Bits + Bips: Why the AI Rally Keeps Growing — and Why Circle Launched Arc

Unchained

Laura Shin

Tech News, Business News, News

4.6 • 1.3K Ratings

🗓️ 13 May 2026

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Ram says the entire market is now one giant AI trade. Chris argues the boom is backed by real fundamentals. Austin asks: is AI creating value for the right companies? --- Thank you to our sponsor! Coinbase One: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained. Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on ⁠⁠⁠⁠⁠Apple Podcasts⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠Unchained⁠⁠⁠⁠⁠ and wherever you get your podcasts. ---- Circle just made history as the first publicly traded company to run a token presale, raising $222 million from BlackRock, Apollo, ICE, and a16z at a $3 billion valuation — and the stock went up. At the same time, Coinbase reported a $394 million loss, cut 700 jobs, and suffered a five-hour outage. Ram, Austin, and Chris work through what's really happening: whether Circle's Arc is the institutional payment rail the industry has been waiting for or a financial engineering play, whether Coinbase's troubles are cyclical or structural, and whether the AI-driven market rally is a bubble forming or a fundamental shift that makes the dotcom comparison wrong. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell (@austincampbell) — Founder, Zero Knowledge Consulting; Adjunct Professor, NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello, everybody. Welcome to Bits and Bips, where we explore how crypto and macro collide one basis point at a time.
0:09.2	Today, we're here to discuss the latest stories in the worlds of both crypto and macro.
0:14.5	But before we begin, a quick commercial break.
0:17.5	If you've been loving Bits and Bibs, don't forget that the show is transitioning to its own feeds on X, YouTube, and your favorite podcast player. If you're not already subscribed to bits and bips on its own channels, go there now and hit that subscribe button so you can keep up with our twice weekly live streams and macro meets crypto breakdowns. Bits and Bits and Bits will only be on the Unchained feed for a few more weeks. So subscribe today to be ready for launch.
0:38.2	You can get all the links at Unchained Crypto.com slash bits and tips.
0:46.1	All right, everybody.
0:47.6	As always, I am your host, Austin Campbell, high scholar of zero knowledge group,
0:52.3	here with my co-hosts, Ram Al-Aulia, Maester of
0:55.7	wealth, leader of Lumida, and Chris Perkins, the golden hand of 250 digital asset management.
1:01.6	So today, given where the market has gone, we're going to start with the Iran ceasefire
1:08.0	wobbling, but not yet completely falling down.
1:12.0	Where do things stand?
1:13.9	On Sunday, President Trump said Iran's response to the U.S. peace proposal is, quote, totally
1:19.5	unacceptable and says the ceasefire is, quote, on massive life support.
1:25.4	This is day 73 of sparring between these two nations. Israel hit Lebanon
1:31.2	overnight. Iran's IRGC warned the U.S. against further ship attacks. And Tehran's counter
1:38.3	via Pakistan was ending the war on all fronts, Lebanon included, recognize Iran's sovereignty over Hormuz,
1:46.2	release frozen assets, lift sanctions, and provide compensation for damages. As a backdrop,
1:53.1	Operation Project Freedom was paused May 6th after Great Progress, quotes. Six small Iranian boats were blown up in earlier exchanges.
2:03.7	Overall, there have been a number of voices on this. Some of the folks in the Atlantic,
2:08.6	a left-of-line publication in the U.S. say Trump is losing the war. The longer Hormuz stays contested,
2:14.5	the more Iran wins by simply not collapsing. With the idea being, as per
	...

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