I don’t know who needs to hear this… But AI is the quintessential commodity. It’s hardware, code, electricity, & data. All easily replicated. Will grind toward the marginal cost of production. If you want to say data is a moat, the problem is that current AI models will easily assimilate any new data by the time you can blink your eyes. I think of AI like a utility.

Barron’s, which might be *the* tradfi publication, is running a cover story on tokenization… Some quotes: “Crypto technology is moving from the fringes toward the center of finance, whether or not legislators approve.” “This is a watershed moment.” “I would hope that Wall Street as Wall Street still exists, but it will have to do business differently.” “The goal of tokenized equity is to move the markets to an always-on economy.” “Tokenization will represent the biggest upgrade to our financial system since we moved from paper to electronic trading.” If you still can’t see that financial markets are heading toward full tokenization, not sure what to tell you at this point. via @joelight

My conversation w/ @rali_perduhova on ANDRA, a new ETF tokenization platform… We discuss: -How ANDRA works -Why ETF issuers should pursue tokenization -Current interest from issuers -Why built on Canton Network -Competition around tokenization infrastructure -Why SEC’s innovation exemption matters -Future of tokenization via @CryptoPrimePod

S&P 500 hit record high today… Meanwhile, less than half of stocks in the index closed above their 200-day moving average. Something to watch. via @hannaherinlang