In this week's CFB Talks Digital Assets live X Space, Head of Research Gabe Selby, CFA is joined by Research Analyst Mark Pilipczuk and Kraken Chief Economist Thomas Perfumo, CFA, with Blue Coin Capital Founder and CIO Mike Treidl, CFA joining for the second half.

A cooler-than-expected June CPI print, a widening reality check on corporate AI budgets, and Strategy's evolving balance-sheet playbook frame a wide-ranging session across macro, markets, and digital asset structure. The team works through the disinflation signal against a still-unresolved energy backdrop, debates whether the AI capital expenditure cycle is approaching a return-on-investment reckoning, and closes with a detailed look at how Strategy is managing its capital stack in a compressed NAV environment.

Chapters: 0:00 – Intro & Team Welcome

2:39 – June Retail Sales: A Softening Consumer?

5:02 – Cooling Inflation & the Rates Market Setup

8:53 – Oil, Energy & the Inflation Impulse

12:41 – A Bifurcated Oil World: Diesel, Refiners & Inventory Risk

17:17 – Fed Speak: Waller's Hawkish Turn

20:00 – Warsh's Fed: Agenda-Setting & Constructive Ambiguity

26:49 – Q2 Earnings: Financials Surprise to The Upside

28:58 – Hyperscaler CapEx & the AI ROI Question

32:53 – The AI Spending Reality Check

38:18 – AI's Moat Problem: Low Switching Costs

43:03 – Guest Mike Treidl Joins: AI Moats & Walled Gardens

45:30 – Strategy's New Playbook: ATM Raises Over Bitcoin Sales

48:33 – The USD Reserve Debate: The Right Use of Cash?

59:38 – Week Ahead: FOMC, the Clarity Act & Fund Flows

1:01:57 – Closing Remarks