Energy, compute and the AI flywheel

This week, Raoul Pal joins the show to discuss the current state of markets. As crypto & equities face their first significant sell off since the April lows, we deep dive into what's next for markets. Raoul discusses why he believes there's a wave of liquidity coming in 2026, how to trade crypto cycles, valuing crypto networks, has the DAT bubble burst, Raoul's AI thesis & more. Enjoy!

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This Empire episode is brought to you by VanEck. Learn more about the VanEck Onchain Economy ETF (NODE): http://vaneck.com/EmpireNODE

An investment in the Fund involves a substantial risk and is not suitable for all investors. It is possible to lose your entire principal investment. The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly.

Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products (“ETPs”), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”).

Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com to read and consider the prospectus, containing the investment objective, risks, and fees of the fund, carefully before investing.

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(00:00) Intro

(01:25) Where Are We In The Macro Cycle?

(10:11) How To Value Crypto Networks?

(20:58) Ads (Zcash, Katana)

(22:14) The K-Shaped Economy

(25:31) Has The DAT Bubble Burst?

(28:24) Why Liquidity Drives Markets

(38:19) Ads (Zcash, Katana)

(39:35) How To Trade Crypto Cycles

(49:57) Ads (VanEck, Uniswap)

(51:39) Raoul's AI Thesis

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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.