Leopold's Nvidia Puts, Iran's Hormuz Safe Bitcoin, Hermes Agent

Jody Flournoy breaks down Leopold's Situational Awareness fund adding over $2 billion in puts on $SMH and $1.5 billion on $NVDA ahead of Nvidia earnings. The episode also covers Iran's Bitcoin-settled Hormuz Safe shipping insurance platform, Strategy ($MSTR) buying 24,000 BTC funded largely by $STRC, and Ken Griffin on AI agents at Citadel. In the second half, AI educator Jordan Urbs explains Hermes Agent and Venice AI, then Sean talks with Annelise Osborne and Adam Blumberg of Protocol Wealth about running a crypto RIA, ETFs, vaults and the Clarity Act.

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Chapters:
0:00 Monday red: market pullback and Bitcoin near 76K
1:57 Leopold's Situational Awareness flips the AI trade
5:17 Nvidia earnings preview and what $NVDA needs
12:52 Iran launches Bitcoin-settled Hormuz Safe
16:44 Strategy buys 24,000 BTC, $STRC and software side
24:26 AI race: Google I/O and OpenAI deployment company
27:03 Ken Griffin on AI agents automating Citadel work
36:58 Jordan Urbs on setting up Hermes Agent
48:01 Venice AI: private inference and model routing
54:53 Annelise Osborne and Adam Blumberg join
1:01:21 Protocol Wealth: building a crypto native RIA
1:13:37 Bitcoin ETFs, vaults and the Clarity Act

Key takeaways:
- Leopold's fund now holds over 60% of its portfolio in puts on semiconductor stocks, including over $2 billion on $SMH and $1.5 billion on $NVDA, while adding to some AI power names.
- Iran's Hormuz Safe is described as a state-backed digital insurance platform for the Strait of Hormuz settled in Bitcoin, which Jody frames as preferable to settlement in the Chinese yuan.
- Strategy announced buying 24,000 BTC for $2 billion at about $80,985 per coin, with much of the buying funded by $STRC issuance.
- Ken Griffin said work that took finance PhDs weeks or months at Citadel is now being done by AI agents in hours or days.
- Adam Blumberg says most RIAs now get clients small Bitcoin allocations through ETFs, while Protocol Wealth manages on-chain clients using MPC wallets, policy engines and vaults like Morpho.

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