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To investors,

An investment has to have three components to present an attractive risk-reward of true asymmetry:

1. A breakthrough technological innovation

2. A small market with potential to grow into a mega market in the future

3. An early cohort of missionary founders/investors hyper-focused on disproving the non-believers

The most obvious example of these components coming together over the last decade was bitcoin and crypto. The results speak for themselves as the industry presented one of the best financial returns for investors. I am obviously a very big believer in bitcoin and continue to see a bright future for the asset.

But I also understand that the significant asymmetry has dissipated as bitcoin has become bigger and received more adoption in the institutional world.

So what is the next market where asymmetry exists? What type of opportunity has the three key components for an attractive risk-reward?

Physical AI and robotics.

This is a corner of the artificial intelligence industry that is often overlooked and under-discussed. A big reason is that almost every company is in the private market and still relatively small. In addition, reporters or market commentators can easily use Chat-GPT, Claude, or other software products, but it is much harder for robotics to stay top of mind when people are not using them on a daily basis (yet!).

In order to understand the opportunity set better, I recently interviewed Andrew Kang, CEO of Robostrategy (Nasdaq: BOT), to get his take on what is happening in the industry. For those that don’t know, Andrew is one of the best investors in the world over the last decade, yet he is relatively unknown to the mainstream audience.

His 400,000 followers on X are constantly looking to him for insights on the next investing themes and trends, which is why Andrew’s decision to launch a publicly-traded fund that gives exposure to the top private robotics companies is so interesting.

After talking to Andrew, I made an investment in Robostrategy because I believe their portfolio contains many great assets and I have confidence that his team of robotic experts will continue to find the next great humanoid or robot-related companies.

You can listen to the interview here or you can watch the interview on YouTube. You can check out Robostrategy’s website here.

I asked Chat-GPT to summarize my conversation with Andrew. Here is the summary:

• Humanoid Robots Are Much Closer Than Most People Realize

  • Kang argues that humanoid robots are no longer a distant sci-fi concept. He believes society will begin seeing robots integrated into everyday life within the next 3–5 years. These robots will work in factories, restaurants, warehouses, and eventually homes because they are adaptable to the same environments humans already operate in.

• The Total Market Opportunity Is Measured in Tens of Trillions of Dollars

  • One of Kang’s core investment theses is that humanoid robots will replace a meaningful portion of human labor, which represents roughly half of global GDP. He walks through simple economics: if a robot costs ~$50,000 and can perform the work of multiple humans at a cost of roughly $2 per hour, the economic incentive for adoption becomes overwhelming. He believes leading robotics companies could eventually reach multi-trillion-dollar valuations.

• Artificial Intelligence Was the Missing Piece

  • Historically, robotics struggled because machines lacked intelligence. Kang explains that advances in large language models and AI systems changed the equation. In his view, physical intelligence is now following digital intelligence. Once robots can understand their environment and adapt to changing conditions, many of the historical barriers to adoption disappear.

• Why He Made Massive Investments Into Figure AI

  • Kang describes how most venture capitalists initially discouraged him from investing in Figure AI. He believed investors were anchored to decades of disappointing robotics outcomes and underestimated how AI would transform the industry. After extensive research, he increased his exposure dramatically because he became convinced Figure had assembled one of the strongest teams in the world and was executing faster than competitors.

• The United States vs. China Robotics Race

  • A substantial portion of the conversation focuses on geopolitical competition. Kang acknowledges China’s dominance in manufacturing and hardware supply chains, but argues that the United States currently has an advantage in advanced AI and robot intelligence. He believes the winning robotics companies will need excellence in three areas: manufacturing, hardware design, and AI. His view is that China may produce many robots, but American firms could still create the most shareholder value.

• Robots Will Cause Massive Labor Displacement

  • Unlike many technology executives who emphasize job creation, Kang is unusually direct about employment risks. He believes AI and robotics will eventually replace both physical labor and many cognitive jobs. Since robots may ultimately surpass humans in both domains, he argues that society will need entirely new economic safety nets. Universal Basic Income (UBI) is one solution he repeatedly mentions as a likely necessity.

• The Future Home Will Include Humanoid Assistants

  • Kang expects humanoids to become common household products. He envisions robots cleaning homes, helping with chores, assisting elderly family members, and eventually serving as personal assistants. He compares future human-robot relationships to how people already interact with ChatGPT and other AI systems, suggesting that emotional attachment and trust in machines will become increasingly normal.

• Training Data Is Less of a Constraint Than People Think

  • The conversation explores how robots learn. While some companies are collecting real-world training data through teleoperation and human demonstrations, Kang argues that advances in video models and world models have changed the landscape. Robots can learn from enormous amounts of internet video data, reducing the need to manually collect every piece of training information from scratch.

• Robotics Investing Could Mirror the AI Boom

  • Kang believes robotics today resembles AI a few years ago. Just as a handful of AI companies like OpenAI and Anthropic generated extraordinary value, he expects a small number of robotics firms to emerge as dominant winners. This conviction led him to create Robo Strategy, a publicly traded investment vehicle designed to provide broad investor exposure to the sector.

• Robo Strategy’s Goal Is Bigger Than a Typical Venture Fund

  • Kang explains that Robo Strategy is not simply a collection of robotics investments. His vision is to create one of the largest robotics-focused investment platforms in the world. By using public markets rather than traditional venture capital structures, he hopes to raise far more capital, provide retail investors access to private robotics companies, and potentially reshape how venture capital itself operates in the future.

Key Takeaway

The overarching message of the podcast is that humanoid robotics is the next major technological platform shift after AI. Andrew Kang believes most investors are dramatically underestimating both the speed of adoption and the scale of economic value creation. His thesis is that robots will eventually become as commonplace as smartphones, fundamentally changing labor markets, business operations, and everyday life while creating some of the largest companies in history.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

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To investors,

The stock market continues to hit new all-time highs. Investors are cautiously optimistic. They don’t want to be the dummy who plows their capital into the top of a bubble, yet they can’t resist the urge to participate in the recent rapid gains enjoyed by anyone with a brokerage account.

Thankfully, anyone allocating capital into the market right now has the “Perfect Storm of Abundance” as a tailwind.

That is the name I will use to describe the framework I have for what is happening right now. There are five key forces to the Perfect Storm of Abundance: intelligence, earnings, dollars, risk-taking, and time.

First, the Abundance of Intelligence was ushered in by AI model labs exposing their disruptive technology to the world via chat interfaces. Everyone knows how to ask questions in a chat interface and everyone wants access to the smartest technology available.

You can see the breathtaking adoption of AI through this chart of token consumption surfaced by Jim Bianco.

Jim writes “token usage (blue bars) is exploding higher. It started in January when Agentic AI went mainstream with Claude Cowork and Moltbook (OpenClaw). AI users are creating agents and code, leading to exponential growth in AI usage. It’s just starting.”

A big part of this demand increase is from AI agents, rather than exclusively from humans. It seems like there is unlimited demand for AI, hence the Abundance of Intelligence label.

The frantic adoption of AI leads us to the Abundance of Earnings. Companies continue to report higher and higher numbers. This is true for the actual numbers in the last few earnings seasons, but the increases hold for 2026 estimated earnings as well.

Creative Planning’s Charlie Bilello shows a projected 24% increase in EPS from last year to the end of this year.

That is a bonkers growth rate for companies that are already worth hundreds of billions, if not trillions, of dollars. My friend Jordi Visser told me over the weekend to pay attention to Eli Lilly, who has reported a 55% year-over-year growth to their revenue.

55% annual growth for a trillion dollar company? Incredible. It is this type of revenue and earnings growth that continues to drive the stock market higher.

In addition to the improved financial performance, stock prices are appreciating because there is an Abundance of Dollars in the market now. You have to remember that approximately 40% of all dollars in circulation were created in the last 6 years.

If you have more dollars chasing the same number of good companies, you naturally get higher valuations and stock prices. Abundance of Dollars helps the investor class, which it punishes the savers with elevated levels of inflation.

But higher inflation is not the only side-effect of undisciplined fiscal and monetary policy in the United States. The second-order effect is that many people feel like they can’t get ahead, so they begin gambling more than normal with their money. This is an Abundance of Risk-Taking.

We see this clearly in the popularity of zero day options or levered ETFs. For example, “retail investors are now spending a record 4.9 TIMES more money on semiconductor options contracts than the average seen since 2020, according to Citadel data.

This is also exceeding the 2024 record by ~25%, when the AI chip frenzy first drove a surge in retail semiconductor options activity.”

The combination of earnings driving stock performance and debasement of the dollar has created an insane environment for going max risk-on.

Just don’t hold your breath that this situation will be over any time soon either. Opening Bell’s Phil Rosen writes “this bull market has lasted 1,326 days, which is more than 600 days shorter than the historical average since 1949. The bears waiting on the sidelines for a crash are fighting history.”

I call this the Abundance of Time. The market can stay irrational longer than you can stay solvent, so investors are reminded that being “early” can sometimes be the same thing as being wrong.

It is these five forces (abundance of intelligence, earnings, dollars, risk-taking, and time) that convince me the stock market is justified in going higher. The forces also convince me that this bull market is only warming up and we haven’t seen the top of the market yet. Time will tell if I am right or not.

Hope you have a great start to your week. I will talk to everyone next time.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

How To Grow Your Money In AI Revolution

Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.

In this conversation, we discuss why the stock market keeps hitting all-time highs despite bad news, why AI and biotech are more underappreciated than most people realize, how Eli Lilly's AI partnerships could transform longevity and chronic disease, and where Jordi thinks you need to position your portfolio to actually compound in an exponential world.

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You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

Financial markets have officially flipped from the doom and gloom earlier this year to a euphoric state of momentum chasing. Julian Klymochko writes “It's a feeding frenzy. Retail stock trading volume this month is on track to finish 10% above the previous record set during the January 2021 meme stock bubble.”

This “feeding frenzy” continues to push the S&P 500 to new all-time highs. We have had 21 different all-time high records reached year-to-date. A big part of this performance has been AI stocks and the related inputs to the industry.

The Pope is even tweeting about AI, so you know we have reached levels of mainstream conversation that are reserved for only the frothiest environments.

But the popularity of AI is not the only thing attracting so much capital. This generation of persistently online investors are seeking as much volatility as they can find. This is why they loved bitcoin a few years ago. Now they are looking for the same volatility in new places.

Julian highlighted how the stock market is providing this price action when he wrote “the number of stocks moving +/- 10% on earnings days has risen five-fold over the past 5 years.”

