Quick thoughts - 13 Sep 26 Dario, Altman and Musk coming onto a consensus about slowing down the frontier sparked a risk off moment in onchain perp trading for semis. The read through for this is that it will cause a kneejerk bearish reaction. However, i dont think the labs are stopping AI progress nor will less semis be used. If anything this is an early signal for the manhattan race of our lifetimes. Also a reduction in training workload means more resources able to divert into inference. Which shores up the labs abilities to monetise. A cynical read through would be that, alright now that the labs are sufficiently far ahead, let's hamstring everyone so that we can monetize.(degentrading)