Don't forget to pace your frontiers.

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NBIS getting crushed going to turn red in 15min at this pace lol

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Growth nowadays globally is at a faster pace than ever. I’d like to hear a good argument for sticking with the old rule 2% that’s been decided decades ago in a different environment than adapting to 3%.

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It's a fun post but the "pace" they've talked about are for the internal models way ahead they have in their labs, not the current ones they're releasing to the public. (But the meme is funny so I'll give you that, lol.)

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OPEC but for compute. Everyone agrees to pace production then pumps max capacity the second they leave the room.

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Releasing models that have been in the pipeline for months have no impact on the pace of the frontier.

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From my friend Claude - Worth saying upfront: I'm made by Anthropic, and the entire thesis hinges on what Anthropic is worth. Take my read with that in mind. I've tried to check the claims rather than form a view. **What checks out** Most of the facts are right, which puts this above the WSB average. CEF Connect shows a share price of $34.24 against NAV of $34.30, and a 52-week range where price hit $72.87 and NAV hit $34.30. The May comparison is accurate: the stock traded at $61.66 against a NAV of $24.56, a 151% premium, and at its April 2024 peak buyers paid over 400% above the value of the underlying assets. The insider buying is real: Sohail Prasad made 3 purchases buying 56,000 shares for an estimated $1,767,343 with no sales. And the New York Times reported in late-August 2026 that an eventual IPO could value Anthropic at $2 trillion, against a Series H in May 2026 at $965 billion post-money. **Where it falls apart** **The "10% discount to NAV" is a discount to a stale number the manager produced.** CEF Connect's 8 September page lists the NAV as of 31 March 2026. Destiny's own documentation says the fund strikes a quarterly NAV, and fair value determinations are made by the adviser's valuation committee with assistance from an independent third-party valuation firm. You are not buying a discount to observable assets. You are buying a discount to the manager's own estimate of illiquid private stakes, months after the fact. **The Anthropic re-rate is mostly already in the NAV.** The $965B round closed in May. NAV went from $19.97 at the end of Q4 2025 to $34.30, and total return on NAV over 12 months is 395.66%. The markup has happened. Run the actual numbers on the post's own inputs: Anthropic at 14.4% of a $34.30 NAV is about $4.94 per share. Going from $965B to $2T adds roughly $5.30, which is where the post's "$40 NAV" comes from. But that requires the full $2T. At the more sober base case, secondary markets price Anthropic at $1.05 to $1.15 trillion and FutureSearch projects a median first-day market cap of $1.10 trillion, a 14% premium over the last private round, which adds about 70 cents per share. Not several dollars. **The $2T figure is a forward-forward projection.** It rests on projected 2028 revenue of $190 billion to $200 billion. That is two years of flawless execution priced in today, leaked to journalists by parties who benefit from it being believed. **The real thesis is "the premium comes back," and the post's own data argues against it.** Every price target listed is NAV multiplied by an assumed premium. That isn't valuation, it's a bet that other people will pay more. But look at what actually happened: the 52-week average premium was 74% and the 52-week high premium was 290%, while the 6-month average is a 1.92% discount. The premium collapsed from triple digits to zero **through** the SpaceX IPO, the single biggest catalyst this fund has ever had. SpaceX listed in 2026 as one of the two largest IPOs ever. The post frames the May buyers as lunatics, but they were buying the same "premium inflates into the IPO" thesis it's now recommending. It didn't work. That's the precedent, not the exception. **The fee structure is worse than "a giant pile of T-bills" sounds.** The 2.50% annual management fee is charged on gross assets, not NAV, and the total expense ratio for 2024 came in at approximately 6.28% of average net assets, making DXYZ one of the most expensive publicly traded funds available. You're paying 2.5% a year to hold treasuries. The T-bill pile is a cost centre, not a feature. **Post-IPO, the fund's reason to exist shrinks.** Once Anthropic lists you can just buy Anthropic. And 2026 US IPO proceeds have hit a record while new listings have lagged the market. **My read** The one genuinely good point is buybacks below NAV, which are accretive, and insider buying alongside them. That's a real floor mechanism and I'd credit it. But the structure of the argument is: buy at fair value, sell at an irrational premium to a stale self-mark. That works until it doesn't, and the chart says it already stopped working four months ago. Context also matters for timing. The Fed decision lands in hours with a hike priced at 91%, and AI-related stocks sold off sharply on 14 September as concerns over AI risk intensified. There's a certain irony in Anthropic trying to convince Wall Street it deserves one of the biggest debuts in market history while simultaneously saying the pace of AI development needs to slow down. A high-beta, illiquid, 6%-fee closed-end fund is about the worst vehicle to hold into that combination. Separately: you're already long this theme through NVDA, MU and CRWD, which is where most of your gains sit. Adding a leveraged-sentiment wrapper on the same trade concentrates rather than diversifies. If you want the Anthropic exposure, waiting for the S-1 and buying the actual listing is a cleaner expression with no fee drag and no premium risk. I'd skip DXYZ.

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he Federal Open Market Committee approved the following statement for release by a 12 – 0 vote: The Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a solid pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated. Today's policy action will support a timelier return to the Committee's 2 percent goal. The Committee will deliver price stability. For media inquiries, please email [media@frb.gov](mailto:media@frb.gov) or call 202-452-2955. [Implementation Note issued September 16, 2026](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a1.htm)

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