And if betting on volatility for earnings reports was not enough, investors have been pouring capital into levered single-stock ETFs. Here is the explosion of AUM for these funds over the last two years:

A big reason for the enthusiasm and risk-taking is that investors have been profiting handsomely off this strategy in recent years. Take Jerome Powell’s reign as Federal Reserve Chairman as one example. Carson Group’s research team shows the “S&P 500 [was] +169.6% under his 8+ year tenure. 12.7% annualized, which is the 3rd best ever. Pandemic, inflation surge, aggressive hikes, a near-recession in '23 that never came. Plenty of bumps, but the scoreboard is hard to argue with.”

The scoreboard may look good in hindsight, but the price appreciation in recent years doesn’t come without risk. The Buffett Indicator has now reached “an all-time high of 236%, the most expensive stock market valuation in history.”

Despite this valuation risk, more than half of Americans continue to expect stock prices to be higher in 12 months.

This expectation remains elevated against the backdrop of the household savings rate dropping 3% over the last 12 months.

So we have a situation where the average retail investor continues to say they are bullish, which is supported by the flow of capital into the market. Their actions are aligned with their words. These details, combined with the continued strength in corporate earnings, gives me confidence that we will see higher stock prices through the end of the year.

The war in Iran is not going to stop that trend. Neither will higher gas or grocery prices. The American population has realized over the last few years that they must invest aggressively in the market to have a fighting chance of financially surviving. We are now watching the knock-on effect from that realization.

And if these investors, who have much more money than people realize, are going to invest aggressively into the market, then you have a persistent bid that will chase momentum, while also furiously buying any dip in market prices as well.

This situation is different than it used to be. But I don’t think investors need to change anything about their strategy because of the behavioral changes in the market. Buying great assets and holding them for the long-term is an approach that will never go out of style.

I hope everyone has a great end to their week. I will talk to you on Monday.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

Bitcoin Is The Only Asset That Survives What’s Coming

Jan van Eck is the CEO of VanEck, a $200 billion asset manager and one of the leading ETF companies in the world.

In this conversation, we discuss why bitcoin is still early in its institutional adoption cycle, the looming U.S. government spending crisis and what it means for your portfolio, VanEck's long-term bet on India, and how AI is beginning to reshape investment decisions.

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2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

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4. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

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You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

The most perplexing chart in finance has been consumer sentiment overlaid with the US stock market. As stocks have hit new all-time highs almost every day, consumer sentiment has continued falling to the lowest level on record.

How could both of these be true at the same time?

First, the quality of the Michigan Consumer Sentiment Survey has degraded substantially. They used to survey 50% Republicans and 50% Democrats, but that changed over the last three years. The survey methodology changed with a shift to digital surveying, which has led to respondents being approximately 2/3rd Democrats and 1/3 Republicans.

Given Democrats have a much more pessimistic view on the economy right now, this over-sampling of one side of the political aisle is exaggerating the negative survey results more than normal.

With that said, I personally believe a large part of the country has a negative outlook on the economy and their personal finances. They are feeling the pain from currency debasement and the last few years of high inflation. The grocery and gas bills are piling up, while their wages can’t keep pace.

Second, the people holding stocks are happy when the stock market goes up, but the people without investment assets feel further left behind when stocks run away higher. Thankfully, about 60% of Americans directly or indirectly own stocks, so a large portion of the country is benefitting from the surge in asset prices.

But 40% of the country is not benefitting. These people are usually not on national television, posting their thoughts to X or Substack, nor are they usually able to articulate the financial pain in terms that economists or investors would recognize.

This is where you get the widening gap between stock market performance and consumer sentiment.

One counter-argument to this situation is that consumers say one thing, but they do another thing with their spending habits. That is true to a degree because consumer spending has continued to rise in America. The nuance is that the top 10% of consumers are now responsible for 50% of all consumer spending in the country.

As my friend SightBringer wrote: “The U.S. consumer economy is increasingly a luxury-top-heavy demand engine with a fragile mass-market shell underneath. That chart is brutal because it shows the spending base hollowing out. The top 10% now carries nearly half of consumer spending while the bottom 80% has lost share.

That means the headline consumer can look resilient even while most households are weakening. Aggregate spending survives because asset owners, high earners, and wealthy retirees keep spending.”

If you dig into the data, you will see an ever-widening K-shaped economy in consumer spending. This makes the situation complex and confusing, but it makes sense when you tie it back to the collapsing consumer sentiment.

But I come with some good news for investors. Creative Planning CEO Peter Mallouk shows a very low consumer sentiment survey result has been a “great contrarian indicator.” He says “the worse people feel about the future, the better the stock market has performed.”

When the Michigan Consumer Sentiment Survey reports a result in the bottom 3% of all readings, the S&P 500 has delivered 19.6% over the next 12 months. That should give investors comfort because of how much the stock market and consumer sentiment has diverted, but continued strength in the US economy is unlikely to help the bottom 40% of Americans who have no investments and continue to get hit with higher consumer prices.

This is the great dichotomy of our time.

The rich get richer, while everyone else falls further behind. The same things that make asset prices go up, punish the people who need the most relief. And if you want to know what decisions will be made at the Federal Reserve, the Treasury, or in Washington DC, you just have to look at the type of person who is in charge of making the decision.

Wealthy, powerful people are doing their best to navigate the situation with the tools they have been given. They will try to be empathetic. They will look at as much data as they can. And I genuinely believe these people want to do the right thing and help as many people as possible.

The problem is they can’t serve two masters at the same time. So the wealthy asset owners will continue winning, while everyone else drowns. The only thing you can do is make sure you are in the right group as time continues to expire, asset prices go higher, and inflation claims more victims.

Hope you have a great day. I will talk to everyone next time.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

Bitcoin & The Great Financial Reset | Porter Stansberry

Porter Stansberry is the founder of Stansberry Research and the author of “2029: The End of America.”

In this conversation, we discuss why Porter believes America is heading toward a great financial reset by 2029, the Social Security collapse, currency debasement, Warren Buffett's struggles over the last 20 years, and how to build a portfolio to survive what's coming — including gold, bitcoin, Timber, and his Honeycomb Portfolio strategy.

Podcast Sponsors

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2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

4. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

5. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

6. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

7. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

The stock market has been on a tear the last few weeks. Carson Group’s Ryan Detrick shows the 17.3% gain we just experienced is the second best 8-week rally in history.

That type of return in just two months is bonkers. But the better part is Ryan points out that stocks have never been lower a year later after an 8-week win streak that gained at least 12% and the average return 12-months later is around 17%.

Not bad.

The story is similar in the Nasdaq as well. Bluekurtic Market Insights writes the “Nasdaq 100 is up over 16% in the first 98 trading days. When the Nasdaq gained 15%+ in the first 100 days, it was positive for the full year 100% of the time and 12 of 14 times for the rest of the year, with a 19% median gain. In the last 13 cases, it never peaked before Q4.”

This data doesn’t calm the nerves of the perma bears though. They are still screeching about an AI bubble, historical valuations, and potential financial destruction on the horizon. They will promise you that the stock market is only performing well because a small handful of stocks are driving the market higher, yet everything else is suffering.

That isn’t true though. Ryan Detrick silences the haters when he writes “the S&P 500 equal-weight just closed at a new high last week. This is a clue things are just fine under the surface.”

The story for the permabulls gets even better. Ed Yardini recently said “the S&P 500 is up 9% this year, but the price-to-earnings multiple has actually contracted 4.6%. The entire rally has been driven by earnings rising 14.4%."

So stocks are getting cheaper because earnings keep accelerating. That is the healthy signal you want to see if you believe this bull market will continue for months and years to come.

Why?

Phil Mackintosh shows “equity prices and earnings move together in the long run.” The higher earnings go, the higher stock prices go.

And all of this earnings growth and stock market performance is coming while the United States is still technically at war with Iran. If the Iran war officially ends, you should expect asset prices to take off higher amid the newfound certainty in markets.

We know this because, as Sonali Basak points out, “yields are starting to drop as an Iran deal becomes more hopeful and Brent prices drop firmly below $100 per barrel.”

Both of those are welcomed developments for investors.

This enthusiasm does not come without risk though. In my personal opinion, the largest risk for US stocks at the moment is the upcoming unlock of a significant amount of supply from new IPO issuance.

Kevin Gee wrote a great analysis recently asking the simple question: Can the market absorb three separate $1+ trillion IPOs in the same window?

We simply don’t have the answer to that question. We have never lived through this type of scenario. One argument would be the mega-IPOs are a top signal because the private markets are trying to grab exit liquidity before the market rolls over. The other argument would be there is insatiable demand for space and AI companies, so we actually need many more companies to go public than just these three.

It will be fascinating to watch this play out. While I hear the pessimists and their arguments, I fundamentally disagree the market is in a bad spot. Earnings are growing faster than the stock market. Stocks are getting cheaper. And the sky is the limit at this point.

Hope everyone has a great day. I will talk to you tomorrow.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

Bitcoin Will Breakout By Summer If This Happens

Jordi Visser ( @JordiVisserLabs ) is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.

In this conversation, we break down the surge in rate hike expectations, how the Iran conflict is fueling inflation, the AI trade rotation out of memory names, and why bitcoin stands to benefit from the macro chaos ahead.

Podcast Sponsors

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2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

4. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

5. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

6. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

7. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

I am constantly on the hunt for good ideas. The best ones hit you like a ton of bricks and stay seared in your brain. They can improve the way you think, influence your behavior, and quite literally change your life.

I have found ideas like this from old books, new podcasts, tons of tweets, and many conversations with friends. Discovering one of these important frameworks, parables, or ideas feels like a big treasure hunt.

However, when I find one, I immediately write it down in my phone. The “Ideas List” is now hundreds of entries long and I scroll through it often.

Two years ago, I published my first book “How To Live An Extraordinary Life,” which had 55 letters I wrote to my children. Each letter covered one of these ideas and how I applied it to my life.

The book became a best-seller, but the most rewarding part was hearing from thousands of people about the positive impact these ideas had on their life. The feedback was so energizing that I spent the last two years writing a “Volume Two” in the same series.

This October, I will publish “How To Live An Extraordinary Life: Volume Two.” It is full of the best ideas I have come across in the last few years. There are letters dedicated to self-improvement, upgrading your mental models, ridding yourself of ego, improving as a manager, avoiding wasted time, and ultimately getting exactly what you want out of life.

My goal is to help people become healthier, happier, and wealthier if they read the book. I think the book successfully accomplishes this and I am excited for everyone to read it.

