I Rebranded, Saylor Is Selling Bitcoin, Jensen Huang Is Cool, Tulip King Interview, Zcash's Exploit, The War That Never Ended - Threadguy: June 3rd, 2026

Threadguy marks ten months and a full rebrand, suits and all, on one of the ugliest Bitcoin days yet: why every Saylor buy now reads as exit liquidity, ETH cratering since Hoffman sold, and the war-and-oil Groundhog Day that won't quit. Plus the only CEO worth liking, the quantum IPO about to own the stream doc, and Tulip King breaking down the Zcash exploit.

Transcript

SPEAKER_06 0:02

Welcome back to the stream. Welcome back to the stream. Welcome back to the stream. Everybody always asks me, Thread Guy, Thread Guy, why does the Bitcoin sign in the background say $80,954? And I say back to you, Do you believe in the art of manifestation? Okay, have you ever manifested? Have you ever closed your eyes, wished upon a shooting star? Have you ever asked the universe to make your dreams come true? Do you have dreams? Do you know how to dream? Do you know what a dream is? I ask you, do you ever yearn late at night, look up at the sky, and think about what you could be? That's what I propose to you. And so you ask me why the sign in the background is $80,000 per Bitcoin. And I ask you why you forgot to dream, man.

SPEAKER_07 0:41

Why you forgot to dream?

SPEAKER_06 0:43

A lot to talk about, man. The market closes in 10 minutes. I hold a stock. I've held a stock for the longest I've ever held a stock. I one time I held Intel from like $80 to $85, and I got scared. I went up too much and I sold it. Then I went to $130 in a straight line. So I didn't make that mistake. And when Marvell went to $340 overnight, I'm like, oh, these hyper liquid traders know something that I don't. I'm obviously holding this now. It's $302. It is what it is. It ain't what it ain't. Um, just off the bait my list, we have a bunch of intro stuff. We have uh Warren Oil back in the menu. I have a segment to talk about Israeli stocks. I bet you didn't even know that was a thing. Dan Loeb knows that's a thing. We're gonna talk about the Israeli stock market today. We're gonna talk about the regular market, we're gonna talk about um quantinuum and the IPOs that are coming. It's tomorrow. It's a quantum IPO, it's really fucking hot and it's an exciting one. We're gonna talk about that. Um, Broadcom earnings is today in an hour. So that is that. We have a meta update, we have a per update, we have to check in on D Gill stocks, we have Tesla merger getting a lot of momentum. Nova launched in the UAE. We have Google updates, we have a whole segment about Eli Lilly, we have collectibles, we have crypto flows, we have Bitcoin. I might bring Tulip King on to talk about how Zcash like had some. I didn't know Zcash had a chain, but that happened today. Yeah, there's a lot going on. So I'm gonna start real quick with um, we did a rebrand. We did a rebrand. I think I'm not gonna spend a lot of time getting all like zappy and whatever, but I am gonna tell you that uh 10 months ago we started this stream. If you're like a real OG, remember we started this stream in my old bedroom in LA. And the only thing that we did was we interviewed three people a day. Three people 10 months ago, we interviewed three people a day. That was the whole stream. It was 90 minutes. I would get on, I would interview three crypto traders, and then we get off. That's what we did for three months. That's all we did. I didn't have a take, I didn't, I didn't have I didn't talk about anything else. And then 1010 happened, and then I was like, what the fuck are we gonna talk about? And we started talking about stocks a little bit, we started talking about altcoins a little bit, and then the Iran war happens, and we're like, fuck, how am I gonna get on talking about crypto? I owe the you know, I owe our community, I owe the pit coverage on the Iran war. And so we started talking about I mean, bro, we started with Professor Jang, is how we started covering the Iran War, and then we started trading oil, and then semiconductors had the craziest boring of all time, and then we started trading Intel and we started trading Mikron, and now we're trading fucking I don't even know. We got a uh oil barrel in the background, and we're long Marvell, we're long Marvell and Zcash pair trade short BTC. It's in a it's incredible. So yeah, it's been 10 months since we started the stream, and it's time like we started it with the PBS sort of feel. It was yellow, it was bright. Smell Pepper was good, it was bright, it was loud, it was like it was crypto. It was, it was, it was on-chain, it was meme coins, and it's pretty obvious where we're headed now, which is like this is gonna be the place you come to hear about markets, whatever's happening, we're talking about it. I'm definitely not gonna be an expert on any of it, but neither are any of you. But as a collective, we get fucking smart, we get sharp, we figure it out, and we do what we've been doing. So it felt right, it felt time for a rebrand. Professional, bring this fucker to the stock market, suits on stream, dress shirts on stream. I can still keep my little like Starburst earrings, but dress shirts got the overlay nice. Shout out, dude. We uh I don't know who I can shout out and who I can't, but we work with some un I mean, the whole team just went so crazy. We worked with uh some unbelievable designers who just fucking cooked. Uh everybody in the whole team, even like the OGs, Luke and Elliot, Tulip King, Daniel, Malcolm, everyone cooked. We brought on some designers to work on it, everyone went crazy. So even Luke, Luke went crazy. So that's the new overlay. And then I changed my PFP on Twitter. What do you think? Be honest. If you hate it, tell me. It's hella zesty, but if you think it's really zesty, you don't you did not see the full photo shoot. These pictures we posted were the least zesty ones in the entire look. These are the least zesty picks in the entire look book. I'm not gonna lie, okay. I promise you, these were the least zest. And I'm getting all these texts, people are asking me, like, yo, is this AI? And I'm like, bro, we spent four, we we had a 14-hour. I came to stream on a Monday, like two, three weeks ago, and I was sick as fuck. That was because we spent 14 hours on a photo shoot. I had five different outfits, we had six different locations. I have like 4,000 pictures to go through, and yeah, man, it was like no joke, it was a whole day affair. You know what I'm saying? It's like you're doing a photo shoot, you better go all in. You better go all in. You better get the nail. You at the end of the day, we did a photo shoot so I could dial in my Raya profile, and they just happened to go well with the rebrand we were doing at the same time. And so it was a pretty dialed operation. It was like two birds, one stone. By the way, I'm thinking about an IG, an IG dump right now. Um, you know what my caption's about to be? It's gonna be this gonna be the quote Stanley Jockey Miller. I'd prefer to put all my eggs in one basket and watch that basket really close.

