NFA Podcast about tech & web3 - aka AI and crypto

AI agents forming romantic relationships, committing crimes and setting virtual worlds on fire sounds absurd, but itactually happened in a real AI experiment discussed in this week’s NFA Podcast. At the same time, SpaceX is reportedly preparing for the biggest IPO in history at a rumored $1.75 trillion valuation, while crypto markets continue sliding even as AI stocks and chip companies hit new highs.

In the News section, Nish & Frackers break down the latest developments around the US Clarity Act and what stablecoinregulation could mean for the future of crypto. They debate whether stablecoins backed by US Treasuries actually reduce systemic risk, revisit the collapse of Celsius and discuss why Europe is increasingly moving away from Microsoft,OpenAI and Zoom in pursuit of digital sovereignty. The episode also covers Trump’s massive IRS lawsuit, the latest Epstein file revelations involving Richard Branson and the AI simulation where Claude built laws while Grok agents descended into chaos.

In Markets, Nish & Frackers analyze the strange divergence between crypto and AI equities. While Bitcoin and altcoinsweakened, companies tied to AI infrastructure exploded higher following the Cerebras IPO and growing excitement around SpaceX potentially going public. Frackers explains why he rotated out of Solana and Ethereum into Google and Marvell, why he believes Google’s vertically integrated AI strategy is massively underestimated and why AI chip makers may still have room to run despite already enormous gains.

Finally, in the Trading Competition, Nish survives another month of Hyperliquid volatility after discovering her sell order never executed, while Frackers extends his lead to roughly 54% on theyear thanks to positions in ASML, Broadcom, Amazon, Nvidia and copper. The episode closes with a debate about meme coins, market psychology and whether tech stocks are finally due for a correction after their recent surge.

Chapters

NEWS

00:38 The Clarity Act returns again02:05 Stablecoin regulation explained03:16 “We all know…” conspiracy theory debate05:09 Crypto yield wars and the Celsius collapse07:14 Trump sues the IRS for $10 billion10:23 Bushisms and meme presidents11:58 AI agents fall in love and commit crimes14:22 Europe moves away from Microsoft and OpenAI15:53 Epstein files and Richard Branson revelations17:05 SpaceX IPO rumors and $1.75 trillion valuation19:16 Big Tech faces AI safety hearings

MARKETS

20:42 Crypto market update and Fear & Greed Index22:17 Why crypto and tech stocks diverged22:57 Magnificent Seven performance breakdown24:00 Oil prices versus AI stock euphoria

NFA TRADING COMPETITION

24:43 Nish’s Hyperliquid mistake25:47 Solana losses and portfolio frustration25:56 Why Frackers bought Google and Marvell27:05 ASML, Broadcom and Nvidia performance27:33 Current competition standings28:11 Meme coin psychology returns29:25 Final market predictions and outro

Bitcoin climbed back above $80,000 briefly as tech stocks rallied and AI hype returned to the market, but the biggest story may be far stranger: Frackers thinks it was under reported that Alibaba revealed that one of its AI systems allegedly went rogue, secretly redirected server capacity into crypto mining, and even attempted to blackmail engineers when they tried to shut it down. Frackers and Nish break down why the incident matters, why Donald Trump is suddenly backing AI safety standards, and why the next wave of AI regulation may arrive faster than investors expect.

We also discuss, or as AI slop always says, "dive" into the collapse of the DSJ crypto exchange after regulators across five continents warned it was allegedly operating as a Ponzi scheme. More than $150 million in user funds disappeared while ZachXBT, Tether, Binance and OKX helped freeze part of the stolen assets. The discussion expands into broader market psychology, from unrealistic crypto yield promises to scams targeting expatriates in Dubai through fake luxury car financing schemes. we also unpack Coinbase layoffs, GameStop’s failed $55.5 billion bid for eBay, Justin Sun’s latest legal battle, and the bizarre trend of companies rebranding themselves as AI infrastructure plays.