You can pre-order your copy on Amazon, Barnes & Noble, or Hudson Books.

Pre-order the book now

Pre-orders are very important for the success of the book. They can determine how many books are purchased by various bookstores or where the book will land on the different best-seller lists.

It would mean the world to me if you pre-ordered the book and told your friends about it. I rarely ask any of you for help, but this is one of those times (unfortunately!). Every book pre-order is important, so I appreciate the support in advance.

Hopefully the book will inspire you to chase your own extraordinary life.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

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To investors,

I am fortunate to talk with many investors on a daily basis. These are equity and debt investors across public and private markets. Regardless of their sector or strategy, the number one concern everyone seems to have is whether AI is a giant bubble that could pop in the next few weeks.

The implicit concern is that the current positive performance in the stock market is being driven almost exclusively by artificial intelligence, so if there is a market correction in that industry, then we could see the entire market fall drastically.

Before we talk about AI and whether the industry is in a bubble, I want to call out Tom Lee’s recent comments that we could see stock market weakness over the summer due to potential rate hikes from the Fed, inflation rising while yields are rising, energy shortages still in the pipeline, and a wave of IPOs slated for the next few months, which could create too much supply.

Here is Tom explaining his thoughts on CNBC:

Maybe Tom is right, maybe not. Regardless, this is a difficult situation to navigate. Tom is highlighting there is more than AI to worry about for investors.

The macro economy is facing a number of headwinds, especially given the continued war in Iran which has complicated major areas of concern like inflation, energy, and real wage growth.

Let’s put aside the macro economic analysis though. We can zoom in on the AI industry to simplify our analysis and focus on the main point of conversation from investors. Here is the challenge with investing in AI right now: If AI is NOT a bubble and you refrain from investing, you will lag your optimistic peers who heavily allocate to the trend. If AI is a bubble and you pour your capital into the industry at the top, you will lose significant capital and be kicking yourself later for chasing momentum.

But what if this is the wrong framing for how investors should look at the situation?

That is the argument that Gavin Baker, Managing Partner and CIO at Atreides Management, made recently at the Sohn Conference. Take the memory stocks as an example. Gavin says he has been hanging on to these companies “for dear life” because history would tell him that now is the time to be selling these stocks.

His commentary suggests AI stocks are in bubble territory. Baker would know because he has been watching semiconductors, memory, and other related industries for almost 30 years. However, it is his experience and historical knowledge that gives him hope that maybe we are not actually in a bubble.

He says “there’s one cycle where you absolutely did not want to sell and that’s the cycle we had in the mid ‘90s which is the last true capacity cycle that I I would argue we’ve had in memory. Based on that cycle, we may still be very early.”

So…he is saying there is a chance.

This is the problem with everyone constantly yelling “BUBBLE!” every time stocks accelerate higher. For the few times that the pessimists are right, there are examples where they were horribly wrong and investors were worse off if they chose to not invest behind a large, obvious trend.

Pick your poison.

Be pessimistic and risk the pain of regret. Be optimistic and risk the pain of loss.

The talk of a bubble is not surprising though. Howard Lindzon shows how significant the semiconductor outperformance has been since 2020. It has more than tripled the performance of the S&P, the Russell 2000, and the Nasdaq.

This is just pure dominance. But anytime an asset class goes vertical, people immediately start getting very nervous. Gavin Baker acknowledged this during his Sohn interview when he said:

“The last thing anyone should want is a bubble. Bubbles are terrible. They’re awful. They’re terrible to invest through. The aftermath of them is even worse. We don’t want a bubble. And unfortunately also the entire history of financial markets suggests whenever you have a profound new technology, whether it’s AI, whether it’s the internet, whether it’s the PC, whether it’s railroads, whether it’s canals, you almost always get a bubble because markets are efficient.

Investors understandably become excited about this new technology. Michael Mauboussin frames it: there’s a breakdown in diversity. Everyone comes to believe in this [and] you get a bubble, and then that bubble funds the build out that the new technology required. That’s exactly what happened with the internet. I am optimistic that we may avoid a bubble this time.”

I tend to agree with Gavin Baker. There is a ridiculous imbalance in supply and demand related to AI adoption. In addition, you have to remember that the general public does not even have access to the best models yet. Those are being hoarded internally by the model lab employees and their enterprise customers.

This is important because Anthropic CFO Krishna Rao recently said the company sees increased demand when they release a new, more powerful model. This makes sense because people want access to the highest level of intelligence available. So if these model labs released their most powerful models, demand would be even higher than it is today.

There will be no “popping” of a bubble unless supply outpaces demand and I don’t see any signs of that at all. The world’s best investors remain cautiously optimistic about the various companies supplying the infrastructure for this build out.

Sometimes the hardest part of investing is doing nothing. And it seems like right now is one of those moments. As the bitcoiners say, “HOLD!!!”

Hope you all have a great start to your week. I will talk to you tomorrow.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

Dogecoin & Bitcoin Are Both Signaling Something Big?

Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.

In this conversation, we break down why all-time highs in the stock market are flashing warning signs, how the Iran conflict is fueling a longer inflation cycle, why the AI semiconductor boom may be hitting near-term bottlenecks, and what Dogecoin is quietly signaling about the next crypto move.

Podcast Sponsors

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2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

4. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

5. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

6. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

7. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

I shared my current thoughts on financial markets in two interviews this week. The first conversation was with Opening Bell’s Phil Rosen. Here is a summary of my thoughts:

• Affordability is the political ballgame. Voters don’t care about Iran or China — they care if they can fill the gas tank and feed their kids. Psychology lags the data, so even cooling inflation won’t save Republicans if nominal prices don’t go lower quickly.

• The Iran war broke a perfect setup. Before the conflict, Trump had high growth and low inflation. Now 40% of the CPI jump is gas prices.

• The 3-week window. If the conflict ends fast, deflationary forces (deportations, tariffs, AI, robotics) overwhelm the energy spike. Drag it past 2–3 more weeks and structural inflation returns.

• Expectations are noise. Pomp ignores beats and misses — he cares about direction and magnitude. Economists being bad at guessing isn’t America’s problem.

• Bitcoin = certainty in an uncertain world. Cost of capital, AI sustainability, market direction, consumer health — all unknowable. Bitcoin is scarce, auditable, resilient, non-sovereign, and inheriting boomer wealth.

• AI is one giant scarcity bet. Anthropic prepped for 10x growth and hit 80x. Power, data centers, chips, commodities — every layer is supply-constrained, which is why memory stocks rip.

• Abundance makes scarcity priceless. If AI can generate infinite music, in-person concerts get valuable. Same logic for Bitcoin in a world of infinite money printing.

• “Their heads are a bubble.” AI bears don’t grasp exponential demand from AI agents (already producing more content than humans). Show one shortage where supply is outrunning demand — there isn’t one.

• Buy the highs, momentum begets momentum. Soros: “When I see a bubble, I rush in to push it higher.” Paul Tudor Jones got nervous in February, then came home and bought more AI stocks. Permabears with a 0-for-7 track record deserve a scarlet letter.

• Micron is the case study. Up 750% in a year, cheapest forward PE in the market — and people still call it a bubble because they missed the first leg.

You can watch the full 20 minute interview below or you can listen on Apple and Spotify.

The second interview that I did this week was at the Consensus crypto conference with Bloomberg’s James Seyffart. I asked Grok to summarize the conversation and here is what it said:

• Most crypto is dead: Pomp argues that ~98.6% of coins and projects (beyond the top ~10-15) are “zombie” ghost chains that won’t recover; their all-time highs are permanent, as capital and talent don’t recycle like in traditional startups.

• Four areas will succeed: Bitcoin, stablecoins, equity/infrastructure, and tokenization. Everything else faces a tough road.

• Institutional adoption is bullish overall: It signals crypto’s maturation (Bitcoin has “won” and gone mainstream like the internet giants), but institutions focus only on high-conviction assets with strong risk-adjusted returns—not memes or low-ranked coins.

• Bitcoin ETFs highlight selectivity: Two+ years after launch, institutions haven’t rushed similar products for most other coins, showing limited appetite beyond Bitcoin and core trends.

• AI + finance intersection: Pomp’s company Silvia (acquired by ProCap Financial ) uses AI to give personalized financial advice by reading (but not controlling) user accounts, automating insights in a way similar to how Bitcoin automates sound monetary policy.

• We’re in an “age of automation”: AI, Bitcoin, robotics, etc., squeeze inefficiencies and are deflationary—posing bigger risks than inflation and pressuring the Fed.

• AI is net job-creating: Data shows rising software engineering roles, new AI-titled jobs, and falling youth unemployment; companies become more profitable and hire more productive workers.

• Crypto hacks/exploits aren’t existential: Recent large losses mostly hit long-tail/dead projects via social engineering, not core blockchains; the maturing market (especially Bitcoin) shrugs them off.

The discussion blends Pomp’s bearish view on most altcoins with optimism on Bitcoin, institutions, AI-driven tools, and broader macro trends.

You can watch the interview below or on YouTube.

I hope you all find these two interviews valuable. I always enjoy learning as much from you, the reader, as possible. Please let me know what you agree or disagree with.

Have a great Sunday. I will talk to everyone tomorrow.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

Podcast Sponsors

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2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

4. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

5. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

6. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

7. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

There is intense debate around artificial intelligence. Will the hyperscalers make a return on their investment? Are public stocks related to AI in a bubble? And will the large language labs ever be profitable?

These are fair questions, but one question no one is asking is whether artificial intelligence is valuable for users. The technology makes us smarter, faster, and more productive. It can be applied across industries, jobs, and geographies.

But the area I am most interested in is how AI can help investors make more money.

Our team set out to solve this problem over the last year. We built Silvia, an AI CFO that allows you to use the latest AI technology with the persistent context of your personal portfolio. The results have been stunning.

Over the last 6 months, investors who regularly or heavily used Silvia have increased their net worth at a faster pace than those investors who did not use Silvia often. This is true across all income levels on the platform.

You can see that investors who heavily used the product had their net worth grow between 16% - 42% in just the last 6 months.

When I first saw this data, I almost didn’t believe it. I thought that maybe the data was skewed because wealthier people had more exposure to investments. Or maybe people who used the product a lot were starting with a high net worth, which would make it easier for them to grow their assets.

The data shows us that investors who used the product heavily, regardless of starting net worth, saw their net worth grow at a faster pace than those who didn’t use Silvia often. More interestingly, investors who have a starting net worth under $100,000 increase their net worth the fastest if they are Silvia power users.