SPEAKER_07 5:22

Yep, yep, yep, yep, yep, yep, yep, yep, yep, yeah, yeah, yeah, yeah, yeah, yeah. Ball and always no, ball and rush no, ball and always no.

SPEAKER_06 5:30

It's gonna be tough. Like it's really, it's it's gonna do a lot for us. We're working on some sick guests right now. The plan is um no stream on Friday, but I'm interviewing Andrew Kang, who's on the, by the way, on the fucking podcast circuit right now. He's on the podcast circuit, but I'm gonna give him the best interview and I'm gonna post it on Friday. So you're not gonna have me live, but you're gonna have uh an interview. It's our first public CEO. All right, couple intro things, and we're gonna do market close because we have a lot to talk about. Number one, today's game one of the NBA finals, it's in San Antonio. I'm just gonna say this Chamath has his take, and he's like, whatever field you're in, if you're really serious about the field, you should do whatever you can to get to the Mecca within said field. And so he's like, if you're in, if you're in finance, you should be in New York. If you're in crypto, you should be in Abu Dhabi, which I don't really agree with. If you're in film, you should be in Hollywood, comedy, you should be in Hollywood, so on and so forth. I'm just telling you, if you're a finance guy and you're on the fence, you have to do it. Just do it, bro. New York right now is so fucking up, and we're getting the finals. I was saying I'm not gonna go to a game because tickets are so expensive. Maybe I'll do a little like crap, maybe I'll do a little GoFundMe with the with the Twitch chat. Do like a little subathon for a day, but I gotta go to a game. It's the NBA finals in New York City, bro. The the the Knicks haven't been to a finals game in like 20 years. 25 years. When was the last Knicks finals? 25 years. I'm telling you, I know you can get a lot off the internet, you can make a lot of connections, you can do whatever you gotta do on the internet. You gotta be young, hot, and have motion in New York at least one time in your life. Second topic, real quick, is I was thinking about this today because I went to bed at like 3-4 a.m. last night because I was watching this fucking Marvell position and I saw this Brian Johnson tweet. And he goes, It would be interesting to measure the biological age impact of crypto versus other professions to evaluate if it's an accelerate of aging process. Trading has got to be the single highest accelerant of aging of any profession in the entire world, maybe other than like professional athlete. It's gotta I I would imagine this thing has taken like I'm probably at least five years off of my life so far and rapidly accelerating. And honestly, if I knew what the final number was, I still wouldn't stop. Warren Buffett is unk and he's still going strong, he's still sharp. I am gonna tell you though, this thing I had to close, not close, but I had to trim one of my Zcash positions because there was gonna be no way I could, I can't, I couldn't stream. I was struggling to stream because I'm watching the charts too closely. So I had to trim some positions so I could stream. It's coming to the hedge here. It really is coming to the hedge here. So it's bad on date. I'm on dates looking at trading view. Um you know renting out King Suites and hotels. I'm looking at I'm looking at Trading View. I'm on hyperliquid. We're on it's brutal. It's brutal. So I'm just letting you know that if you're here, you gotta just accept it for what it is.

SPEAKER_07 8:12

It is officially four or five Pam AST. You know what that means. It means the stock market.

