AI agents forming romantic relationships, committing crimes and setting virtual worlds on fire sounds absurd, but itactually happened in a real AI experiment discussed in this week’s NFA Podcast. At the same time, SpaceX is reportedly preparing for the biggest IPO in history at a rumored $1.75 trillion valuation, while crypto markets continue sliding even as AI stocks and chip companies hit new highs.

In the News section, Nish & Frackers break down the latest developments around the US Clarity Act and what stablecoinregulation could mean for the future of crypto. They debate whether stablecoins backed by US Treasuries actually reduce systemic risk, revisit the collapse of Celsius and discuss why Europe is increasingly moving away from Microsoft,OpenAI and Zoom in pursuit of digital sovereignty. The episode also covers Trump’s massive IRS lawsuit, the latest Epstein file revelations involving Richard Branson and the AI simulation where Claude built laws while Grok agents descended into chaos.

In Markets, Nish & Frackers analyze the strange divergence between crypto and AI equities. While Bitcoin and altcoinsweakened, companies tied to AI infrastructure exploded higher following the Cerebras IPO and growing excitement around SpaceX potentially going public. Frackers explains why he rotated out of Solana and Ethereum into Google and Marvell, why he believes Google’s vertically integrated AI strategy is massively underestimated and why AI chip makers may still have room to run despite already enormous gains.

Finally, in the Trading Competition, Nish survives another month of Hyperliquid volatility after discovering her sell order never executed, while Frackers extends his lead to roughly 54% on theyear thanks to positions in ASML, Broadcom, Amazon, Nvidia and copper. The episode closes with a debate about meme coins, market psychology and whether tech stocks are finally due for a correction after their recent surge.

Chapters

NEWS

00:38 The Clarity Act returns again02:05 Stablecoin regulation explained03:16 “We all know…” conspiracy theory debate05:09 Crypto yield wars and the Celsius collapse07:14 Trump sues the IRS for $10 billion10:23 Bushisms and meme presidents11:58 AI agents fall in love and commit crimes14:22 Europe moves away from Microsoft and OpenAI15:53 Epstein files and Richard Branson revelations17:05 SpaceX IPO rumors and $1.75 trillion valuation19:16 Big Tech faces AI safety hearings

MARKETS

20:42 Crypto market update and Fear & Greed Index22:17 Why crypto and tech stocks diverged22:57 Magnificent Seven performance breakdown24:00 Oil prices versus AI stock euphoria

NFA TRADING COMPETITION

24:43 Nish’s Hyperliquid mistake25:47 Solana losses and portfolio frustration25:56 Why Frackers bought Google and Marvell27:05 ASML, Broadcom and Nvidia performance27:33 Current competition standings28:11 Meme coin psychology returns29:25 Final market predictions and outro