AI IS EATING SOFTWARE. BANKS ARE EATING CRYPTO.

THE SOFTWARE SECTOR JUST ENTERED A BEAR MARKET AND NOBODY RANG A BELL. THE ISHARES EXPANDED TECH-SOFTWARE ETF IGV IS DOWN 24% YEAR-TO-DATE. ORACLE IS DOWN 56% FROM ITS SEPTEMBER PEAK. SALESFORCE, ADOBE, WORKDAY, SERVICENOW : ALL IN FREE FALL. AND THE CATALYST WASN'T A RECESSION OR A FED PIVOT. IT WAS ANTHROPIC LAUNCHING A DESKTOP AI AGENT THAT CAN DO THE WORK THAT ENTERPRISE SOFTWARE USED TO CHARGE FOR. WE BREAK DOWN WHO GETS DESTROYED, WHO SURVIVES, AND WHICH NAMES ARE ACTUALLY WORTH BUYING IN THE WRECKAGE.

THEN WE GO TO WASHINGTON. TWO CRYPTO BILLS ARE REWRITING THE RULES OF MONEY. THE GENIUS ACT IS ALREADY SIGNED INTO LAW: STABLECOINS NOW HAVE A FEDERAL FRAMEWORK. BUT THE CLARITY ACT IS STALLED IN THE SENATE AND THE REASON IS SIMPLE: THE BIGGEST BANKS IN AMERICA ARE TERRIFIED OF DEPOSIT FLIGHT. WE BREAK DOWN THE WINNERS, THE LOSERS, AND WHY TRUMP WENT ON TRUTH SOCIAL TO ATTACK JPMORGAN DIRECTLY.

MARKETS DON'T CARE ABOUT YOUR FEELINGS.