This is the power of artificial intelligence for investors. Silvia allows someone to use this technology to analyze their portfolio, identify potential risks, evaluate potential investments, persistently track trends, alert on specified triggers, and share personalized insights and answers. It is by far the most powerful personal finance product that I have ever used.

The more complex your finances and investment portfolio, the more valuable Silvia will be. AI is very good at dealing with complexity.

If you are interested in potentially using the product, you probably have two questions:

1. Is my data secure?

2. Is this a Chat-GPT or Claude wrapper?

On the first question, Silvia is SOC II certified, uses bank-level encryption, and we can never move your assets (read-only access). Additionally, the personal information of users is anonymized and encrypted, so the team can’t connect a portfolio to a specific person (this was very important to me because my personal data and finances are on the platform). These details got me comfortable with putting all my information in the system.

Second, the team has built an incredible amount of proprietary technology. We have built our own AI agents, created an agentic file system, innovated on memory and storage, built an orchestration layer to coordinate various agents, and even fine-tuned models internally. Silvia is the culmination of real engineering work focused on solving specific problems to make AI more effective at helping investors make money.

If you are interested in using Silvia to increase your net worth and grow your investment portfolio, you can sign up free here:

Sign up for Silvia

I am very bullish on the power of AI to make us all smarter, more efficient, and more productive. Silvia is our small contribution to the world to help investors. I hope you find it valuable.

Talk to everyone next time.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

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Can Bitcoin Hit $1 Million?

Anthony Pompliano investigates whether bitcoin can actually hit $1 million per coin. In this episode, we break down what Michael Saylor, Cathie Wood, Tim Draper, and others are predicting, run the math on what it would take, and cover the four key demand drivers that could get us there.

Podcast Sponsors

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2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

4. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

5. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

6. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

7. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

The last two years have been filled with prediction after prediction of the next financial recession. Whether it was tariffs, potential inflation, or geopolitical conflicts, everyone kept promising financial pain was right around the corner.

Recession odds just hit a new all-time low on prediction markets though. Kalshi is now showing only a 17% chance of an economic contraction, which is down substantially from the nearly 40% odds back in March of this year.

This comes after the US stock market executed one of the fastest market recoveries in history. The S&P 500 is up 7.5% over the last month and up nearly 17% since the market bottom at the end of March. Bull Theory writes that the Nasdaq, S&P, Russell 2000, Dow Jones, Google, Intel, Micron, and Sandisk are all up every week for six straight weeks.

Before everyone starts with the bubble talk, the Wall Street Journal’s Gunjan Banerji shows the S&P’s P/E ratio has actually fallen 4% since the start of the year.

Not only are stocks pacing to have an above average year for returns, but the underlying companies have been getting cheaper at the same time. This highlights the significant productivity, along with the revenue and profit growth, these companies have been experiencing as the entire US economy accelerates.

Mike Zaccardi shows the median year-over-year change in EBITDA from Q1 has been the best in the last 4 years.

But Citadel recently explained that this breathtaking market recovery has been heavily concentrated in only a few stocks, which can be seen by the fact that only 22% of stocks in the S&P 500 have outperformed the index itself over the last 30 days. This is the highest percentage of concentration in the last 30 years.

There have really only been two ways to make money: you have either been in the AI trade or you have been in the broad index. If you were in almost any other sector without index exposure, you are likely lagging the market and the high-flying AI-related companies.

You can clearly see the difference when comparing the S&P return over the last two years (+42%) to the S&P excluding AI stocks (+16%) over the same time period.

As investors, it is dangerous to allocate capital looking in the rearview mirror. What drove market returns in the past does not necessarily tell us where future returns are going to come from. With that said, the amount of capital being invested by AI-related companies is nearly impossible to ignore.

A16Z recently showed that technology companies are 55% of all US capital spending as measured in nominal GDP terms.

This is insane growth considering technology companies were only 15% back in the 1960s and around 40% in the 1990s. This begs the question: where is that money coming from and where is it going?

Peter Diamandis writes “global corporate AI investment hit $252.3 billion in 2024, with private investment growing 44.5% year-over-year. U.S. private investment alone reached $109.1 billion. Money follows conviction.”

Returns tend to show up months and years after capital investments are made. And it is impossible to deny the fact that companies are shoveling money into the AI trade. When these companies will reap the benefits is one of the great debates on Wall Street right now. I am of the belief that the profits will be much larger than everyone is anticipating, but investors will have to think long-term in order to capture them.

Lastly, there is a common mantra in public markets to “sell in May and go away.” The argument is that stock returns after the month of May are not worth the risk. But Creative Planning’s Peter Mallouk shows “May-October returns are still positive on average (+7% annualized) with stocks higher 72% of the time.”

Every data point I am seeing right now says the same thing: investors should be allocating money into the market and preparing for a strong continuation of the bull market.

There is lots of noise out there. The pessimists are watching the recent market recovery with hatred in their hearts and minds. None of their critiques matter though. Companies across the US economy are collectively working to lay the foundation for the next 100 years of economic growth. We are upgrading everything from our infrastructure to our power systems to our software.

The investors that clearly see the trend and can position themselves with the wind at their back are going to be very happy in the coming years.

Hope you have a great start to your week. I will talk to everyone next time.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

The AI Boom Is Very BULLISH For Bitcoin

Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack. In this conversation, we break down why parabolic AI stocks are justified by real demand, who's actually buying bitcoin and why it's heading higher, the tokenization wave coming this summer, and the stocks Jordi is buying and selling right now.

Podcast Sponsors

1. Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.

2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

4. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

5. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

6. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

7. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

Unlock unparalleled returns with Arch Public’s algorithmic trading tools. Our Bitcoin Algorithm Arbitrage Strategy has delivered an astounding 247% annual return over the past three years.

The entries, and exits speak for themselves; precision that drives success. Trusted by more than 15,000 customers and industry leaders, we’ve partnered with Gemini, Kraken, Coinbase and Robinhood to bring you cutting-edge solutions.

Whether you’re a seasoned investor or just starting, our proven strategies maximize your potential. Join the ranks of those who trust Arch Public to navigate the markets with confidence.

Talk to us today and discover why our expertise sets us apart.

Visit ArchPublic.com for more.

To investors,

The stock market keeps hitting new all-time highs because AI has become a “no-brainer” trade for millions of investors around the world. But the recent rebound in public equities is being driven by only five companies according to a recent Financial Times article.

These five stocks (Alphabet, Nvidia, Amazon, Broadcom, and Apple) have accounted for half of the S&P 500’s growth since April.

These behemoths are worth trillions of dollars, yet they are still growing double-digit percentages over the last six months. It is quite impressive to see such dominance performance from some of America’s largest companies.

These eye-popping gains are not just happening in the public market either. Binance Research recently wrote “three trillion-dollar IPOs are expected to launch in 2026, against a historical precedent of only one — Saudi Aramco’s 2019 listing at a US$1.7 trillion valuation. SpaceX, Anthropic, and OpenAI have appreciated by an average of 88% in the secondary market in 2026.”

So what are investors doing if these companies are growing this quickly? Paul Tudor Jones, one of the greatest traders of our lifetime, was recently on CNBC and he put it bluntly when he laughingly said “I bought more AI stocks!”

Take a listen:

It is not every day one of the GOATs is on television enthusiastically laying out his investment thesis like that. But there is an immense amount of data suggesting the AI bull market is just beginning.

You can look no further than the leaders of the technology explicitly saying there is too much demand and not enough supply. For example, Anthropic CEO Dario Amodei recently revealed at a conference that his company had contingency planned for 10x growth of their products, yet they saw 80x growth instead.

Here is Dario explaining it in his own words:

The big takeaway for me from this video clip was Dario’s focus on finding more computing power so he can service the intense demand from his customers. Given this background context, it makes sense that Anthropic would partner with SpaceX, so the model lab can leverage the massive computing infrastructure that Elon Musk has been building.

Blackrock’s Larry Fink strongly agrees about the significant demand for compute. He actually thinks there is so much demand that a new asset class will be created that is centered around buying and selling compute futures.

This brings us to the question of why so many people seem to be interested in AI? The simple answer would be that intelligence is in high-demand. It always has been. Companies would scour the world to find the smartest people to help them succeed. If there is synthetic, superhuman intelligence available to these same companies, they are going to pay ungodly amounts of money to get access to it.

But we also are starting to get data that AI is being used across the economy to create GDP growth and accelerate job creation as well. This is how technology has historically worked. Alvin Foo recently shared a great chart showing how technology creates jobs that didn’t previously exist.

Again, this is a big reason why there is persistent, insatiable demand for AI.

If there are shortages of data centers, power generation sites, available chips, and a variety of commodities, investors are going to allocate their capital to the imbalance to capture the economic reward. That capital will help fund the accelerated build out necessary to satisfy the AI demand, which is exactly how the free-market, capitalist system is supposed to work.

Right now, there are five mega stocks that are driving most of the returns in the S&P 500, which is further increasing the odds that the American stock index will post the 4th straight year of double-digit returns.

Given this positive performance, 42Macro’s Darius Dale explained to BloombergTV that the “biggest mistake the Fed can make this year is doing anything.” His view revolves around the productivity gains brought by the proliferation of AI.

And then we got the jobs report this morning, which Navy Federal’s Chief Economist Heather Long explained by writing “the US economy added a strong 115,000 jobs in April (and March was revised higher to 185,000!) The unemployment rate stayed at 4.3%. Hiring was strong in healthcare (about 1/3 of job gains in April), retail and transportation/warehouse.”

So stocks are surging higher. There is unlimited demand for compute and AI. Job creation is back. And the US economy is pushing higher productivity output.

We could always be better, but it is very hard to argue we are not in a big bull market. Equity investors are going to do well through the end of the year, so don’t overthink this situation. Grab your favorite stocks, put on your seatbelt, and get ready for the ride of a lifetime.

Hope you all have a great end to your week. I will talk to you on Monday.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

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Why Bitcoin, Stablecoins & Tokenization Push Prices MUCH Higher

Chris Perkins is the incoming Head of Crypto at Franklin Templeton, following the acquisition of his firm 250 Digital Asset Management.

In this conversation, we break down the surge in crypto hacks, why AI is accelerating cyber threats, the case for American “privateering” as an offensive strategy against crypto crime, how geopolitics and macro are shaping bitcoin markets, and what institutions are actually buying in crypto right now.

Podcast Sponsors

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🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

I posted the following message on X two days ago: “Most of the crypto industry is dead and never coming back. Eventually people will realize it.”