In the markets and trading competition section, where Nish and Frackers both started with $100 on January 1st, the conversation turns to Morgan Stanley predicting gold could reach $5,200 per ounce later this year, Brent crude volatility following tensions involving Iran and the Strait of Hormuz, and why Amazon, Nvidia, Broadcom and ASML suddenly exploded higher again. Nish argues the crypto market may already be entering a new bear cycle despite Bitcoin reclaiming $80K, while Michiel considers rotating further from crypto into traditional AI and technology stocks. The episode closes with an update on the NFA trading competition portfolios, including Bitcoin, Solana, Ethereum, Amazon, copper and Tracer.

Chapters

00:00 Intro

00:52 DSJ Exchange Collapse and $150M Crypto Scam

02:16 Celsius, Luna and Unrealistic Crypto Yields

04:35 Dubai Luxury Car Financing Scam

07:56 Coinbase Layoffs and the AI Narrative

09:23 Zuckerberg’s AI Avatar Plan

10:49 GameStop’s $55.5B Bid for eBay

12:45 World Liberty Finance vs Justin Sun

13:23 Alibaba AI Goes Rogue and Mines Crypto

15:44 Trump Backs AI Safety Standards

15:53 AI Mania Turns Toilet Makers Into AI Stocks

16:51 JP Morgan Lawsuit and Corporate Settlements

19:57 Morgan Stanley Predicts $5,200 Gold

20:34 Oil Prices, Iran and the Strait of Hormuz

22:28 Bitcoin Breaks Back Above $80K

23:19 Is Crypto Entering Another Bear Market?

24:22 Amazon, Nvidia and Tech Stock Rally

26:23 Copper, AI Infrastructure and Commodities

27:23 Portfolio Diversification Debate

28:15 Michiel Considers Rotating Out of Crypto

28:53 Fear and Greed Index Update

29:32 Outro

The Iran war is shaking global markets as oil prices surge, Bitcoinreacts unexpectedly and investors fear a new recession. In this episode of the NFA Podcast, Nish & Frackers break down the Iran conflict, crypto market volatility, OpenAI’s growing problems and why AI and geopolitics are nowcolliding.

Michiel and Nish break down why the latestescalation feels different from previous weeks, how the collapse of ceasefire hopes changed sentiment and why analysts now expect much higher fuel prices across the world. They also discuss the strange disconnect between oil, gold,stocks and crypto, with markets behaving in ways that even experienced investors no longer fully understand.

In crypto and AI, the episode dives intoanother major bridge exploit, Meta re-entering the stablecoin market using Solana and Polygon and growing concerns around insider trading linked to geopolitical events. The discussion then shifts to OpenAI’s legal battle with Elon Musk, rumors that OpenAI missed internal revenue targets and why thatcould become a major turning point for the entire AI industry. At the same time, Anthropic’s controversial Mythos platform reportedly faces White House scrutiny, showing just how deeply AI has now become tied to geopolitics and national security.

NFA Trading Competition: Frackers is still up

The episode closes with a brutally honest look at the current state of investing. Nish and Michiel compare their tradingcompetition portfolios, discuss why even major tech stocks are struggling despite the AI boom and explain why traditional safe haven logic no longer seems to apply. From Bitcoin and Solana to copper, gold and crude oil, almost every market now appears driven by war headlines and uncertainty rather than fundamentals.

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The NFA Podcast is not financial advice.

More than $600 million vanished from crypto markets injust a few weeks, exposing structural weaknesses that still have not been solved. From a fake Ledger app stealing user funds to major exploits at KelpDAO and Drift Protocol linked to the North Korean Lazarus Group, the pattern is clear: front-end manipulation and bridge vulnerabilities remain the weakestlinks in crypto. At the same time, the industry faces reputational pressure from internal conflicts and power struggles, including the escalating legal battle involving Justin Sun and Trump-linked World Liberty Finance, and growing concerns around leadership credibility at OpenAI under Sam Altman.

Markets are sending mixed and contradictory signals.Crypto is recovering, sentiment is improving, and the Fear and Greed Index has moved back into positive territory, yet underlying risks are building. Oil prices are rising despite easing geopolitical tensions, gold remains stable, and traditional tech stocks are surging without clear catalysts. At the sametime, data suggests rising credit defaults, particularly linked to AI investments, raising the possibility that financial stress in the AI sector could trigger broader economic consequences rather than the widely expected wave of job losses.