SPEAKER_06 8:27

Boom! All right, market closed. Um, let us start with the asset P access comes in at 7553 and 67. It is down 0.75% on the daily on news that we are still at war. Oil is still going up. One of the nastiest dailies we've had in a while. It's crazy. When I bought to buy stocks and hold them overnight, I did not sign up for this. NASDAQ 100 down 0.36%, the Dow down 1.21%, the Russell down 1.3, the Q is down 0.25. The Socks is not allowed to go down. It is not allowed to go down, it's up 1.76% on the day, and then IGV just back to back days getting kind of popped down 4.3% today. Um, software kind of getting crushed once again. Return to mean, I guess. Cryptocurrency, let's just do it, let's get it over with. Uh, first and foremost, the Bitcoin chart is absolutely fucking horrid. I don't really have anything to add other than the problem of Sailor now is that you gotta factor in every purchase of a Bitcoin by Michael Saylor in strategy is a potential Bitcoin that can be sold. It's a very weird thought process to think about because before it was liquidity to front run because you knew he was gonna buy a lot and not sell, and maybe liquidity to sell into. Now, every Michael Saylor buy is you gotta get out. And so I'm gonna be honest, if you believe in Bitcoin, it's probably not a terrible time to buy some spot to start nibbling at some spot to buy lower. I would imagine it's a reasonable entry point, but it's you gotta have some balls of steel, and it's a really I mean it's just a brutal spot. You still have some Bitcoin, I do. I have a couple Bitcoin, I don't know the exact amount, but it it's not, I mean, it's horrible. At one point, I 90% of my portfolio was in Bitcoin. At this stage, it's like 10%, and it's grim. It is definitely grim. I'm I'm through and through on Bitcoin maxi. I mean, I've spent so many hours of my life fighting with normal people about why Bitcoin is such a special asset, and at this moment in time, I would imagine it's some of the worst forward-looking narrative it's maybe ever had. Um, on a higher note, hyper liquid looks incredible as always, seemingly. Um, in the midst of Bitcoin just getting destroyed, hype is so unbelievably strong. It ate this up last night. It got as low as 67. A lot of people were posting 59 previous retests of all-time high as a place to bid. And once again, if it's really a breakout, the market's not gonna give it to you, and the market did not give it to you. So Broadcom nuke, let's look. I was gonna get there in a minute, but how bad is it? Ugh, god. What did I do to Marvell? Ugh, god, that's horrifying. We'll come back to it in a minute. That's uh that's nasty. They missed earnings or what? No, they double beat. The earnings is always it's all no one knows how to trade earnings. This is what I've learned in stock market. No one has any fucking clue how to trade earnings. We'll we'll come back to this and see what happens, but let's finish with crypto VVV, which looks unbelievable. Um, I had a buy order on this yellow line that I to double my position. I I I closed it last night. I didn't let it, I didn't let it fill. I didn't let it fill. Should I have? Maybe it's basically at the exact price, a little bit higher as to where I didn't let it fill. But yeah, I didn't let it, I did not let it fill. Um, I I closed the limit order because I just was not feeling good about alt. I don't know. I I wanted to go to bed, I wanted to sleep. The one that I feel the best about is VVV, I think. Hype in VVV Zcash, I'm like fucking wonky about. I'm ready. I'm so ready to capitulate my Zcash back. I mean, you could it would take nothing to walk me out on that. I'm not gonna lie. The market makers come together and they're like, we want Thread Guy out. It would take like a five percent red candle. I'm out. Like, it would take nothing to get me out of that trade. Literally nothing to get like if you want to try, go ahead and get me out. Just get me out. I had a fill at 641 yesterday, set for like the last week because I'm looking at the chart and I'm like, all right, if we pop 641 with volume, we're going trade to ATH and it pops it with volume, and I'm like, all right, and it fills and it's like the top tick. And then I'm trying to go to bed last night and I can't because I'm oversized in Zcash and it's at $600. And I'm like, oh my god, why did I do this? Why do I always do this? I oversize and then I'm stuck, and then I'm I can't sleep. And so I had to just I had to cut. I feel the top shoulder, and so I had to just cut a decent amount of it, went to bed. Now I feel good about it, but I'm so ready to get out of this one if if you want to carry me out, and then last but not least is near, which yeah, looks disgusting. Crypto majors, first and foremost. Oh my god, it's a lot of $72. Oh my god. Okay, ETH is eighteen hundred. It is now officially down 15 and a half percent since David Hoffman went on Twitter and publicly sold every dollar that he held in Ether. Wow, I mean, look at this chart. What where do you go from here in ETH? Andrew Kang wrote this article on September 24th, 2025, who's now the CEO of RoboStrategy. Andrew Kang comes on Twitter, says Tom Lee's a fucking retard at the peak or top of ETH, and then pivots into robotics and launches Robostrategy. Man, that is crazy. I I mean the the the dat is undeniably one of the worst things that ever happened to crypto. And if you watch this, I mean this is this is all just Tom Lee. This whole move. He gave the most generational exit of all time, but it looks terrible. And then second on the list is Solana. I mean, this thing is rough $72 today. I don't know where this thing stops. If you were a buyer of Solana, I think 67 is a decent level if you wanted to buy this. But I again, I don't know why you would want to losers average losers, man. I don't know why you would want to buy any of this stuff. All right, bond yields are all up uh two years up, ten years up, 30 years up, and the VIX is up as well as oil makes some relative highs. Metals, Chads, silver, gold, copper. Where are we? We'll start with silver. I think it looks terrible. I don't know why exactly it looks terrible. I guess there's just only so many things we could pump at any given moment. Silver looks pretty fucking gross, huh? This thing is 72.9 on silver. I'm not interested in silver. Silver is just rough. This was a pretty gnarly fake out. I almost bought this. Gold as well, just looks weak and uninspiring. I'm down to buy this stuff higher, like gold at 49. Interested. At this stage, not interested. And the one I like the most is copper. And it just got reject fucked at ATH again. Once again, it's got the thesis, it has the chart, it has the you know the KOLs, the IRL use case, whatever it is. But it's it's a bitch to trade, man. Stretch, stretch, stretch. I don't know what happens here, by the way. How does this play out? I have no idea, but it's pretty this is a pretty scary. I mean, nobody wants to touch this thing. The more no one wants to touch it, the the the farther it drops, the higher yield they have to offer, the less amount of time they can fund the dividends. I mean, how low does this go? Four weeks ago, by the way.

SPEAKER_04 15:47

They said, Mike, don't touch the Bitcoin stack. Now I'm buying more while they're fighting into black SDRC printing, engine running clean, watching debt transform into the Bitcoin dream. Turned on the BTC drive. No shame in my face. 65 billion, and I'm still winning the race. They panic when I say sell a little coin just to prove the whole market doesn't break or get destroyed. Company fine fine, Bitcoin fine, world still spins. You screen punsy while the weak cave in Bitcoin getting stronger, every cycle reborn. While I keep building through the middle of the storm, I'd like nothing better than to rip your wings off. Every short position getting weaker when we lift off. I'd like nothing better than to rip your wings off.

