Show and guest
Bankless podcast hosts Ryan Sean Adams and David Hoffman in conversation. English title: “The Blue Wave Rally Is Gone. Tech Stocks Are Crashing.” Subtitles cover 0:00–64:11; this article covers the entire conversation.
Key takeaways
- The S&P 500 fell 4% over a day and a half, returning to June levels; the Nasdaq fell 6%, returning to April levels; and the SOXX semiconductor index fell 12%. 3:36
- Nvidia fell 8.6%, Micron fell 14%, and Intel was down 61% from its historical high; AI spenders such as Amazon, Google, and Apple held up relatively well. 4:17
- It is still too early to say the AI bubble has burst; this looks more like a correction. 5:33
- After briefly holding above 80 thousand dollars, Bitcoin fell to a new low of 75.5 thousand dollars and is now holding around 76 thousand dollars at its 50-week moving average. 7:58
- North Korea’s Lazarus stole 6.34 billion dollars from Binance’s hot wallet; 2.85 billion dollars were frozen, and Binance made full compensation using its insurance fund and balance sheet. 21:11
- Democrats may not repeat the Biden-era crackdown on crypto; they are more likely to re-engage with banks over stablecoin yields in the Clarity Act. The real target is data centers, not crypto. 14:41
Background and notes
This Bankless episode features a conversation between Ryan and David about the Blue Wave, the AI sell-off, Bitcoin, and the Binance theft. Subtitles cover 0:00–64:11; this article covers the entire conversation. The views and timestamps in this article are relayed from the original subtitles; each timestamp marks the start of the corresponding excerpt.