To say this message struck a chord across the industry would be an understatement. I must have been asked 50+ times about the tweet while I was at the Consensus crypto conference yesterday. But after spending the day at the conference, I am more convinced than ever: most of the crypto industry is dead and never coming back.

As you read my explanation below, it is important to remember I have been writing about bitcoin and the broader industry for almost a decade. I am generally an optimistic person. I want to see people and companies succeed. I could never be a short-seller because I don’t have the pessimist gene. It takes a lot for me to publicly talk about the negative aspects of an industry, but I believe we all need some tough love right now.

If we don’t acknowledge the truth, we can’t improve the future. This context may not make people more receptive to the message, but at least I have a clean conscious as I write about many parts of an industry that has become delusional.

First, to understand why so much of the crypto industry is dead already, you have to realize the natural business cycle is not allowed to play out in crypto. Usually an industry would see a technological breakthrough, followed by a flood of new companies being formed, and some small percent of those new companies would succeed. For the companies that fail, the companies are shut down, which allows the remaining capital and talent to be reallocated to other ideas and companies.

The clearing out of bad companies is almost as important as the thriving of good companies in the business cycle. But crypto doesn’t have this business cycle for two reasons: 1) blockchains almost never shut down and 2) coins almost never go to zero.

Regarding the blockchains, it is nearly impossible to shut them down because the software can stay operational with only one or two people continuing to run the network. If the network is never shut down, there is an illusion that the blockchain is still default alive. These “ghost chains” are much more prevalent across the industry than people want to admit.

In terms of the coins, there is no official way to declare bankruptcy for the coin. As long as small handful of people still “believe,” then the coin won’t go to literal $0.00 in price. Instead, we continue to see tokens lose a ton of value, which makes liquidity evaporate. The remaining holders are not able to get out of the coin, so they are effectively holding an asset that is dead. Maybe exchanges delist the illiquid coin, but usually the coins just stay stuck in irrelevancy. These “zombie coins” are also more prevalent than people want to admit.

Ghost chains and zombie coins make up a large percentage of the crypto industry. There are millions of coins and thousands of blockchains, so just these two phenomenons alone would make me original claim from my tweet accurate. Does anyone actually believe millions of crypto coins are going to thrive in the future? I doubt it.

People just don’t want to say the truth out loud, so I am happy to say it for them.

But there is more to the story. The second major crisis in crypto is a lack of true believers. The industry used to be defined by hardcore missionaries who would rather see bitcoin succeed than personally make money if they had to choose between the two options. The mission was more important than their personal success.

Those days are pretty much over. Missionaries are hard to find, instead the industry is littered with mercenaries willing to go wherever the financial reward is greatest. These mercenaries are purely focused on speculation, which means they are devoid of standing for any specific world view. If you don’t stand for something, you will fall for anything.

You can clearly see this mercenary effect in the short-lived meme tokens, the prevalence of scam coins, constant market manipulation, escalating yield farming rates, and various vapor-ware product launches designed to capture attention rather than solve problems for users.

Mercenaries outnumber the missionaries, so the broader crypto industry is now run by people who don’t understand or believe in the original vision for the industry.

Lastly, there is a clear divergence between the interests of the “investor class” and the “we hate investors class.” You can see the online commentary littered with people claiming that VCs are bad, the large financial institutions are a net negative for the industry, and that regulation shouldn’t exist in the industry.

These ideas are not only dumb, but they further contribute to the death of a large part of the industry. Venture capitalists literally funded almost every company that helped people buy, store, or send bitcoin for the first decade of the asset’s existence. Venture capitalist are responsible for funding most of the largest projects or coins in the space.

The large financial institutions are pouring capital into many different areas, which is maybe the most important thing to watch. These large, sophisticated companies are quickly eating market share from the crypto-native firms. So again, crypto is dying and it is being replaced by the incumbents.

Not every crypto-native company is going to get replaced, but the majority of them will be outcompeted or acquired by the legacy system. As each company falls or surrenders, another piece of the industry dies with it.

For example, Morgan Stanley just announced they are launching bitcoin trading on E*Trade, which has 8.6 million clients, but they are launching this trading with cheaper trading fees than Coinbase and Charles Schwab. What percentage of crypto trading volume is going to end up in traditional brokerage venues compared to crypto-native firms? Probably a lot.

At the same time, the crypto native firms are racing to add non-crypto components to their business. They are adding equities, prediction markets, options, commodities, and any other asset that will bring new customers, new assets under custody, and new revenue.

Lastly, Michael Saylor mentioned yesterday that he could potentially sell bitcoin in the future to fund the STRC dividend payments. Bitcoin’s price is higher today, which is a major narrative violation. This commentary from Saylor would have been blasphemy just a few years ago, but now it is a rational perspective given the state of the industry and the future growth prospects of Strategy.

The crypto industry is dying. Majority of the projects and coins are not going to make it. But those that survive will end up becoming important parts of the legacy financial system.

I couldn’t help myself from noticing the dichotomy of the Consensus conference yesterday. There were serious entrepreneurs and investors focused on building or funding solutions to real problems. There were also a large cast of pretenders who were running around holding on to a dream from 2018 that is never going to materialize.

Most of the crypto industry as we have known it is dead. I personally believe there are four major areas that will accrue value moving forward: bitcoin, stablecoins, infrastructure, and tokenization.

So not everything will die, but people need to adjust their perspective to incorporate the reality of the current market. I will leave you with a great example. As I walked into the Consensus conference yesterday, there was a large booth titled the “Crypto Carnival.”

We don’t need more carnivals. We need more people focused on building real things for real problems. Because if we don’t see that happen, the industry’s most talented people will move along to work on other innovative technologies like artificial intelligence, space travel, DNA sequencing, self-driving cars, or national defense.

Let the natural business cycle play out. We need the bad stuff to die and go away, so it makes room for the next good ideas.

Hope you all have a great day. I will talk to everyone next time.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

🚨 ProCap Insights: Agentic Research for Investors Who Want To Make Money

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Why Bitcoin, Stablecoins & Tokenization Push Prices MUCH Higher

Chris Perkins is the incoming Head of Crypto at Franklin Templeton, following the acquisition of his firm 250 Digital Asset Management. In this conversation, we break down the surge in crypto hacks, why AI is accelerating cyber threats, the case for American "privateering" as an offensive strategy against crypto crime, how geopolitics and macro are shaping bitcoin markets, and what institutions are actually buying in crypto right now.

Podcast Sponsors

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🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

The stock market continues to surge higher, but that makes capital allocators nervous. They begin thinking that stocks can’t grow to the sky forever. These sophisticated investors start talking about lost decades for various indexes in the past. General fear and uncertainty takes hold when stocks rally and investors refuse to believe it is sustainable.

But anyone questioning this rally is ignoring reality.

Hedgeye writes “The S&P 500 fully recovered from a -10% drawdown in just 11 trading sessions, the fastest V-shaped recovery on record.” I personally believe this happened because investors finally realized the temporary conflict in Iran is unlikely to be more important than the massive economic boom that is underway thanks to artificial intelligence, robotics, and the related power generation and data center buildout.

You can see this boom clearly in the latest manufacturing data. For the FOURTH month in a row, America’s manufacturing sector continues to expand based on the latest survey data. The US economy has seen strong manufacturing expansion over the last four months, suggesting that the US can reindustrialize and grow.

If we dig deeper into the data center metrics, it is truly shocking what is happening. Matthew Klein has a great report that shows the business investment in data center construction more than tripling over the last 3 years.

What about net imports of selected AI-related goods? Those have taken off to significantly higher levels too. The contributions to real GDP growth coming from computers and peripheral products is not higher than it was at any point in the 60 years. That is just mind-boggling considering this data set includes the internet invention and initial build out, along with the Dot Com boom.

What if we look at the quarterly CAPEX spending by the big 5 publicly-traded data center builders? That has quadrupled since mid-2023 according to Klein. A 4x increase in about 3 years is honestly hard to comprehend.

Everyone wants in on the data center action too. This past week the Wall Street Journal’s Kate Clark reported that “Coatue is launching a new venture, Next Frontier, to buy land for AI data centers. Tens of billions could go into the effort, with early work underway on an Indiana campus.”

Coatue is one of the best investment firms in the world. They don’t do things by accident and they tend to be early and right about new trends, so it is noteworthy that they are looking to deploy tens of billions of dollars into this theme right when many others think it is too hot or too overvalued.

But here is where everything gets interesting. This data center build out and CAPEX spending is starting to flow through the economy in interesting ways. YCombinator’s Garry Tan recently highlighted for every one-gigawatt data center complex, we create 5,322 permanent jobs, there is over $150 million paid per year in state taxes, and there is about $250 million paid per year in local taxes. In the short-term, during construction various companies make an estimated $2.7 billion in combined investment too.

It is impossible to ignore just how much capital is being invested and the positive ramifications coming from this data center build out. But we don’t just see the positive impact in job creation and government taxes paid either.

For example, the big fear a year ago was that AI would destroy lots of software engineering jobs. Citadel’s Frank Flight put that worry to rest when he recently wrote:

“We illustrated back in February that demand for software engineers, the most AI exposed occupation was accelerating higher, which we argued violates the displacement narrative. Indeed the acceleration in software job postings has continued, now up 18% from the inflection point in May last year.”

Personally I find the growth of engineer hires interesting because at the same time you can see that overall job postings across the economy has been declining at the same time. So not only are engineers more in-demand on an aggregate basis than they were a year ago, but the gap has significantly widened on a comparative basis.

Narrative violation to say the least. Nvidia CEO Jensen Huang was recently asked about the impact of AI on various jobs in the economy and it would be safe to say he vehemently disagrees with recent comments from some of the large model company CEOs. Take a listen:

Now these comments from Jensen are very important because job creation is universally good across the globe. We know that the United States will prosper with more jobs and more economic productivity, but the positive impact on other societies in less developed nations is even bigger. World Bank CEO Ajay Banga recently talked about this phenomenon of using job creation to create economic prosperity. Here is how he described it (22 minute mark):

So if AI is going to continue driving immense economic value and job creation globally, where are new areas that economic value is going to accrue? Everyone knows the common themes of data center builders, power generators, chemical companies, commodity providers, chip manufacturers, and others.

But maybe the best investment theme is to believe that the current winners, such as Anthropic and OpenAI, will end up being significantly larger than everyone believes. Sometimes the contrarian bet is not on a new company, but believing something about the existing companies that no one else believes.

