Chris Campbell:

Yes, “Crypto” Is Dead

Crypto is in a brutal drawdown. This time feels different from other crashes because it is. And in five years from now, it’s going to be obvious what’s happening: Crypto, as we have known it, is dying. Here’s what I mean…

Right now, crypto is shifting from the “everyone gets rich” phase to the “you actually need to build something” phase. The mindset is shifting. People are expecting steady, compounding, protocol-driven upside. In other words, crypto’s growing up.

Risk is getting repriced, liquidity is no longer a giant sloshing bathtub, the retail casino is getting replaced by actual businesses, and institutions aren’t chasing green candles.

For crypto investors, it means the game is changing. The winners going forward will have: actual revenue, buyback or burn mechanisms, real-world demand, a moat (compute, data, scale, or regulatory advantage), and a product-market fit that doesn’t depend on vibes.

So no, this isn’t THE end. It’s the end of crypto relying solely on hype and buzzwords. It’s the beginning of crypto becoming real.

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Ray Blanco:

Nvidia Is Gearing Up To Sell Entire AI Servers Instead of Just AI GPUs and Components

The launch of Nvidia's Vera Rubin platform for AI and HPC next year could mark significant changes in the AI hardware supply chain as Nvidia plans to ship its partners fully assembled Level-10 (L10) VR200 compute trays with all compute hardware, cooling systems, and interfaces pre-installed, according to J.P. Morgan. 

The move would leave major original design manufacturers (ODMs) with very little design or integration work, making their lives easier, but would also trim their margins in favor of Nvidia's. The information remains unofficial at this stage.

If the information is correct, and Nvidia ships its partners L10 compute trays (which probably account for 90% of the cost of a server), then Nvidia will only leave its partners with rack-level integration rather than server design. 

They would still build the outer chassis, integrate power supplies depending on requirements, install sidecars or CDUs for rack-level cooling, add their own BMC and management stack, and perform final assembly and testing. These tasks matter operationally, but they do not differentiate hardware in a meaningful way.

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Davis Wilson:

Google Announces Gemini 3 As Battle With OpenAI Intensifies

Google is debuting its latest artificial intelligence model, Gemini 3, as the search giant races to keep pace with ChatGPT creator OpenAI.

The new AI model will allow users to get better answers to more complex questions, “so you get what you need with less prompting,” Alphabet CEO Sundar Pichai said in one of several blog posts Google published Tuesday.

Gemini 3 will be integrated into the Gemini app, Google’s AI search products AI Mode and AI Overviews, as well as its enterprise products. The rollout begins Tuesday for select subscribers and will go out more broadly in the coming weeks.

The announcement comes about eight months after Google introduced Gemini 2.5 and 11 months after Gemini 2.0. OpenAI, which kicked off the generative AI boom in late 2022 with the public launch of ChatGPT, introduced GPT-5 in August.

“It’s amazing to think that in just two years, Al has evolved from simply reading text and images to reading the room,” Pichai wrote in one of Tuesday’s posts. “Starting today, we’re shipping Gemini at the scale of Google.”

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