Google AI veterans departed en masse, with Hassabis stepping down as CEO and Jeff Dean and four founding veterans leaving to start a startup, wiping 1.34 trillion yuan (approximately $184 billion) off Google’s market cap. The ai16z token crashed to zero, and founder Shaw announced the project’s termination. Move language creator Sam Blackshear left Sui to join Anthropic. Bridgewater founder Ray Dalio warned classic AI bubble signals have appeared, noting cash is the worst long-term bet. Massive AI infrastructure investment is transforming tech giants from asset-light to asset-heavy, with bond market signals worth heeding. After a rebound, the US AI sector diverges, with capital rotating toward application plays and HALO hard assets, turning copper mines and power into new focal points. Chinese models have been so successful that global intelligence prices have collapsed. Glassnode reported that stocks and gold rallied together while Bitcoin missed the move.