Just look at Anthropic’s recent revenue growth. Anthropic is now reportedly doing $44 billion in annual recurring revenue. This is up $14 billion (almost up 50% month-over-month) since last month. If they added $14 billion in the last 30 days, that means they are doing almost half a billion dollars in revenue PER DAY. That is nearly impossible to comprehend for a company that was only started a few years ago.

So if you are wondering what is going on in the US equities market, it all comes back to the AI trade. There is a generational build out of new infrastructure and the global race to see who can capture and own the most compute. Investors realize that value is going to be created from scratch, so they are plowing money into the market looking to benefit from this persistent tailwind.

Wars, undisciplined monetary policy, mainstream narratives, or any other potential boogey man is not going to be able to stop this trend. Stocks are going higher, because AI is just warming up.

Hope you have a great start to your week. I will talk to everyone next time.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR).

🚨New Profile Just Dropped

My wife Polina just published a new profile, and this one is worth your time. She spent months with Jake and Logan Paul, not the internet characters, but the actual people behind the persona. What she found is a genuinely interesting business story.

They’ve backed OpenAI, Anduril, Ramp, and Whatnot. Jake says he will be a liquid billionaire by 35. Whether you believe him or not, the way they’ve turned attention into ownership is a playbook worth understanding.

Read It Here

Why All-Time High Stocks Are Bullish for Bitcoin

Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.

In this conversation, we discuss why the stock market keeps hitting all-time highs, the AI-driven semiconductor supercycle, why software is losing to chips and power names, where bitcoin fits into the macro picture, the rise of tokenization, and how to think about inflation and the Fed.

Podcast Sponsors

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2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

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5. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

6. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

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8. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

Are you ready to seize the day that will change your life, guaranteed? You invest in wealth creation every day, but what’s the point of it without an optimal healthspan?

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Use code POMP and receive $1,000 off the cost of a life-changing membership with Fountain Life when you schedule a call.

Schedule A Call

To investors,

The US stock market is on fire. The S&P 500 gained 10.4% in the month of April, which is the 13th time in history that the index gained at least 10% during a single month. Of those 12 other times, only twice was the S&P 500 not higher 12 months later.

Carson Group’s Ryan Detrick shows the average return 12 months later has been nearly 14%, which suggests current stock investors are poised for strong performance through the rest of this year.

Yesterday’s new all-time high in the S&P marked the 7th all-time high during April. Bluekurtic Market Insights explains “this often indicates more new highs are yet to come. Since 1950, the S&P recorded 7+ April all-time highs only 7 other times. In each case, the year ended positive, with a median gain of 26%.”

Strength begets more strength. All-time highs bring more all-time highs.

But we are seeing strong positive performance across the entire stock market, not just in the S&P. JC Parets writes “the Dow Jones Industrial Average, Dow Jones Transportation Average, Nasdaq 100, S&P 400 Mid-caps, Russell 2000 Small-caps, the Russell Micro-cap Index and the S&P 500 Large-caps all just closed the month at the highest levels in American history, again.”

Not bad for a stock market that people predicted would have entered the next Great Depression last year, or a market that was supposed to suffer because of the Iran war and short-term oil shock.

So why is this happening? Why is the stock market so resilient in the face of global conflict?

Jim Bianco had a great take recently where he described the market’s psychology. He explained his view by saying “Why is the stock market ignoring 4.41% on the 10 year note? Why is the stock market ignoring $120 on crude oil? I would argue to you that the stock market believes the single biggest story today is AI. It believes in the power that AI is going to be transformative for the US economy. That is driving it more than whatever’s happening in the Strait of Hormuz.”

I agree with Jim. It may sound crazy, but Americans are not going to be affected as much by what happens in the Strait. Artificial intelligence is already infiltrating their lives, empowering higher levels of productivity, and driving the costs of certain goods and services down.

The conflict in Iran is driving oil prices higher, and by extension the CPI numbers, but Americans are less dependent on oil than ever and the increase in inflation is still within the range of the last few years so the comparative change is less noticeable.

On top of those facts, the market likely understands that AI is a structural tailwind to the economy and society, whereas the conflict and resulting oil prices will be temporary.

Regardless of whether you agree or not, the market is screaming from the top of its lungs. It is telling us that investors don’t care about the Iran-related issues. There is one game in town and that game is AI. Until we see some material issues in the AI market, I would expect the US stock market to continue going higher.

You are going to see it in semiconductors, data centers, power generation, model companies, large scale tech firms, commodities, chemicals, photonics, and many other verticals. This is a wide-spread, generational bull market that we are living through.

The best investors find a trend and ride it for as long as possible. AI is presenting that opportunity right now. The question is whether you have the courage to jump onboard and hold on tight for the ride.

Hope everyone has a great day. I will talk to everyone on Monday.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

🚨 ProCap Insights: Agentic Research for Investors Who Want To Make Money

Last week, ProCap Financial launched ProCap Insights, the first agentic research offering in finance.

Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.

Subscribe for 60% off today

Bitcoiners Predict MASSIVE Bull Market

I sat down to breakdown the biggest bitcoin predictions coming out of this year’s Bitcoin Conference. In this episode, I cover Arthur Hayes on digital credit driving the next bull run, Michael Saylor on the explosion of digital credit markets, Tim Draper on why it’s now irresponsible for companies not to hold bitcoin, a major upcoming announcement from the White House on the Strategic Bitcoin Reserve, SEC Chair Paul Atkins on regulation as a catalyst, and Paul Tudor Jones on bitcoin as the best inflation hedge alive.

Podcast Sponsors

1. Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.

2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

4. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

5. Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.

6. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

7. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

8. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

I have a confession to make: I was wrong about AI.

Very wrong actually. It is no secret that I have been a bull on the technology for awhile and I think the impact on society is going to be positive. I believe AI will lead to economic abundance, while accelerating the United States even further into the future.

I still believe that stuff. I actually believe it more today than ever before.

But now I realize I got some of the details wrong. For example, I thought AI was going to destroy a significant number of jobs. I don’t believe that anymore.

I have completely changed my mind on how AI will impact jobs in America.

Previously, I believed AI would replace many entry level roles typically filled by young employees. The technology would then work its way up the organization and eventually reduce the total number of jobs in a company. Entry level job replacement was the wedge, followed by a “land-and-expand” adoption curve throughout the organization.

The data is telling us something different is happening though, so when I get new information I am willing to change my mind.

The number of software engineers being hired has been increasing. The number of open software engineer roles is growing.

The number of new college grads who get hired has increased 5.6% over the last 12 months. The unemployment level for people aged 20-24 years old who have a college degree has fallen from nearly 9% to almost 5% as well.

The Wall Street Journal recently wrote “AI created 640,000 jobs between 2023 and 2025 in the U.S., according to an analysis by LinkedIn of job posting data, including new white-collar positions such as Head of AI and AI engineer.”

And I am starting to see companies throughout our portfolio aggressively hiring to keep up with the demand for their products and services.

If AI can make employees more productive, which is widely accepted as fact, then companies are going to want as many productive units of labor as possible. This is a key reason why I am changing my mind.

AI appears to be a magical technology that will make companies more productive and more profitable. The net result will be more corporations, more startups, and more jobs.

All three are big, positive wins for the American economy.

When I tweeted these thoughts recently, I was shocked at how many people agreed with my new perspective. Palantir cofounder Joe Lonsdale loves the positive impact on America, Marc Andreessen said “this is the way,” Box CEO Aaron Levie said “the better AI gets at performing tasks, the more companies can take on those tasks, which leads to hiring more people to do the surrounding work of those tasks,” and Zynga founder Mark Pincus said “I share this view that AI is and will be the biggest job generator the world has ever seen.”

Now some of you may wonder how to reconcile this epiphany with the various headlines of companies laying off so many employees. The short answer is that companies are using AI as an excuse, but they aren’t actually letting people go because AI is taking their job.

Steven Sinofsky put it perfectly when he responded to me saying “the layoffs are clearly still all about over-hiring and under-managing. The demand for labor is going to skyrocket as companies learn what AI does. Just as the demand for labor increased as computing diffused through product and service delivery.”

This is why everyone is sinking so much money into the AI industry. Whoever wins the race to provide the hardware and software to every company on earth is going to be worth trillions of dollars. There may literally be no bigger addressable market than selling low-cost, high-value intelligence to millions of companies and billions of people.

The model companies like OpenAI, Anthropic, and others get most of the coverage because there is unlimited demand for their products. Anthropic added $11 billion in annualized revenue in a single month. That is just absurd. OpenAI and Microsoft just renegotiated their deal so that it is non-exclusive now for OpenAI. That is a sign just how many enterprises are banging down the door for this technology.

People are confused on how companies are adopting AI though. Take Base Power in Texas. Justin Lopas, one of their cofounders, recently tweeted the following:

“In the span of ~3 months, the team at Base Power has built out operational tools that replace or avoid the purchase of an enormous amount of SaaS.

Token costs might actually equal the cost of buying the SaaS, but cost isn’t the point.

It’s the fact that the tools are perfectly tailored to our operations, infinitely customizeable going forward, and tied into our data.

A sampling:

• Warehouse Management System (WMS)

• Manufacturing Execution System

• CRM for B2B sales

• Material Requirements Planning (MRP)

• Sales & Operations Planning tool

• Labor crew management, forecasting, and associated vehicles tool

• Policy objectives and stakeholders tracker

• Countless dashboards for each team

The impact that AI has had on our business is incredible.”

This is an important nuance from Justin. Companies are not only adopting AI because of the cost savings, which frankly is still not fully understood. They are looking for customized software that is tied into their workflows and systems. They want software that makes their employees more productive and their companies more profitable.

So I knew that AI was going to be valuable. I knew we could accelerate the country and the economy. But I didn’t realize how fast the adoption curve would happen, nor did I fully appreciate that AI is going to be a job generator, rather than a job destroyer.

When you get new information, you change your mind. That is what I have done over the last few weeks. Nothing wrong with that. I just want to seek out the truth and then apply it to my investing framework.

Hope you all have a great day. I will talk to you next time.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

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Bitcoiners Predict MASSIVE Bull Market

I sat down to breakdown the biggest bitcoin predictions coming out of this year’s Bitcoin Conference. In this episode, I cover Arthur Hayes on digital credit driving the next bull run, Michael Saylor on the explosion of digital credit markets, Tim Draper on why it's now irresponsible for companies not to hold bitcoin, a major upcoming announcement from the White House on the Strategic Bitcoin Reserve, SEC Chair Paul Atkins on regulation as a catalyst, and Paul Tudor Jones on bitcoin as the best inflation hedge alive.