SPEAKER_06 16:42

The worst part about this, by the way, is Jeff Walton just staring at me in the face. Jeff Walton dead center, just looking at looking back at me. Oh my god, stop. Stop! No, how that is fucking unbelievable, bro. Wow, bro, bro. Come on. Anyways, um, that stress. I mean, this is horrible. They didn't buy any bitcoin, did they? That is pretty horrifying. They bought no bitcoin today. And then we have uranium is down six percent today, and then souls, the Ansome rare earth metal stock. All right, let's move on. Let's move on, let's move on, let's move on. First and foremost, oil is back on the menu, ladies and gentlemen. Brent 96.9 a barrel. Um, this ends below 40k. Nice. Crude's up 3%, Brent is up like two and a half, give or take, and we have oil clips to watch again. We gotta, we gotta, we're not done with oil. Um, defense Palantir had a nasty day. I'm out of this, down six and a half percent to 142 dollars. It sort of led the IGV creator ring down 4.3. Not great, and then all defense is red. Uh Raytheon down one, Northrop down two, and Lockheed down 0.3, big tech, semis, ai, a little bit of SAS, a little bit of hyperscalers, a little bit of mags, a little bit of everything in between. You know how we do it. Charts make no sense. Our lists don't make any sense, but this is how we do it. Uh, number one, leader on the day, robo strategy, ticker bot, CEO Andrew Kang on tomorrow's to-do list interview with Thread Guy. This thing's up 15% today. Pretty crazy. And it's printing kind of a fun chart. It's just the fun chart, it's a really fun chart. Number two, Sandisc gnarly candle. It is now $1,831 a share up 6.7%, printing another definitive all-time high. It has one of the most ridiculous charts I've ever seen in my entire life. This thing is unbelievable. Second gainer here is Intel, it's almost back above the Trump PL screenshot level, and it's good to see Intel doing well. Third is Meta Fair Green Day on Meta. They had some announcements today on some AI monetization stuff. This thing's up 4.2%. Thank you on the overlay. This is a stock guy's favorite stock. I'll tell you that. If you're like a real stock guy, if you're a real ECF guy, if you're a real like trad fi type of fellow, you love meta. AMD up four, Qualcomm, Gensen did call it the best AI company today. I have that clip. We'll watch that. I should just watch it right now.

SPEAKER_01 19:25

Nobody uses AI better than Meta. And so if you look at the way that they're using AI, AI went from a recomm a classical recommender system running on CPUs to now a generative AI agentic system that's making recommendations. Everything from the way the social media works and the way they they recommend ads and help uh advertisers create content has fundamentally been changed. And their earnings show it. And that's the reason why they're investing so hard. They see just a much larger future potential for it.

SPEAKER_06 19:54

Um Marvell. Alright, my Marvell tokens are down. My entry is 350. I wanted exposure to some uh some AI, so obviously I didn't sell, but man, the hyper liquid after hours are hyperliquid like after hours traders just retarded. Is that what this is? Like what what what is this exactly? Why why did it move like this? I feel like this was all HL. Like this was it, I mean it has 400 mil of 24 hour volume. It felt like this was all hyper liquid after hours traders that just ran this thing up, and then there was just a slam sell in the morning. To be fair, to be fair, stocks are read today across across the board. But I don't know. Like, I I I wonder how much hyper liquid traders had impact on this price versus like futures traders. Like, I I don't know how uh the volume and flows work. It that'd actually be like a really fun segment if we could figure that out. But I mean it was getting slammed. HL was fucking slamming this thing last night. I'm watching it like, oh my god, I'm gonna be rich. And I woke up in the morning, it was cooked. Um, so that's Marvel Arm up three, Icon up 1.5, ASML up one, Tesla's flat. There is a lot of discourse about the Tesla SpaceX merger, which we're gonna talk about today a little bit. Broadcom still crushed after hours down 6.7, Nokia down one percent, then on 1.3 after hours. Google, the Mando stock has increased the dilution from 80 to 85, and it's down like 1% today. Um, AOS Cells, the D Gill stock, he came in and forced us to add yesterday. That is down 1.3%. Um, Blackberry down nine percent after hours. What happened? There's no real commentary about Blackberry. I mean, nine percent is no joke after hours. I don't know. Find me uh okay, it's down because uh broadcoms bringing everything down. If you find any news on it, let me know. But blackberry down 1.3, Apple down 1.5, Netflix down two, Amazon down two and a half, and Chris Camill is tweeting, tweeted, and