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Bitget's Stocks 2.0 introduces rTokens representing US stocks that are 1:1 backed and usable as margin for futures trading, offering capital efficiency and pre-IPO access.
A tweet highlights an interview where hedge fund manager Gavin Baker compares OpenAI and Anthropic on capital efficiency, noting Anthropic has much lower cost per token and burned significantly less capital.
This essay applies the Moneyball philosophy to Physical AI, arguing that the industry overvalues raw data volume and teleoperation hours while undervaluing data novelty and marginal utility. It provides a framework for pricing data and recommends strategies for capital efficiency in robotics.
The article argues that the AI startup wave is unsustainable because intelligence is an infinitely replicable commodity with zero marginal cost, and most AI companies will collapse by 2029, leaving only a few giants owning the physical layer like energy and chips.