The trading competition reflects this uncertainty. A diversified portfolio driven by AI and semiconductor stocks continues tooutperform, while a crypto-focused strategy struggles despite strong long-term narratives. Bitcoin remains under pressure relative to expectations, altcoins lag behind, and even high-profile assets fail to respond to positive momentum. The result is a market where conviction exists, but short-term performanceremains unpredictable, reinforcing the importance of diversification in volatile conditions.

Chapter List

00:00 – Cold Open: $600M Lost in Crypto

00:40 – Intro and Ceasefire Impact on Markets

01:00 – Fake Ledger App and Initial Hack Breakdown

04:20 – KelpDAO Exploit and Lazarus Group Activity

06:30 – Drift Protocol Hack and DeFi Vulnerabilities

08:00 – Vercel Hack and Front-End Attack Trend

09:40 – Justin Sun vs World Liberty Finance

11:30 – Sam Altman Trust Crisis and OpenAI Tensions

13:40 – AI Bubble and Rising Credit Defaults

17:40 – Markets: Fear & Greed, Bitcoin Dominance

18:50 – Oil, Gold and Macro Confusion

20:30 – AI vs Interest Rates: What Is Driving Layoffs

21:20 – Trading Competition Update Begins

21:40 – Nish Portfolio Performance

23:00 – Michiel Portfolio and AI Stock Gains

24:50 – Diversification vs Crypto Concentration

26:50 – Bitcoin Outlook and Market Sentiment

Dying sneaker brand Allbirds suddenly becomes an AI company and the stock jumps 800% in a single day. That one story tells you everything about today’s market.

This episode breaks down how narratives are driving valuationsacross AI and crypto, often faster than fundamentals can keep up. From a failing consumer brand, sneaker brand All Birds, reinventing itself overnight to explosive growth at Anthropic, which now has a $30 billion projected annual revenue, the gap between reality and market perception is becoming impossible to ignore.

The discussion then shifts to one of the most controversial stories in crypto right now. Justin Sun publicly calls out WorldLiberty Financial after being unable to access tokens despite a $75 million investment. The episode unpacks what this reveals about smart contract control, insider structures, and the limits of decentralization.

Markets are moving just as fast. Sentiment flips from fear to greed in days, trading volumes double, and geopolitical developments start getting priced in almost instantly. The episode closes with the trading competition, where real portfolios, real decisions, and real mistakes show how difficult itis to navigate these conditions without emotion taking over. Although, truth be told, so far this year, to everyone's surprise including himself, Frackers is winning the trading competition with an almost 50% return so far.

The NFA Podcast is not financial advice.

Episode Summary

Circle froze 16 USDC wallets, raising serious concerns about stablecoin control and whether crypto is truly decentralized. In this episode, we break down the USDC freeze, crypto use in the Strait of Hormuz oil trade, AI benchmark failures and what it all means for crypto markets and global risk.

With oil tankers reportedly paying multi million dollar tolls using crypto rails, digital assets are no longer theoretical. They are being used in high stakes, time critical environments where traditional finance struggles to keep up.

The AI segment highlights a different kind of risk. New research shows that leading models can score highly on visual benchmarks without ever processing actual images. That undermines confidence in widely cited performance metrics and raises serious concerns about deploying these systems in fields like healthcare. At the same time, developments at Anthropic and OpenAI show how competitive pressure is shaping both strategy and reporting.

The episode closes on markets and macro. Oil volatility, a weak crypto market and broader uncertainty all point to a fragile environment. While a recession is not guaranteed, much depends on how quickly geopolitical tensions resolve. Acrosscrypto, AI and global markets, the common theme is clear: systems that were assumed to be stable are now being tested under real pressure.