said, Real Amazon Conviction loves this. I bought some on a shorted on Google Dilution News. Maybe that was an interesting short to take. I didn't really consider that as a trade. Um Um, Cloudflare down three, Microsoft down three. Dell printing a na scares me for my Vel a little bit, right? It's printing like a nasty uh retrace candle, but to be fair, it was up so much. Down three and a half. NVIDIA down 3.6. And this is kind of printing a nasty chart. Is anyone long short NVIDIA right now? This is a little bit of a scary chart as well, to be honest. A little like double toppy action, not the cleanest look. Um, Civ down five after being up like 60%. I don't know what to think about NVIDIA. Yeah, it's a weird one. Palantir does not look good at either Salesforce down five, blue energy down five, another one and a half after hours, Oracle down six, and then another three and a half after hours. Rocket Lab down six. Damn, space is cooked today. Rocket Lab down seven, then two after hours. Um Firefly down eight, ASTS down nine, Cerebrus retraced all gains yesterday. That's down nine, and red wire is down ten. Do we think the space pump is already happened and we just dump into SpaceX IPO? Maybe, maybe not. Interesting nonetheless. All right, some of our consumer SaaS and the rest that we find interesting. All right, GME's up six, Rivian is up five, Eli Lily's up 1.3. Have a little Eli Lilly segment. Maybe we're gonna get here at some point. Reddit flat, and then everything else is kind of cooked. AMC down 12 on news that I'm semi-interested in it. Circle. Ugh. So circle, open doors crush, sweet green is basically retraced the entire move. Um, from where Chris Camilla came on stream and talked about it, it's down, it's only up 12%. This makes me think that a lot of this pump was like from Chris Camillo motion, right? I mean, it's not that expensive of a stock, it's worth nine, it's $900 million stock. He ripped it 56%. I mean, was it just Chris Camilla motion on this stock? Had to be, right? It's a sub 1 billion. Um, MSTR down seven, and it's disgusting. Uh Coinbase down six, Figma down six, Robinhood on six, so five down six, uh, Unity down five, uh the swatch group, Pusa down, Nebius down three after a generational run. Uh, take two down three, Ferrari down three, and that is our list. The Caesar wraps did get overshadowed by the Kool-Aid Spears, bruh. That's actually a good point. All coins, real quick. Athena's up 16%. Is anyone in Athena? I the Coinbase partnership is interesting. Um, Gito's up 12. Looks pretty strong. Monero was up eight, but it looks like shit. Plasma don't even. Only interesting one on this list to me is lighter, which is up a pretty convincing 5%. It's at 1.7. And I talked to Mando about this one off stream. It is yeah, it's a nice thesis, man. There's not that many perp decks. Lighter's US company, seems like they're pretty locked in regulation and things of that nature. It's a fun beta, beta tale, smoke, it's small coin, and that is basically it. Real quick, let's take a look at uh on chain useless somehow is 94 bitcoin under 65. No, oh my god. Wow, guys. Zcash doesn't seem to care. Wait, where was uh Lacey? Crazy, actually crazy, yeah. I mean, the low is what like 60. You gotta lose it, I think. I think you gotta I think you gotta lose 60. Not a hot take or anything, but let's look on chain real quick. Banker 53, TCG 5 cards is 60. Whoa, whoa, whoa, asteroid 61, Octra 67, and then knock 57. Wow, I mean, this is horrid, dude. All right, let's do a quick war and oil update. Are you guys sick of I mean, look, I know there's a real war going on, there's serious implications, and and us being sick of it is not stopping the horrible things are happening. But are you sick of talking about war right now? Because I'm so sick of oil price, it's high. I mean, I don't think this is why Bitcoin just dumped. I think Bitcoin just dumps because Bitcoin just dumps. Yeah, I mean, it's not exactly pumping, but it looks really good. And yeah, 64.9. Oh my lord. So we have a couple there's really not that many updates. The updates are Iran does not want to talk to Trump anymore. Trump and Netanyahu are lashing out on each other, and Netanyahu just spoke. And so if you remember, Trump leaked that story to Axios about how he freaked out on Netanyahu, and they interviewed about him about it, which is hilarious. They like leaked the story about how he how he like screams at his boy, and then he immediately gets on the camera and they start. You know that Jeff Teague story about Jimmy Butler, how Jimmy Butler like crashed out with the temple wolves practice, walks out, and he's like on TV with Rachel Nichols, and they're like interviewing him about the about the the they're like interviewing him about the practice like 15 seconds later. Well, here it is.