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3. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

4. Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.

5. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

6. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

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8. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

I’m speaking on the Mainstage at Consensus Miami this May 5-7 — the event the entire industry shows up for, from Wall Street, the White House, and all of Web3. 20,000+ decision-makers. 72% director-level or above. Three days where deals get signed, funds get raised, and the next cycle gets shaped.

This year’s agenda tackles the three forces driving trillions on-chain and reshaping global finance: crypto at scale, institutional integration, and agentic commerce. You can’t afford to miss it.

Use code POMPLIANO for 25% off your pass and join me there.

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To investors,

Momentum begets momentum. Returns attract capital. New all-time high stock prices bring even higher prices. And nowhere in finance is there more momentum and returns than in technology stocks.

Bluekurtic Market Insights writes “for the first time in 17 years, the Nasdaq 100 is up four consecutive weeks with gains exceeding 18%. This kind of momentum is usually bullish for the Nasdaq. One month later, the index was higher in six of seven cases, with a median gain of 8.5%.”

A big reason why the Nasdaq is doing so well is because of semiconductor stocks. Depending on how you count, there are about 15-18 semiconductor stocks in the Nasdaq index and Opening Bell’s Phil Rosen points out how well those companies have done.

Semiconductors are destroying software stocks this year.

- iShares Semi ETF $SOXX +53%
- iShares Software ETF $IGV -19%

72% spread between 2 sides of the AI trade.

Any time investors see a sector explode in popularity like these semiconductor stocks have in the last few weeks, it begs the question on whether the returns have already been captured by the market. David Marlin writes “77% of [the semiconductor index] ($SOX) constituents are overbought, the second highest reading in the last 20 years.

After similar readings, short-term returns were generally muted (2 week average of -1.9%, 1 month average +0.2%), but returns 5+ months out have been extremely positive.”

The average return 6 months out has been about 19%, which would suggest that semiconductor stocks have a lot of room to run if history repeats itself.

These semiconductor stocks are a big reason the S&P 500 has made a miraculous recovery from its dismal start to the year. Creative Planning’s Charlie Bilello writes “On March 30, the S&P 500 was down 7% in 2026, the 12th worst start to a year in history. After one of the biggest 4-week rallies ever, it's now up +5% YTD and above the average year at this point in time (+3%). There is no impossible in markets.”

This is noteworthy because many investors are worried the market is overvalued right now. Take Global Markets Investor as one example. They write “The US stock market is EXTREMELY EXPENSIVE. The number of large stocks with a price-to-sales (P/S) ratio above 10, and year-over-year price gains above +100% has surged to ~175, the highest level since the 2021 meme stock frenzy. Excluding 2021, this is the highest level since the 2000 Dot-Com Bubble burst.”

But if you just look at historical valuations, you miss the bigger picture. Daily Chartbook highlights “With 28% of the index reported, 84% of companies have delivered higher-than-expected EPS. This is above the 5- and 10-year averages. In aggregate, companies are reporting EPS that are 12.3% above estimates. This is also higher than the 5- and 10-year averages.”

Mike Zaccardi also points out that “tech is at an all-time high, but its P/E is still 8 figures lower than the October 2025 high.”

So are stocks overvalued? It isn’t clear to me that people should be worried. In fact, there are numerous areas in financial markets that are not performing as well as semiconductors or tech more broadly.

Charlie Bilello highlights that “with the exception of Bitcoin, every major asset class is now in positive territory on the year.”

And Jim Bianco shows that defense stocks are getting crushed during the Iran war. Big narrative violation for both bitcoin and defense stocks.

But just because these assets have not done incredibly well doesn’t mean they can’t turn it around in the coming days.

Take bitcoin for example. Frank Fetter shows that “long-term holder supply is going absolutely vertical. Not a lot of sellers.”

And he explains that “historical premiums [are] being paid to short bitcoin here at $78,000, three standard deviations away from the mean. The shorts are playing with fire right now.”

So you have significant accumulation underway, along with short-sellers piling into an over-extended trade, which puts together the perfect ingredients for an asset like bitcoin to surge higher. Add in the backdrop of stocks going higher, along with Kevin Warsh potentially becoming the next Fed Chairman, and you have more components to a story where all asset prices are going to appreciate rapidly.

We are in a generational bull market. We have been locked in this environment since we came out of the 2008 Global Financial Crisis. The central bank is supporting the market in a way that was previously deemed off limits. So whenever you see a pessimist promising you how bad the future will be, or how much destruction you will see in your portfolio, just remember to never buy into nonsense.

The modern Industrial Revolution is underway. We are rebuilding the infrastructure necessary for America to prosper for the next 100 years. Owning a piece of that trend is likely to pay off handsomely for those who are willing to do the work and understand what is happening.

Hope everyone has a great day. I will talk to you next time.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

Why Bitcoin WINS No Matter What Happens to Inflation

Jordi Visser is a veteran macro investor with 30+ years of experience and the author of the VisserLabs Substack.

In this conversation, we discuss why bitcoin is decoupling from software stocks, how it wins in both inflationary and deflationary environments, and the five scarcity-driven investment baskets Jordi is tracking right now. We also get into the AI agents shift, why public companies are struggling to adopt AI, and how to position a portfolio in a world of shortages.

Podcast Sponsors

1. Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.

2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

4. Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.

5. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

6. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

7. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

8. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

The mainstream media has not exactly been fans of bitcoin over the years. They have pronounced the digital currency dead hundreds of times. They have enjoyed mocking and ridiculing bitcoin investors during the large, nasty price drawdowns during bear markets. And they have pushed a narrative that bitcoin is only used by terrorists and drug dealers.

They know this stuff is not true, yet they have published the nonsense anyways. But every once in a while, I come across someone in the mainstream media that is intellectually honest. These rare individuals are genuinely curious about bitcoin and want to better understand why so many people have become fans of the asset.

That is why I was excited to talk to New York Times columnist Ross Douthat when he invited me to come on his podcast to discuss bitcoin. Ross hosts wide-ranging conversations on his show “Interesting Times” and I have always found him to be someone doing their best to understand the world around them.

Our conversation was published yesterday and you can watch it here:

I took two things away from this conversation. First, it has been awhile since I have had to explain the basics of bitcoin, including “what is bitcoin?,” “why is bitcoin valuable to the average person?,” and “who uses bitcoin?”

It is easy for bitcoiners and professional investors to get stuck in an echo chamber. We think everyone knows about bitcoin, understands the pros/cons, and is making sophisticated capital allocation decisions. That is obviously not the case. Ross really pushed me to explain bitcoin in simple terms for an audience that may not know a single thing about bitcoin. This was fun to do and hopefully my answers resonated with his listeners.

Second, Ross raised a number of complex questions in the second half of the interview. How does bitcoin thrive in a world of inflation or deflation? How should we think about the President’s family and their intimate involvement in bitcoin? What are the inherent risks with investing in bitcoin vs traditional assets?

I have spent a lot of time thinking about the nuances of bitcoin, including how it interacts with investment portfolios, geopolitics, and the economy. This part of the conversation was where Ross and I were able to exchange different opinions and perspectives. I think many of you will find it interesting to hear how Ross thinks about bitcoin and the pros/cons.

You can read the transcript and New York Times article by clicking here.

My goal in doing this interview was to spread the word about bitcoin to an audience that is unlikely to have spent much time on it, along with represent the bitcoin community well to the New York Times listeners. There are things I probably could have explained better, but hopefully I did a good enough job to make folks proud of the progress we have collectively made.

Spend a few minutes today listening to the conversation and let’s show the New York Times how passionate and engaged the bitcoin community is. Hope you all have a great end to your week. I will talk to everyone on Monday.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

🚨 ProCap Insights: Agentic Research for Investors Who Want To Make Money

Last week, ProCap Financial launched ProCap Insights, the first agentic research offering in finance.

Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.

Subscribe for 60% off today

How Michael Saylor Bet Billions on Bitcoin

In this conversation, we revisit the very first time Michael Saylor ever publicly talked about bitcoin — recorded in late 2020 when bitcoin was trading around $10,000.

We discuss his background founding MicroStrategy at age 24, the macro conditions that led him to reject cash as a store of value, why he chose bitcoin over gold and real estate, how he acquired $425 million in bitcoin without moving the market, and why he believes bitcoin is on a path to rival or surpass gold's market cap.

Podcast Sponsors

1. Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.

2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

4. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

5. Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.

6. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

7. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

8. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

I’m speaking on the Mainstage at Consensus Miami this May 5-7 — the event the entire industry shows up for, from Wall Street, the White House, and all of Web3. 20,000+ decision-makers. 72% director-level or above. Three days where deals get signed, funds get raised, and the next cycle gets shaped.

This year’s agenda tackles the three forces driving trillions on-chain and reshaping global finance: crypto at scale, institutional integration, and agentic commerce. You can’t afford to miss it.

Use code POMPLIANO for 25% off your pass and join me there.

REGISTER & SAVE

To investors,

The President of the United States stepped up to the podium in the Rose Garden last April and he unleashed chaos in financial markets. His announcement of sweeping tariffs on all US imports sent markets into a free fall, academics began having a panic attack, and the internet exploded with various predictions of the next Great Depression.

Of course, this reaction was a complete waste of everyone’s time. The stock market eventually rallied higher and we got new all-time highs every few days. The “experts” were wrong and investors who ignored the noise did very well.

But there was one part of the mainstream analysis that seemed crazy to me at the time: the “experts” kept promising sky-high inflation from the tariffs. As I tweeted multiple times during April 2025, I felt strongly that deflation was a much bigger risk than inflation at the time.

One tweet on April 10, 2025 read: “All the consensus-seeking finance folks told you that tariffs are inflationary, but I will continue to point out that the much bigger risk is deflation.” I still stand by that statement.

You don’t have to believe me, nor do you have to listen to me say it anymore. Kevin Warsh, the next Federal Reserve Chairman, was on CNBC recently and he explicitly stated his belief that technology was going to bring structural price decline and deflation was a serious risk that the Fed should prepare for.

Take a listen to his comments:

AI is going to make everything cost less. We could be at the front-end of a productivity boom. We are probably in the early stages of a structural decline in prices.

These are sentences being said on national television from the man who will be in charge of the Federal Reserve. If you don’t clearly see that the Fed will continue to cut interest rates in the coming months and years, I am not sure if any piece of information will convince you.

Now some of you will claim that Warsh is merely a Trump puppet who knows he has to cut rates to avoid conflict with the President. Others will claim that short-term price increases in oil, or longer-term price increases in commodities, will lead to higher levels of inflation, which would prevent the Fed from aggressively cutting interest rates.

