worked perfectly
Why would he change anything?
BREAKING: $SPCX stock surged to $229.40 in overnight trading pushing its market cap to over $3 trillion
FiscalGains retweeted
This is what it looks like when founders take on hard, physical-world problems and execute.
@Living_Carbon just secured $500M from Octopus Energy Generation to reforest degraded American land. At full scale: removing the equivalent of NYC's annual carbon footprint.
FiscalGains retweeted
My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time.
He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha.
He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life."
He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett.
But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them.
Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does.
Enjoy!
Timestamps:
0:00 Intro
1:00 The Kindest Thing
13:19 Trading vs. Investing
17:33 Lessons from Warren Buffet
22:24 The Existential Risks of AI
29:54 The Nature of Trading
31:46 Bitcoin
35:55 Bubbles
42:08 A Day in the Life of PTJ
46:00 Information Overload
47:07 Passion for Markets
50:49 The Robin Hood Foundation
54:18 The Workless World
56:03 Journalism
1:00:00 Principal Components of a Great Life
1:05:06 Kill Them With Kindness
FiscalGains retweeted
This is the story of Hyperliquid, the most profitable startup per employee on earth, told from a guarded office in Singapore.
Last year, its team of 11 generated $900 million in profit. It's 3 years old, has never taken a dollar of venture capital, and is beginning to change how century-old markets work.
Its founder, Jeffrey Yan (@chameleon_jeff), had never taken a physics class when he picked up a textbook at 16. Two years later, he won gold at the International Physics Olympiad. In 2019, he started trading with $10,000 from a living room in Puerto Rico—working off a television because he didn't own a monitor.
Within 3 years, he was running one of the largest anonymous crypto trading firms.
Then he shut it down. Yan was rich and free, but he had spent years inside crypto, watching it betray itself. Bitcoin's central premise was decentralization. Yet the biggest exchanges were centralized. Crypto kept reintroducing the dependence on trust it was built to eliminate. He set out to create what should have existed.
Hyperliquid is a blockchain with a trading exchange on top, and anyone can build on it. Yan's vision is to house all of finance. In 3 years, it has done over $4 trillion in volume. And in the past few months, it has begun to outgrow crypto.
Markets for oil, silver, and the S&P 500 now trade on Hyperliquid around the clock, weekends included, and are growing roughly 40% week on week. When the US and Israel bombed Iran on a Saturday in February, Hyperliquid was the venue traders turned to.
Hyperliquid's success has cost Yan his freedom. He works out of a secret office in Singapore and cannot travel without two bodyguards. Even the team's housekeeper doesn't know what they do.
In January, @domcooke spent a week at their office. Read his profile on Yan and @HyperliquidX below.



































