Chris Campbell:

The SpaceX Backdoor

Retail investors are scrambling for a backdoor way into Elon Musk’s SpaceX before the big IPO. Crypto, naturally, has built one. It’s called tokenization.

There are now five different ways to buy SpaceX without buying SpaceX. Five tokens. Five blockchains. The cheapest will cost you $10. The most expensive will cost you $500 just to walk in the door. They include Republic's rSPAX (the only one Americans can legally buy), Jarsy's JSPAX, Robinhood's Cannes tokens, Hyperliquid's vSPACE, and Bitget's preSPAX.

The problem with these? You aren't buying SpaceX. You're buying a Delaware LLC's promise about SpaceX. Or a Jersey SPV's. Or an indecisive Lithuanian broker's derivative.

Every tokenized SpaceX product is doing legal gymnastics to manufacture exposure to a company that hasn't authorized them.

The token is the easy part. The legal entity behind it decides whether you ever see your money. I'm bullish on tokenization. Just not for this.

As far as SpaceX backdoor plays go, the current tokenized products are at the bottom of the list. Wrapper risk. Counterparty risk. A retail premium that collapses on print day. Tokenization is here to stay. But, alas, it hasn't finished moving in.

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Enrique Abeyta:

Anthropic’s Mythos Set Off a Cybersecurity ‘Hysteria.’ Experts Say the Threat Was Already Here

Global banks, tech giants and governments were sent scrambling last month to contain the risks posed by Mythos, the Anthropic model said to be so powerful that it has found thousands of previously unknown vulnerabilities in the world’s software infrastructure.

There’s just one problem: the capability they’re worried about is already here.

“What we are seeing across the industry now is that people are able to reproduce the vulnerabilities found with Mythos through clever orchestration of public models to get very, very similar results,” said Ben Harris, CEO of cybersecurity firm watchTowr Labs.

At an Anthropic event this week, Dario Amodei affirmed this point, saying that while the scale of software vulnerabilities found by Mythos surged from earlier models, the trend wasn’t new.

“The risks are very real. This is why we took the actions we did,” Amodei said. “But they’re also, in some sense, not that surprising... We’ve been seeing warnings of this for a while.”

What makes Mythos different is its ability to take the next step, developing working exploits with little or no human input, effectively automating a process that previously required skilled researchers. The release of Mythos has prompted the Trump administration to consider new government oversight over future models.

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James Altucher:

Brandon Webb: Israel & U.S. Just Wiped Out Iran’s Leadership – What Happens Next?

In this fast-moving topical episode of The James Altucher Show, James talks with former Navy SEAL and SOFREP founder Brandon Webb about Iran, regime instability, the Strait of Hormuz, and how modern military power is being used differently than it was in Iraq and Afghanistan.

Brandon argues that the top levels of Iran’s leadership have been badly disrupted, creating confusion about who is actually in charge and who the U.S. or Israel could negotiate with. From his perspective, that leadership vacuum creates two possible outcomes: either a moderate power center emerges inside the regime, or Iran’s already strained economy worsens and the population rises up again.

The conversation also tackles the biggest fear many listeners may have: whether this turns into another long, grinding U.S. nation-building project. Brandon’s answer is no. He sees this as a different kind of military and intelligence operation – less about occupying territory, more about using special operations, air dominance, intelligence networks, and local opposition pressure.

What makes this episode useful is that it cuts through the broad panic and gives listeners a clear framework: leadership disruption, economic pressure, domestic unrest, proxy networks, energy markets, and the question of whether Iran’s regime can still hold itself together.

⇒ Listen Here