Exponential Learning

Exponential Learning

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Exponential Learning episodes

  • Stablecoins and the Banking System: Money Gets Re-Platformed
    Stablecoins have stopped being a crypto story and become a banking story. Alex and Jordan work through the Alpha Brands Research report and the numbers as of October 2026: roughly $304B in supply, $17.6T in adjusted payment volume tracked for the year, and 99% dollar-denominated. They cover the GENIUS Act's 1:1 reserves and yield ban, the failed CLARITY Act's rewards loophole, JPMorgan's JPMD and the Clearing House tokenized-deposit network, the Visa/Mastercard/Stripe Open USD consortium coin, and the base case that banks absorb stablecoins while correspondent banking loses. Winners, losers, scenarios to 2030, and what it means for investors.
    21 min
  • Invest in the Shortages & Bottlenecks: Ai & Power

    The Compute Paradox: The Stocks That Win When Models Get Cheap — podcast summary

    The thesis: the cheaper AI models get and the more their margins compress, the more gets spent on physical hardware. Lower software profits plus open-weight fragmentation equals explosive hardware demand. Three old narratives are wrong: the software oligopoly doesn't win everything, compute spend isn't a debt bubble, and compute prices aren't crashing — compute is heavily constrained with bids rising toward $100/watt. We're structurally short on watts, wafers, and capital, which makes the buildout slower and smoother for longer.

    Three independent passes — the paradox framework, a beneficiary screen, and the Alpha Brands AI Bottleneck Portfolio — all converged on the same 13 stocks across six areas: Power & Grid, Foundry & Equipment, Compute Silicon, Memory, and Generation.

    The stocks, by area:

    Power & Grid + Generation: GE Vernova (gas turbines and grid equipment), Siemens Energy (turbines and transmission), Schneider Electric (data-center power distribution), Vertiv (liquid cooling and in-hall power), Eaton (power management and electrical gear), Quanta Services (builds the power grid), Constellation Energy (largest US nuclear fleet), Vistra (merchant gas and nuclear in Texas and PJM).

    Foundry & Equipment: TSMC (every leading-edge AI chip runs through its fabs), ASML (the only maker of EUV lithography machines).

    Compute Silicon: NVIDIA (the volume winner of the buildout), Broadcom (custom AI accelerators — the fragmentation beneficiary).

    Memory: Micron (the American high-bandwidth-memory supplier).

    The close: a three-legged thesis — AI physical infrastructure, consumer moats, and government/utility spending beneficiaries. Eight of the thirteen are already LOGO holdings (TSMC, NVIDIA, GE Vernova, Siemens Energy, ASML, Broadcom, Eaton, Quanta); Schneider Electric, Vertiv, Micron, Constellation, and Vistra are the watchlist.

    For discussion purposes only — not a recommendation to buy or sell any security.

    You:

    55 min

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Humans can absorb multiples more audio content than written. To that end, this podcast is for absorbing as much intelligence as possible as the catch-all for interesting articles, research reports, or…