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

Page: https://stenobird.com/podcast/unchained-728975/bits-bips-why-the-ai-rally-keeps-growing-and-why-circle-launched-arc
Text version: https://stenobird.com/podcast/unchained-728975/bits-bips-why-the-ai-rally-keeps-growing-and-why-circle-launched-arc.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-728975)
Published: 2026-05-13T18:55:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML4045919454.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML4045919454.mp3
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JSON: https://stenobird.com/v1/public/podcasts/unchained-728975/episodes/bits-bips-why-the-ai-rally-keeps-growing-and-why-circle-launched-arc
Duration seconds: 3182

## Resource

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

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## Transcript

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