I have no clue what Warsh’s politics are, nor do I have any idea how he will interact with the President. We will have to wait and see on that critique to see what ends up being true. Regarding higher levels of inflation though, it is fairly obvious to me that deflation remains a much bigger risk than inflation for the US economy.

Are oil and gas prices up? Yes. Are commodity prices up? Yes. But the US economy is much more dependent on technology than it has ever been, which is important because technology has been significantly reducing the price of a plethora of goods and services across the US economy.

That structural decline in prices that Warsh mentioned is widely misunderstood. For example, Jeff Booth has said before that “the natural state of a free market is deflation. Prices fall to their marginal cost of production.” If Jeff is right, which I believe he is, then we should expect prices to continue falling, especially as AI and robotics accelerate.

Intelligent critics of this world view will immediately point out that the US government is printing money, the national debt continues to worsen, and inflation has almost always followed these undisciplined spending habits. I don’t disagree that history shows us inflation would usually occur from the spending.

The difference in this moment is the deflationary forces that are swallowing the US economy. We have tariffs, deportations, AI, and robotics that are working together to bring an incredibly strong force into the economy. As Elon Musk has previously said, the US government won’t be able to print enough money to overcome the deflationary force.

I know that sounds crazy. It feels weird to say. But the more I look at the data, the more I believe this perspective to be true: deflation is the bigger risk than inflation.

One of the first big tests for this thesis was the tariffs last year. The market expected high inflation, but the deflationary forces prevented the high inflation from ever showing up.

The second big test of the thesis will be in the coming 2-3 months. Most investors believe inflation is going to surge higher, including CPI readings above 5% year-over-year, but measurements like Truflation suggest that CPI will remain more subdued. If we don’t see CPI fly higher, then it will be clear to those paying attention that deflationary forces are having an outsized impact on the economy.

Lastly, the third and final test of our thesis is whether we see consumer prices start to fall in a material manner. It is not good enough if consumer prices stop going up. That is nice, but it doesn’t provide the type of deflationary pressure that makes life more affordable. Flat prices only ensure life is not getting MORE unaffordable.

But if prices start to come down for the American consumer, that is when the economy could hit an economic golden age. This would allow for a high growth, low inflation environment. Quite literally, the dream of central bankers around the world.

Every American should be praying for the AI companies to usher in an aggressive deflationary force that improves affordability, while ensuring GDP growth. If we can get that done, every politician, central banker, and regulator will look like a genius.

Who cares which bureaucrat takes credit for the economic win. The American people simply want lower prices, so they can pursue economic prosperity. Let’s hope we get everything we dreamed of.

Have a great day. I will talk to everyone tomorrow.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

🚨 ProCap Insights: Agentic Research for Investors Who Want To Make Money

Last week, ProCap Financial launched ProCap Insights, the first agentic research offering in finance.

Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.

Subscribe for 60% off today

Bitcoin Bull Market Is HAPPENING NOW

Bitcoin is in a bull market right now. So I sat down to breakdown the data — from institutional moves like Morgan Stanley's record ETF launch to Bitcoin's track record across 7 financial crises — and make the case for why the next all-time high is closer than most people think.

Podcast Sponsors

1. Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.

2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

4. Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.

5. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

6. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold

7. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

8. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

I believe prediction markets are going to become a much larger aspect of financial markets in the coming years. Today these markets are full of young people gambling on stupid things like what words are mentioned at a press conference, what color tie someone wears to an event, or if certain cultural events occur or not.

These types of childish markets will either be regulated away or they will fall in relevance as more traditional finance-related markets become the dominant use case.

The most interesting part of prediction markets for investors is the ability to isolate individual data points in their capital allocation strategy. Rather than having to buy indirect exposure to interest rates, prediction markets allow you to exclusively bet on what the exact interest rate will be at the next Fed meeting. Rather than buying or selling various assets in anticipation of a recession, prediction markets allow you to directly bet on whether a recession happens or not.

And prediction markets also allow you to wager capital on individual earnings report data points (ex: Tesla car deliveries) instead of having to buy a company’s stock and take the full exposure to the entire earnings report.

An obvious use case for these types of markets would be farmers who are looking to leverage prediction markets as a replacement for their current hedging or insurance strategies. Kalshi, the largest prediction market in the world, recently announced their intention to double down on commodities for these use cases.

Given my belief in prediction markets for investors, and Kalshi’s agreement in the same theme, I am excited to announce this morning that Kalshi has partnered with ProCap Financial (Nasdaq: BRR) to launch a dedicated institutional-grade research offering that will exclusively cover prediction markets.

This new product is available to any paying members of ProCap Insights, our agentic research offering. We have been using our agentic AI research system to dig through the Kalshi data over the last few days and the findings are incredibly interesting.

We have found numerous times where Kalshi traders called the bluff on Wall Street analysts and were right. We have found significantly mispriced markets on Kalshi and traditional exchanges. And we have found economic data points that were confirmed on Kalshi days before they were reported in the legacy system.

I believe the combination of agentic AI with prediction market data will help investors be better informed, while positioning them to make more money. Our team is excited about this partnership and looking forward to sharing the various insights we find.

Kalshi CEO Tarek Mansour told Reuters the following about our partnership: “prediction markets turn uncertainty about real-world events into actionable signals. We’re partnering with ProCap Financial to bring wisdom-of-the-crowds intelligence directly to financial research, so both retail and institutional investors can benefit from this data and analysis.”

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Our team will continue to build ProCap Insights, the first agentic research offering in finance, into a resource that helps investors make money. Please consider subscribing if you are looking for investment ideas and insights.

Hope everyone has a great day. I will talk to you next time.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

All-Time High Stocks… Bitcoin About To Explode?

Jordi Visser is a veteran macro investor with 30+ years of experience. In this conversation, we break down why AI is creating massive shortages in chips, energy, and commodities—and what that means for inflation and markets.

We also discuss why stocks keep hitting highs despite economic pressure, how scarcity is becoming the most important investing theme, and why bitcoin could be setting up for a major move.

Podcast Sponsors

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8. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

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To investors,

When the world experiences chaos and uncertainty, capital allocators want safe haven assets to protect their portfolio. These safe havens allow investors to weather the storm in the short-term, but also protect their capital over the long-run.

Historically, investors have looked to dollars, treasuries, and gold as the best safe haven assets. We now have new data that suggests bitcoin has taken the crown and become king of the safe haven assets.

Onramp, a bitcoin financial services firm, just published this table that shows bitcoin has outperformed other assets during the last 7 crises in financial markets:

This shows that bitcoin outperformed the S&P 500 and gold in every one of the negative financial events since 2020. It doesn’t matter if there was a global pandemic, foreign countries invading their neighbors, domestic policy decisions like tariffs, or a national banking crisis. Bitcoin’s 60 day return was the best every single time.

Now this doesn’t mean that investors should drop other assets from their portfolio and allocate all of their capital to bitcoin. That would be irresponsible. However, it does mean that investors who have zero exposure to bitcoin are doing themselves a disservice.

Buying and holding bitcoin is a prudent capital allocation strategy.

Our friends at Bitcoin Archive recently highlighted a Bitwise study that showed the probability of loss based on various holding periods. The crypto asset manager says “as time horizons grow, bitcoin losses fall off.”

The most interesting part of this analysis is that once someone has held bitcoin for at least 3 years, the probability of loss falls to under 1%. In the professional game of risk-taking, 1% probabilities may as well be 0%.

But how you buy bitcoin can drastically enhance the results. Take this video that recently went viral showing an investor who has been buying $10 of bitcoin per day for the last 7 years. He invested just over $25,000 in total, yet his portfolio is now worth more than $10 million.

If you are like me, you immediately wondered why you haven’t been dollar cost averaging on a daily basis for the last few years. Smart capital allocation works with any asset, but it delivers significant outperformance when the strategy involves deploying capital into an asset that has a 10-year compound annual growth rate near 70%.

Institutions aren’t going to dollar cost average into bitcoin on a daily basis. But they will definitely pay attention when they see it outperforming other safe haven assets during various financial crises over multiple years.

The data is overwhelming. Bitcoin is the king of safe haven assets. Only those who refuse to change their mind when presented with new information remain unconvinced.

Hope you all have a great start to your week. I will talk to everyone tomorrow.

- Anthony J. Pompliano

Founder & CEO, ProCap Financial (Nasdaq: BRR)

🚨 ProCap Insights: Agentic Research for Investors Who Want To Make Money

Last week, ProCap Financial launched ProCap Insights, the first agentic research offering in finance.

Leveraging the latest AI, ProCap Insights offers institutional-grade research to help independent investors make more informed investment decisions. Reports cover single-name stocks, thematic trends, and macro analysis across sectors and asset classes.

Subscribe for 60% off today

All-Time High Stocks… Bitcoin About To Explode?

Jordi Visser is a veteran macro investor with 30+ years of experience. In this conversation, we break down why AI is creating massive shortages in chips, energy, and commodities—and what that means for inflation and markets.

We also discuss why stocks keep hitting highs despite economic pressure, how scarcity is becoming the most important investing theme, and why bitcoin could be setting up for a major move.

Podcast Sponsors

1. Figure – True DeFi Democratized Prime to earn ~9% APY! They also have the lowest industry interest rates at 8.91% with 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply.

2. Arch Public - Arch Public’s cutting-edge algorithmic tools ignite profits, harnessing razor-sharp data analytics to nail perfect entries, exits, and risk management. Turn volatility into opportunity and do it hands free with Arch Public. (Oh, and yes, try us out for FREE too!)

3. Award-winning Fountain Life - Energy supercharged. Memory sharper. Life extended. Ready for the best investment you’ll ever make? Schedule a life-changing call at www.FountainLife.com

4. Consensus Miami - May 5-7 • Join 20,000 decision-makers for the convergence of crypto, capital & culture. Save 25% with POMPLIANO.

5. Uphold - Uphold is the all-in-one platform to trade, earn, stake, and swap across 300+ assets with real-time proof-of-reserves and any-to-any conversions. Manage your entire crypto portfolio in one place at www.uphold.com

6. BitcoinIRA - Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $2,000 in rewards.

7. Bitget - Bitget is the world’s largest Universal Exchange (UEX), serving over 125 million users with access to over 2M+ crypto tokens, and TradFi markets such as 100+ tokenized stocks, ETFs, commodities, FX and precious metal like Gold.

8. Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit https://www.simplemining.io/pomp

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.