Empire Hivemind: State of The Market, Saylor’s End Game & AI Growth in China
Mar 26, 2026
Rawson, an AI investor at Delphi Ventures focused on AI and China, shares fresh takeaways from Delphi’s China trip. He discusses market reactions amid the Iran conflict. He explores Michael Saylor’s end game and the mechanics around MicroStrategy. He highlights where Chinese AI is booming, hardware strengths, valuation froth, and on-the-ground execution differences.
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Saylor's STRC Issuance Is A Quasi Bitcoin Backstop
- Michael Saylor's MicroStrategy financing via STRC preferreds acts as a quasi-market-maker for BTC by issuing high-yield paper to buy bitcoin.
- Jose Maria Macedo explains STRC's 11% yield and how continued issuance can support BTC prices until the capital stack breaks.
STRC Creates A Fragile Multi‑Layered Capital Stack
- The STRC dividend structure creates concentrated incentives and a fragile capital stack where something eventually has to suffer.
- Panelists discuss scenarios where dividends stop or other parts of the structure take the hit before selling bitcoin.
China Is Becoming A Second AI Stack With Hardware Muscle
- China is rebuilding an AI vertical with deep talent and hardware strengths while public and private valuations lag the US.
- Rawson notes rapid valuation acceleration in Hong Kong and a growing second ecosystem focused on AI and robotics.