SPEAKER_02 26:51

You were angry with him, you said, Are you effing crazy? What are you effing doing? Um I helped you stay out of jail. Is that true? Did you speak to him in those two? I did.

SPEAKER_09 27:01

I always say angry. I was a little bit angry at his uh passionally fighting with Lebanon. You know, at some point as it maybe we gotta slap this, we gotta slap it.

SPEAKER_06 27:13

Dude, he looks fucking tired as shit.

SPEAKER_09 27:17

You know, at some point is it really we gotta slap it. We're gonna have a very good relationship. We've done it well, well together. We could never have done it, but everybody knows that we could have never done it without the United States, but we've we've I've worked very well together. I like BB a lot, and I've worked very well with him. We had a you know where he I'm a wartime president, he's a wartime prime minister. What's good, Daniel? Very important part of the world, and I think we've done very well. We've we've gotten along very well together, dude.

SPEAKER_06 27:48

I that's a good point. I cannot even imagine what bullshit this guy has to deal with on a day-to-day basis. I mean, it's gotta be bad right now. I mean, it's gotta be unbelievably bad, right? How old is Trump? Wow, he's 79. Damn, he's about to turn 80, bro. Joe Biden. Oh my god. So, okay, couple couple updates, and we're gonna move on. Uh, one, Trump said the Iran blockade could be lifted by Labor Day as the US works towards an agreement with Iran. When is Labor Day? It is September 7th. Oh man. The 72-hour war has definitely taken a turn for the worst here. He also said Iran has agreed it will not process nuclear weapons, and that Iran's supreme leader is involved in talks with the US. Trump added that he'd probably meet with the Supreme Leader at some point. Dude, on this war stuff, I feel like I'm living in fucking groundhog day, man. It's every day. I feel like I'm going crazy covering this oil stuff. I genuinely do. I mean, it's every single day. It's the same headlines resurfaced, reshuffled, moved around, resurfaced, reshuffled. They bring it back, they pull it back. There's a war, there's a ceasefire. Iran doesn't agree. U.S. is bombing, Iran's bombing US bases in in Kuwait. We bring it back. There's a ceasefire. We're working towards talks. I'll end it when I want to end it. I could escalate. I'll end it when I want to end it. We're nearing talks. Iran's no longer responding. Up there's a ceasefire. Never mind. Ceasefire is broken. We're nearing talks. We're bombing Lebanon. We're bombing it's just like the same fucking thing every single day. Every single day. It's tough. It has definitely gotten tough. But that's where that's basically where at Ned Yahoo came out and said, Markets are not wrong. And then the last post I have on here Pop Overnight News. Um, yeah, I think the low I mean this in a very nice way, by the way. I think the lowest my mental health has been in a long time is when we were watching Professor Jang and Breaking Points on a Daily Basis. I think that was like the lowest my mental health has ever gotten. I I just started waking up and I was like, Tulip King, I I don't think I can do it anymore. I would show up and we'd be like, What's in the stream doc for today? And it'd be like, we have a 90-minute Professor Jang video, and I'm just like, oh my god, I can't do this. Um, Iran launched missiles at Kuwait, US base in Kuwait. Then they came out and said no, we didn't. Um, Trump said he swore at Benjamin Netanyahu to call this week. Um, rebuilding a tariff wall. Da da da. Jensen Huang outlined the insane returns offered by AI during an address to wealthy family offices that sought to dispel lingering concerns or the big spending that's accompanied the boom. Um, Jensen's been on a tour recently, by the way. He might be my favorite CEO. I gotta give him that. He might he might be the coolest, most normal CEO. I can imagine he's a freak in the background, but I've enjoyed the Jensen tour that he's been on. He went with Alex Friedman, I think, posted. You get Jensen, the CEO of the most valuable company in the world, and then everybody else, and he's the most normal, most chill, most outspoken, the best spoken, the most public, meeting with everyone, the most beloved out of all these CEOs. And then everybody else after him goes on podcasts and they take turns, and they're like, AI is gonna take your job, AI is gonna destroy the world, AI is gonna replace your wife, your children, your kids, your dog. It's gonna take everything from you, it's gonna destroy you, it's gonna ruin your life. AI is gonna ruin everything. AI is gonna ruin everything, AI is gonna ruin everything. More CEOs need to listen, need to need to take from Jensen. He he they do him like Kobe overseas. I mean, there are droves of people lined up to meet this guy. He's all smiles, he's dancing. He's just like a normal person, man. We do not have enough of this. We don't have enough of this, you know. It's like oddly refreshing to see this. I mean, look, is he a good dancer? No, but are you? Jensen's like the Steve Jobs of Sam Altman's. Dario is like the Jeff Yan of Michael Saylors, bro. That's what he is. It is one of the best things I've seen all fucking week. So shout out to Jensen. Um, what else on here? Federal Reserve, Kevin Warsh has top two outside associates to advise him. Always hails into the job. Kevin Walsh is coming into one of the most difficult situations ever. I don't know what Fed chair has come into a tougher environment than what Kevin Walsh is walking into. I also believe Kevin Warsh is the most competent person in all of other than best in all of government. Paul Volcker. When did Paul Volcker come into office? 1971, 1979, after Nixon took us off the gold standard in 71, Bretton Woods, if I'm not mistaken, and gold went on to do like 10,000% in a decade. And then Paul Volcker comes in, nominated by Jimmy Carter, and just hikes the ever-loving fuck out of rates, if I'm not mistaken, and saves the economy. Hard spot because you're the bad guy. I know. And imagine that is what you feel like you have to do, and you're appointed by Donald Trump, and you come in and it's just like, what the fuck are you supposed to do, man? It's brutal. Um, all right. One other thing on Netanyahu that I want to do I want to do real quick is I saw this is the second time now I've seen this. I was watching a podcast, Invest like the best. They're probably the best out right now. And he had Dan Loeb on, who's the founder of Third Point. And you know, I'm I'm like fairly interested in the emerging markets. I think I felt like this picked up a lot of steam when Druck filed 13F in like Q425, and it was just like tits long Brazilian stocks. Since then, Korean stocks have gone on this like crazy parabolic run. And Dan Loeb went, I believe went activist in Sony, which is a Japanese company. Yes, yes, it's a Jap yes, yes, it's a Japanese company, and he kind of went activist, and he was talking about emerging markets, and the guy was asking him, What emerging markets do you like? And he said he likes he didn't mention Korea, which was fascinating to me. He said he likes Japan, he likes something else, and then he likes um Israel stocks. And I was kind of like, wait, what? I didn't even like really understand that that was a thing.

SPEAKER_00 33:37

And then I see this clip with some of these criticisms from around the world and growing calls for divestment.

SPEAKER_08 33:42

In fact, the opposite has happened. We have enormous investment in Israel. By the way, did you take my advice two years ago? You made a lot of made a lot of money.

SPEAKER_06 33:52

It every president's doing this. Every leader, did you fade my fucking call, you fucking bitch? Did you take my advice two years ago? You would have made a uh a lot of money.

SPEAKER_08 34:00

I'm not a stockbroker and I am not giving you tips, but I would say buy anything in Israel because Israel is going up. After two and a half years of war, our currency is the strongest it's been in our history. The stock market is soaring. Our defense and other technological experts are going through the roof.

