Texture presents our latest offering: Kairos is a private credit instrument issued by Kairos Litigation Limited, a bankruptcy-remote SPV providing a fixed coupon derived from UK litigation finance receivables.
Sign up for our webinar to learn more.
Timing: Tuesday June 2nd, 2pm BST / 9am EDT
Speakers:
Madani Boukalba @madanirealx (T-RIZE Group) on Tokenization
Ann Marie Bell (Kairos / Horizon) on Credit & Asset
Richard Johnson (@texture_capital) Broker of Record
Registration Link: https://t.co/ZFBoux9llC
Welcome to the most asymmetric trade in modern financial history.
The thread below lays out why. The opportunity exists because capital has chased the AI trade while ignoring the physical assets AI requires to run — assets that have quietly become the best-performing asset class of the decade. Since October 2020 when we first called for the commodity super cycle: QCI Total Return +217%, GSCI Total Return +205%, Gold +140%. NASDAQ trails at +130%. S&P 500 at +85%. The top three are all commodities. Yet oil cannot get out of its own way while copper and the broader atom complex prints fresh highs . That is the dislocation. That is the trade.
Get long. Buckle in. Hang on for the ride.
Forgive the longer posts in this thread — attempting to mimic my old 10-bullet commodity takes. On to it.
A company with $24 billion in revenue and 24% gross profit growth just cut 4,000 people while raising 2026 guidance to $12.2 billion in gross profit. Stock ripped 20% after hours. The market added roughly $6 billion in market cap. That's ~$1.5 million in enterprise value created per eliminated role.
Block is the canary in the coal mine. And they're not alone.
ASML cut 1,700 jobs last month while reporting record orders and said they were "choosing to make these changes at a moment of strength." Salesforce cut 5,000 after AI agents started handling 50% of customer interactions. Amazon cut 16,000 in January on top of 14,000 in October. Every one of these companies was growing when they did it.
Dorsey said the quiet part out loud: intelligence tools paired with smaller teams have already changed what it means to run a company. He chose one massive cut over repeated rounds because, his words, gradual cuts destroy morale and trust. The restructuring charges are $450-500 million. At the operating income Block is guiding, that pays for itself in two quarters. After that, pure margin expansion. That's why Wall Street rewarded it instantly.
Here's what's coming. Goldman estimates AI is already responsible for 5,000 to 10,000 net monthly job losses in exposed U.S. industries. Citigroup is planning 20,000 cuts. Dow just slashed 4,500. 40% of employers surveyed say they expect to reduce headcount because of AI. 30,700 tech jobs gone in the first six weeks of 2026 alone.
Block went from 10,000 to 6,000 while growing revenue and raising guidance. Every CEO running a company with more than a few thousand employees is doing this math tonight. The canary just stopped singing.
Some crazy stats from @DavidGeorge83 on his recent Odd Lots with @TheStalwart@tracyalloway. His ITLB appearance in Dec-25 was also great.
Private markets scale and growth:
-Highly valued private tech companies represent ~$5 trillion in market cap
-That's ~25% of the S&P 500, 15% of NASDAQ, 40% of NASDAQ ex-MAG 7
-The top 10 largest private companies represent 40% of that $5 trillion
-Private market tech cap has grown 10x in 10 years
-Number of public companies has been cut in half over the last 20 years
Value creation shift
-10 years ago, the best IPOs generated 88% of their total market cap in public markets (only 12% private)
-Recent IPOs: 55% of market cap creation happened in private markets, 45% in public
-Historically ~50% of IPO dollar gains came from seed-to-Series B, 50% from Series C+; that's shifting heavily toward later stages
Growth concentration
-A16Z growth fund average portfolio company grows ~100%
-Only 3 public companies in their universe are growing >30%
-A16Z invests at ~21x revenue on average for companies growing ~100%
There are 2 tracks in ‘single payer countries’. The free, government run healthcare system, that comes with longer waiting times. Or a private system where you can get your MRI in 6 hours (an experience I recently went through). The difference is there’s no free version in America.
Last week, President Zelensky showed me real-time battlefield updates on his iPad.
80% of the casualties Ukraine is inflicting are from drones.
The world has changed. Defence has changed. Warfare has changed. And we must adapt fast.
https://t.co/fva0UgyAU2
You may have heard about the threat of quantum computing to blockchains. For a primer on this topic please check out this interview with Texture client @BoltsWeb3
https://t.co/vMq1RdYzyD
DISCLOSURE: The views expressed are those of Yoon Auh and Bolts Technologies
@ASFleischman Thinking of 2 from different schools…
One became a physicist at the Max Planck institute and another (likely on the spectrum looking back) works for a national rail company.
The £20k limit on retail stablecoin ownership makes zero sense under a properly crafted policy.
Remember, this is the same FCA that banned retail investors from investing in crpyto ETPs while the price soared from <$10k to > $100k "for their protection".
The Bank of England’s cap on stablecoin ownership is a poison pill for Britain’s financial sector.
Britain cannot afford to be left behind. https://t.co/l4ITeuiJQy
The Bitcoin ETF (IBIT US) is about to become the quickest ETF ever to surpass $100 billion.
So of course the FCA banned it in the UK so nobody here could benefit.
The dinosaur political class do everything in their power to stop British people succeeding.