Z.ai Never heard of them mate. None of us had, and yet their latest effort, GLM 5.2, is rated as good as Opus 4.8. It also happens to be about 80% cheaper to use and is open-source. It’s a slightly strange world in which Anthropic is valued at $985 billion and you can download a

SpaceX It’s the talk of the town and certainly sucking the juice out of the market. Valued at over 100x revenue and making a loss, it’s not terribly appetising, at least to me. Still, this is striking. Humans use 20 TW of energy each year while the earth absorbs roughly 120,000 TW of solar power.

Making Tax Miserable To great fanfare the UK Government is about to embark on its ‘Making Tax Digital’ program. The idea is to modernise tax collection and reporting by mandating that taxpayers keep digital records and submit returns on specifically approved software. Large companies already do so but MTD makes this mandatory for every landlord,

ETF Flows  A little heartbeat on the ETF flows here from Coinglass. Suffice to say until this week, recent outflows have been negative, but not overwhelming so. The net decline in ETF bitcoin holdings is tiny overall from its peak and does little to explain the price movement. The main factor is older holders selling.