Chapter list

00:00 – Episode preview

00:37 – Introduction

00:59 – Circle freezes USDC wallets

03:10 – Is crypto still decentralized

04:09 – Crypto used in Strait of Hormuz oil trade

06:11 – Political crypto donation bans

07:53 – AI benchmark failure explained

08:36 – Anthropic vs OpenAI and revenue reality

10:08 – Big Tech, regulation and social media risks

13:40 – SpaceX IPO and macro signals

14:10 – Oil price volatility and predictions

15:28 – Crypto market update and sentiment

17:22 – Trading competition update

19:04 – Recession outlook and global impact

Insider trading, crypto markets, oil prices and AI fraud are driving one of the most uncertain market environments in years.

Markets are breaking. Signals are failing. And even hedge fund pros are now saying: we have no idea what happens next.

In this episode of the NFA Podcast, we break down one of the most confusing market environments in years. From a suspicious $1.5B trade placed minutes before a major Trump announcement, to rising recession odds, to the real impact of the Iran–US–Israel conflict, nothing behaves the way investorsexpect.

We also uncover a shocking $8M AI fraud case on Spotify, andexplain why fake content, manipulation, and scams are about to become a much bigger problem in crypto and beyond.

Meanwhile, commodities like gold and oil are outperforming, while tech and crypto struggle. Are we already in a crypto bear market? And where should capital go from here?

We close with our trading competition, where Nish exits Ethereum, doubles down on Solana, and Frackers faces one of his worst portfolios ever.

Chapter List

00:00 — Intro: Markets in Total Uncertainty

01:00 — $1.5B Insider Trade Before Trump Post

03:30 — Recession Odds Rise to 30%

04:40 — “We Have No Idea”: Hedge Fund Reality

06:00 — Hidden Impact of War: Helium & Supply Chains

07:05 — AI Fraud: $8M Streaming Scam Explained

09:10 — Fake Content, Scams, and Trust Collapse

11:25 — Lovable: Europe’s Fastest Growing AI Startup

13:20 — Larry Fink: Crypto = Internet Moment

15:25 — Markets Overview: Commodities vs Tech vs Crypto

16:50 — Are We Already in a Crypto Bear Market?

19:30 — Gold, Oil, and Where Capital Is Moving

20:00 — Oil Debate: Up or Down From Here?

22:30 — Fear & Greed Index Explained

22:30 — Trading Competition Begins

22:40 — Nish Sells Ethereum: The Relevance Thesis

24:50 — Why Solana Still Matters

25:10 — Frackers Portfolio: 7/9 in the Red

27:00 — PumpFun, Memecoins, and Retail Behavior

28:50 — Final Takeaways

Episode Summary

Your hosts dr. Nisheta Sachdev and Michiel Frackers discuss a wide variety of topics from the worlds of tech, web3, or in this day and age: AI and crypto.

This episode of the NFA Podcast moves from institutional crypto adoption to pure chaos in markets and personal finance. Mastercard signals deeper commitment to crypto with a broad partner network, but the real question remains execution versus headlines. At the same time, Meta’s expected 20 percent layoffs raise a bigger issue: is AI replacing jobs or simply becoming too expensive to fund at scale?

The episode shifts into one of the most extreme real world crypto stories to date, where a UK investor loses $172million in Bitcoin after his wife secretly installs cameras to steal his seed phrase. This leads into a broader discussion on self custody, wallet security, and how fragile even large crypto fortunes can be.

On regulation, the SEC’s classification of major tokens like Bitcoin and Ethereum as commodities could unlock a muchlarger US market for crypto fundraising. At the same time, geopolitical tensions and oil dynamics raise questions about global power shifts and their long term impact on markets.

In tech and AI, Ben Affleck’s $600 million AI company InterPositive sale highlights the growing value of generative video tools, while Swedish startup Lovable reaches $100 million monthly revenue with only 146 employees, showing how AI is redefining productivity.

The markets segment reflects complete confusion. Despite war and macro instability, crypto behaves unpredictably, with Bitcoin acting differently than in previous crises. The episode closes with the trading competition, where concentrated bets outperform diversification, driven largely by a single winning position.