SPEAKER_06 34:18

I mean, he just went on an interview and said, buy first he said, Did you fade my call two years ago? Is the first thing he says to this reporter. Did you fade my call two years ago? Is the first thing he says. And then the second thing, the second thing he says is buy Israel stocks now, which is insane. Wow. Oh my god, dude. It's up only. Where did the war start? February 28th. Started right here. Wow. Should we add this to the fucking our daily tracker? Let us talk. IPOs! We have a big day tomorrow. I mean, the most hyped IPOs in Cerebrus, and I don't know, is this more hyped than Cerebrus? It's definitely more niche tomorrow. It is listed on Hyper Liquid right now, which we'll take a look at. It is a quantum stock. They have some product of some sort. I don't exactly know what they do. It's pre-IPO perps are live on HL. And it has now been marked up, I believe, three times what the IPO price is gonna go live at. Now, the only real proxy we have for these IPOs is I would say Cerebrus, right? Um, I guess Cerebrus is the only comp that we have to think about what to do on IPO day for continuum. And I mean this thing is down. I mean, this is nasty. It's on four basically 40% since IPO day. I don't know that this is really the best comp, but it's the only it's the only IPO that's I can think of that happened in this market. It's done, basically went down in a straight line. It made a couple decent moves, but it kind of went down in a straight line. This was uh May 14th. This thing IPO'd. Um, I think it's like kind of relevant. We'll see. But so continuum IPO is tomorrow, and they have updated the share price. It's gonna go live out, I think twice now. Yeah, so it upsized its IPO to at sixty dollars a share to raise 1.68 billion. Said it'd be 20 times oversubscribed. Yeah, look, everyone's posting it, they're covering this, they've updated it twice. So before they were raising when this came out May 31st, they're raising 1.05 billion, they're now raising 1.68 billion, they're doubling it before two days ago. They also upsized it to 1.4 billion, so they've doubled it like twice, added 50 twice. That was two days ago, upsized it. Now they're doing it again. I have not traded a single pre-IPO perp on hyperliquid just because I don't really know what I'm trading. What am I trading exactly? I don't know. All right, so Trade XYZ listed this thing at nine uh $73. Now, to be fair, it has five mil of OI, 2.6 mil volume. It really does not have enough activity for you to do much with it. Okay, so yeah, launched at $73 so and so top tick like $114 on HL, and it's now sitting somewhere at $98. D Nap you know what the implied valuation is at $98? That's what I want to find out. I want to find implied valuation versus what they're saying they're gonna IPO at. We'll see if we can find that shortly. Yeah, so they were gonna raise $1.4. What was the new share count? It was 21 million, 28, 28 million shares at 60, and they're trading at 98 on HL. Anyways, so that uh is coming tomorrow. This story, I think it's gonna be on our stream dock every day for the next like three months, probably through the IPO. This is gonna be on our stream dock every single day. Tesla SpaceX merger that gains momentum. Wedbush maintains its view that Tesla and SpaceX could merge in 2027 following SpaceX IPO with signing an 80% plus. The firm points to Tesla's stake in SpaceX, growing operational ties in a joint Terrafab facility as signs the groundwork is already being laid. A merger would strengthen Elon Musk's push to build an integrated AI ecosystem. I don't even know. I mean, what is the trade if you think this is gonna happen? I I honestly have no idea what you even do. I I'm terrified to actually trade SpaceX-Winn at IPOs. I'm terrified to trade Tesla either direction. I was pretty convicted in like a Tesla short, but I never took it because I don't I don't short sell. And you face such a risk of getting blown out of it if this happens. Breaking the US House of Representatives has voted to restrict President Trump's ability to continue with the Iran war without congressional approval. The measure passed in a 215 to 208 vote with four Republicans joining Democrats in support. Uh chat GPT. What would this mean if passed? It means Congress is trying to force Trump from to stop using the military in Iran unless Congress explicitly authorizes it. Mechanically. CBS is the Senate had only advanced a similar measure procedurally, not necessarily passed final binding legislation yet. So the real meaning is legally, if fully inactive, Trump would need congressional approval to continue offensive military operations against Iran, except defense and imminent threat actions. Politically, much bigger. This is a public congressional rebook. It says the Iran conflict is becoming politically toxic enough that some Republicans are breaking ranks, right? It has to pass the Senate. But if it passes the Senate, Trump can just say veto and everybody has to start over. And in the time it's gonna take to pass the Senate and then veto and repass the Senate after his veto, we will have been going on for like months. The war is probably over, anyways, and you can't stop Trump. Anyways, uh, the last thing I had related to stocks is Palo Alto Networks price analyst target updates, analyst price target updates, and they just like come out and declare that the thing that they hold they think is gonna go higher, and the market is like, okay, bet, we're gonna buy more on this news. It's unbelievable to me. I've never analyst price targets is one of the craziest things I've ever seen. It's like, yeah, I hold this thing, I think it's gonna go higher. And everyone's like, Holy fuck, we're we're buying we were not in, but we're in now. It's it's such a ridiculous job. How are you, man?

SPEAKER_03 41:03

Dude, I'm good. How are you? Big day for you, UPF2, new brand.

SPEAKER_06 41:07

You're part of it, dude.

SPEAKER_03 41:08

First, first guest with the new overlay. First guest with the new overlay.

SPEAKER_06 41:11

I figured we could break it in a little bit. Um, market looks pretty good.

SPEAKER_03 41:15

Yeah, if you hold the right coins. The market looks good if you hold the the three good coins, yeah.

SPEAKER_06 41:20

So, what do you like right now? You've been flip-flopping a little bit. Everybody wants to talk crypto. They wanted to hear from you. What do you what do you uh what do you like right now? What are you interested in? What are the what are the good coins? How are you thinking about it?

SPEAKER_03 41:29

Yeah, well, I mean, I I like hype just as much as everybody else. I was very, very in love with Zcash before kind of all of the all of the fuckery today. Um, and I am like so sick about Bitcoin, I could puke. That's pretty much my my mental state right now. And then I have opinions on, of course, all the rest of the coins, but like as far as anything that everybody's talking about.

SPEAKER_06 41:56

I was gonna try to cover the Zcash thing myself, and then you were teaching me about it on our stand-up today. And so I was like, maybe just come on and talk about it for like 20 minutes. Can you give us the summary on what just happened as it relates to Zcash, the drama? You're I mean you're fighting one of my biggest bags, one of my most beloved bags, and you're a Zcash. I'm fighting one of my biggest bags. Yeah, you're fighting. Like, I don't know. I'm reading it, I'm like, what's going on? Like, get give us the uh rundown on what happened with Zcash.

