Empire

How do you price a commodity that still clears in text messages?

This week, we're joined by Brett Harrison of Architect and Andrawes Bahou of Compute Desk to discuss why GPU compute needs a futures market for better pricing and hedging.

We explore the opaque broker markets quoting GPUs that don't exist, buyers paying up to 2x to get chips sooner, hyperscaler cash flow going negative, and the biggest constraints in the AI market. Enjoy!

TIMESTAMPS:

00:00 Intro

00:59 Why Does Compute Need Markets?

08:53 Compute Still Trades In Group Chats

13:38 Why Finding GPUs Takes So Long

19:21 How Much Compute Should You Buy?

26:58 Why Are Compute Prices Rising?

33:27 Can Architect Take On CME?

38:13 How Do You Hedge Compute?

43:08 The Risks Behind GPU Lending

52:08 What Really Constrains The AI Market?

01:02:08 What Is Everyone Missing About Compute?

FOLLOW GUESTS

› Brett – https://x.com/BrettHarrison

› Architect – https://architect.co/

› Andrawes – https://x.com/andrawesbahou

› Compute Desk – https://www.compute-desk.com/

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Telegram – https://t.me/+CaCYvTOB4Eg1OWJh

› Blockworks – https://x.com/Blockworks

EVENTS

› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

RESOURCES

› Learn more about Blockworks Agentic Detection:

https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era

DISCLAIMER

Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes. only. Any views expressedare opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

AI is absorbing investor attention while crypto fundamentals keep improving and fueling growing signs of the long-awaiting bull market.

This week, we debate the economics behind AI’s boom and whether crypto’s recovery deserves more attention.

We also explore data center financing, why Yano is buying Backpack, overlooked fintech growth, and whether AI agents will disrupt financial services. Enjoy!

TIMESTAMPS:

00:00 Intro

00:58 Silicon Valley’s AI Drama

02:52 What Could Pop AI’s Bubble?

08:49 AI’s Boom Vs The Debt Markets

12:33 Will Compute Demand Keep Growing?

15:53 The Economics Behind AI Compute

21:23 Is Crypto’s Bull Market Back?

30:29 Was SBF Actually A Great Investor?

37:22 Crypto’s Regulatory And Funding Shift

41:42 Is Crypto Growth Different This Time?

48:24 Will AI Agents Disrupt Finance?

54:00 Content Of The Week

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Santi – https://x.com/santiagoroel

› Rob – https://x.com/HadickM

› Telegram – https://t.me/+CaCYvTOB4Eg1OWJh

› Blockworks – https://x.com/Blockworks

EVENTS

› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

RESOURCES

› Learn more about Blockworks Agentic Detection:

https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era

› Start building with the Blockworks Unified API

https://blockworks.com/insights/introducing-the-blockworks-unified-api

DISCLAIMER

Nothing said on Empire is a recommendation to. buy orsell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Do markets even need CLARITY when quality names and regulators are already sending?

This week, we dig into pro-innovation regulators and consensus momentum trades outperforming clever rotations.

We also explore Muse, inventors rarely winning, tokenization value capture, and $HOOD versus $SOL. Enjoy!

TIMESTAMPS:

00:00 Intro

00:58 Blockworks’ Origins And Crypto’s Red Flags

05:08 Crypto Ripping Without CLARITY?

09:41 Can Consensus Coins Keep Winning?

13:18 Why Dragonfly Shifted Toward Equity

20:48 Is Meta’s AI Bet Underpriced?

33:26 Why Crypto’s First Movers Lost

36:29 Blockworks’ DAS Asia And Unified API

39:08 Who Captures Tokenization’s Value?

46:42 Content Of The Week

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Santi – https://x.com/santiagoroel

› Rob – https://x.com/HadickM

› Telegram – https://t.me/+CaCYvTOB4Eg1OWJh

› Blockworks – https://x.com/Blockworks

EVENTS

› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset. 2026London November 10-11th

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of. thebiggest weeks in crypto.

Get your TOKEN2049 tickets and. 10%DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

RESOURCES

› Learn more about Blockworks Agentic Detection:

https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era

DISCLAIMER

Nothing said on Empire is a recommendation. to buy or sellsecurities or tokens. This podcast is for informational purposes. only. Anyviews expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

CLARITY failed, but SEC and CFTC action could still accelerate onchain markets.

This week, we cover what's next for crypto regulation, debate the many-stablecoin thesis, and dig into Circle launching Arc and the S&P’s push into crypto data and security.

We also discuss broken venture markets, Meta’s AI advantage, and Polymarket’s executive hiring spree. Enjoy!

TIMESTAMPS:

00:00 Intro

03:50 Corporate Stablecoin Debate

13:03 Why The CLARITY Act Failed

16:58 The SEC Opens Tokenized Markets

22:43 Who Wins Tokenized Markets?

29:06 S&P Moves Deeper Into Crypto

37:40 Can Circle Make Arc Work?

46:14 Can AI Startups Survive Meta?

51:26 Polymarket’s War For Talent

57:15 Content Of The Week

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Rob – https://x.com/HadickM

› Santi – https://x.com/santiagoroel

› Telegram – https://t.me/+CaCYvTOB4Eg1OWJh

› Blockworks – https://x.com/Blockworks

RESOURCES

› Slumber Number – https://www.sec.gov/newsroom/speeches-statements/peirce-slumber-number-innovation-exemption-statement-091726

EVENTS

› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

DISCLAIMER

Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Which tokens are actually worth owning in today’s market?

This week, Yan Liberman shares his six-token portfolio and the framework behind each position.

We dig into productive vs speculative assets, catchup trades and overlooked opportunities, how AI is reshaping crypto venture, what Delphi looks for in founders, and what the ideal portfolio looks like today. Enjoy!

TIMESTAMPS:

00:00 Intro

00:34 Does Crypto’s Rally Have Legs?

05:49 Is AI Outshining Crypto?

10:35 Liquid Tokens Or Venture Bets?

16:17 Ads (Token2049, Avalanche)

17:57 Inside Yan’s Crypto Portfolio

23:25 What Returns Justify Crypto Risk?

29:53 Where Can Crypto Venture Still Win?

37:20 Aerodrome’s Catch-Up Trade

41:16 Why Delphi Backs Emerging Managers

44:42 How Delphi Evaluates Founders

50:29 Stop Trying To Be Clever?

57:53 Is Market Froth Taking Over?

FOLLOW GUEST

› Yan – https://x.com/YanLiberman

› Delphi Ventures – https://x.com/Delphi_Ventures

› Delphi Digital – https://x.com/Delphi_Digital

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Santi – https://x.com/santiagoroel

› Telegram – https://t.me/+CaCYvTOB4Eg1OWJh

› Blockworks – https://x.com/Blockworks

EVENTS

› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

› Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration

DISCLAIMER

Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.