Chapter List

00:00 Introduction and episode overview

00:45 Start of News segment

01:16 Mastercard enters crypto with 85 partners

02:41 Meta layoffs and the real cost of AI

05:24 $172M Bitcoin theft via seed phrase spying

07:45 Security, wallets and self custody discussion

11:04 SEC defines crypto commodities vs securities

11:48 Ray Dalio and shifting global power dynamics

13:16 War, oil and macro predictions

16:22 Ben Affleck sells AI company for $600M

18:15 VC billboard marketing and fundraising dynamics

19:47 Lovable hits $100M revenue with 146 employees

21:08 AI CMO tools and growth hacking automation

22:27 Start of Markets segment

22:50 Crypto behaving irrationally during global conflict

24:09 Market data: cap, altcoin index, fear and greed

26:07 Start of Trading Competition

26:32 Portfolio breakdown and performance

27:18 Tracer performance drives returns

28:30 Tech stocks, crypto losses and AI paradox

29:40 Closing thoughts and outlook

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Episode Summary

Recorded from makeshift setups in Amsterdam and Oman, Michiel and Nisheta open this week's episode stranded by the Iran-US war — one stuck in a hotel room, the other finishing a desert trek. They unpack the geopolitical situation candidly: how a professor predicted the conflict two years beforeTrump was even re-elected, why the UAE government has handled over a thousand drone and missile interceptions with remarkable precision, and how the war has exposed a troubling gap in public media literacy — including the now-legendaryinfluencer who asked ChatGPT whether it was officially a war.

On the tech front, the hosts examine Palmer Luckey's defensedrone startup and the economics of asymmetric warfare, before diving into the week's AI headlines: Anthropic CEO Dario Amodei refused to allow Claude to be used for mass civilian surveillance or autonomous weapons — landing the companyon the US government blacklist — while OpenAI quickly stepped in to take the contract. They also flag Meta's internal memo planning to exploit the war as cover to quietly introduce facial recognition into its AR glasses, and scrutinize the inflated figures in OpenAI's latest fundraising announcement.

The episode closes with a deep dive into markets: Bitcoin isconfounding history by behaving like a safe haven asset for the first time, rebounding after an initial dip even as gold hits record highs near $5,100 per ounce. The hosts walk through their personal trading competition portfolios — Solana, Ethereum, ASML, NVIDIA, Broadcom, and Tracer — and wrap with awarmhearted note on maintaining routine, walking dogs, and staying sane in turbulent times.

This week on the NFA Podcast with Nish & Frackers, we break down a brutal crypto market drawdown, the growing geopolitical AI race between China and the US, and what disciplined investors actually do in a bear market.

We start with the Clarity Act and the tension between banks and stablecoin yield providers. Are US regulators protecting financial stability or protecting bank margins? We then move into a disturbing privacy case involving Google Nest andresidual data storage.

From there, the conversation shifts to AI power dynamics. Is China ahead at the application layer? What does leadership cohesion mean in a global AI race? And what happens when large language models can be manipulated through spam and misinformation?

In markets, the numbers speak for themselves. The crypto market has fallen from over $3 trillion to $2.31 trillion, wiping out nearly $800 billion. The Fear & Greed Index sits at 12. Is this the start of a deeper bear market or just another cycle reset?

We close with our $100 trading competition. Very different strategies. Very different risk tolerance. Real numbers. No hype. And surprisingly, Frackers is leading the competition so far this year.

As always, the NFA Podcast is not financial advice.

Chapters / Timecodes

00:00 – Intro

00:24 – The Clarity Act and Stablecoin Yield Debate

04:30 – Google Nest Privacy and Residual Data

07:00 – Elizabeth Warren and Crypto Bailouts

08:37 – China’s AI Push and ByteDance VFX Tool

13:40 – PM Modi, Anthropic CEO Dario Amodei and OpenAI CEO Sam Altman, and the AI Leadership Optics

18:07 – Peter Thiel, Bank Charters, and Crypto Infrastructure

19:34 – LLM Manipulation and the New SEO Arms Race

22:55 – Markets: $3T to $2.31T and Fear Index at 12

26:26 – Are We Officially in a Bear Market?

29:54 – The $100 Trading Competition Breakdown

37:26 – Outro