SPEAKER_03 42:23

Yeah, so essentially, a like security engineer at Zodl or associated with Zcash discovered a potential exploit in the ZK circuit that is used for the Orchard pool. So essentially, like when you take your Zcash and you shield it into Orchard, you're you're kind of putting it into like a smart contract of sorts, like that enshrines the behavior of the privacy pools, right? So those have their own logic, right? Um, he found this bug and he's like, Oh, they're being pretty cheeky about the language of the bug saying, Oh, it like it would have been able to do like unvalid state transactions, which I I mean it seems like the honest way to read that is like there was a double spend bug, right? Like somebody could have exploited it to essentially spend the same amount of um they explained it, it had some amount of scalar math type stuff where I was like, okay, I mean, I don't really get it to be honest with you, but it's basically like um, you know, when you transition from like transparent Zcash to shielded Zcash, you're like playing by a different set of rules, right? Because they have to implement like essentially a new way for the coin to work, right? For it to be private, right? It you can't just copy paste the same code over, it has to like do all the ZK logic and stuff, right? So it's it's possible just that as you like you want it to behave the same way, send, receive, but just all in private. But you can like introduce a bug when you do that, right? And it seems like that was the case. Here. So they um what they did is first they did like a soft fork to censor um orchard transactions. So essentially what that is is they just rejected them. So I think it was about like a 24-hour time window, but for however long, they basically said, Hey, everybody run this soft fork software, miners, exchanges, wallet operators. And um, it basically means if anybody went to do a transaction within the orchard pool, we would just pretend it like just ignore it, right? Like not include the transaction. The point of that was essentially like while they're trying to fix the bug, if somebody else would have discovered the bug, it's not gonna work, they could exploit it. But by blocking all transactions, it can't be exploited. So then they fix the bug, and then they do a hard fork that essentially moved the ZK circuit like to this new valid logic that doesn't have the exploit anymore. So there's a there's a lot of like different pieces. Like the first piece is like let's be clear, it's actually it's just not good. I I don't see how it's good that Zodl can ping everybody and be like, just ignore that these privacy pools exist, and they can like instantly get everybody to do that, and then that can also just like hit the network with a hard fork, and we're all just like on this new network now. Like, I understand the response where people are like, Oh, it was easy to coordinate because the bug was so serious. So if there was a hyper serious Bitcoin bug, maybe they'd coordinate too. But there is a hyper serious Bitcoin bug named Quantum coordinating, right? So, like end of the day, like you just have to admit that like it's a concerning amount of centralization, even though they did the right thing, like it would have been worse to leave the bug in there for sure, right? But like it exposes and reminds us of like candidly, like the value of Bitcoin not doing anything. Like, that's problem number one is centralization. Problem number two is the the privacy pools, because there's actually Orchard is like a follow-up to some other Zcash privacy pools, right? It was one of the big upgrades that made it super dope. But they um they operate on like what's called the turnstile. Okay, so essentially, if I deposit 10 Zek and you deposit 10 Zek into the pool, the network knows that there's 10 Zek in the private pool. You and I can swap back and forth all day and it will be hidden, but they know the total amount that way. Like when I go to withdraw, I can't withdraw 30 Zek because I don't put in 10 in, you put in 10. The network knows there's only 20 Zek. But imagine I used this exploit and I have like I really have 10 Zek, but I sent a bunch of other wallets in there I own 10 Zek on double spends, and then I could just drain the pool like classic DeFi style. I could pull out all the way up and turn style. So what that essentially means is the from this uh did your wife's artificial amount zcash. Okay, wait, how are we good? How are we doing?

SPEAKER_05 47:06

It's like it's a little chopped.

SPEAKER_03 47:08

Are we back?

SPEAKER_05 47:09

Yeah, keep going for keep going and see.

SPEAKER_03 47:11

Okay, okay, okay, okay. But there could be so like Zcash network, there's still the same known amount of tokens. Uh-huh. But in the privacy pool, it could have been the case where, say, there's a million deposits in there, some guy just went and created 17 million private tokens that nobody knows about because it's a privacy pool. Nobody knows it was actually exploited. Now he could only pull out the 1 million, but what happens if other people start to integrate? Like, oh, I can buy this thing with private tokens, and I don't ever have to leave the pool to buy a Chipotle burrito, or I don't ever have to leave the pool to do a near to do a transaction with near insets, and you never know.

SPEAKER_06 47:49

So the like the thing I always thought was funny about privacy coins, like one of my favorite bits was like no one actually knows what the supply of an arrow is because it's private. There's no way to ever really know if there was some sort of double spend, double mint function exploit that happened at some at some stage.

SPEAKER_03 48:03

Yeah, and think of it this way, right? Like you could also there's reason to believe you wouldn't drain it right away. Like if I had all that private Zek and I instantly pulled it out into the public pool, everybody would know and the the exchanges would shut down, everyone shut down. But why don't I just withdraw a thousand Zek every day and just pay myself a permanent dividend until that pool is slowly drained, right? Like, so the the the problem is is like it just creates this uncertainty, right? And that uncertainty is kind of inherent to these private projects, right? And I think the Zcash turn style mechanism is is actually pretty clever because Monero, you could have God knows how many coins, not even and never prove it. Zcash, Zcash, you can at least prove there's this many transparent possible coins, right? Which which is good. So the exposure is is less, but like I don't know. I I I I don't think it should be underplayed the centralization and the level of concern that like this created, at least for me.

SPEAKER_06 49:04

Beautiful. You're the go. Till up, you're the fucking man, dude. Thanks for coming on. It's always a pleasure. Yeah, yeah. All right, brother. We'll see you on our call in like a couple hours. Yeah, I'll see you in like 20 minutes. I'll see you in like 30 minutes. Yeah, all right. Peace, brother. Yeah, yeah, yeah. I'm happy the branding is out. All right, tomorrow I'm gonna be interviewing Andrew Kang. It's gonna get posted on Thursday, and then I will be off on Friday. Okay, I'll be off on Friday. Look, I just want to tell you guys, we have we've been through a lot together, man. It's been 10 months of streaming. Think about how much different the fucking world was 10 months ago. Think about how much different the markets were 10 months ago, okay? It probably was easier. The crypto market probably was easier 10 months ago. But if nothing that happened happened, think about where we would be right now. Think about how little we we would have grown. We wouldn't have been trading stocks, we wouldn't have been trading commodities, we wouldn't understand the oil market, we wouldn't understand geopolitics. Think about how much we've grown, think about how much we've gained. At the end of the day, that's what we're here to do. We're here to get smarter, we're here to get better, we're here to sharpen the fucking blade.

SPEAKER_07 50:05

You want to bowl or you watch.