Empire

Jason Yanowitz × Santiago Roel Santos

AI’s narrative dominance masks a possible crypto bull market, as Yano reports revived interest after 18 barren months and tokens that have increased 50 times.Anthropic’s reported $1 of revenue per $60 of compute, possible ARR stabilization, and customer switching leave frontier-model economics unresolved, while 1 gigawatt of AI capacity costs $50–60 billion.Falling inference costs could strand capacity or trigger Jevons’ paradox, as LPs seek crypto’s growth-stage fintech opportunity as a countercyclical alternative to crowded AI.