Live from Proof of Talk in Paris - Day 1

Watch on YouTube ↗  |  June 02, 2026 at 08:12  |  3:00:06  |  The Block
Speakers
Chris McLeod — CEO, Axe Compute
Mikuel Funop — Co-founder, MN Capital / MN Fund

Summary

Live from Proof of Talk in Paris, The Block launches its new daily show 'The Starting Block' with host Gareth Jenson. The episode covers crypto market weakness, AI compute infrastructure, DeFi security, and trading strategies. Chris McLeod pitches Axe Compute (AGPU) as a less-cyclical AI bet, while Mikuel Funop argues Ethereum is due for a major rally on regulatory clarity and falling yields.

  • Markets are in the red; the show broadcasts live from the Proof of Talk conference.
  • Carlos Gimenez discusses Rain's stablecoin card infrastructure and global expansion.
  • Chris McLeod of Axe Compute highlights the massive AI compute demand and the company's NASDAQ-listed stock AGPU.
  • Mark Sha Brown talks about social media trends and the shift toward raw, authentic content.
  • Martin Durk of Zirkit analyzes DeFi security patterns and the role of AI in auditing.
  • Mikuel Funop provides a bullish thesis on Ethereum, citing the Clarity Act and yield dynamics.
  • Funop also shares his personal portfolio experience, down 45% on altcoins, but remains constructive.
  • Several speakers note that crypto tourists have moved to AI, but institutions continue deploying capital.
Trade Ideas
Chris McLeod CEO, Axe Compute 23:30
AGPU benefits from AI infrastructure demand.
The demand for AI compute infrastructure is insatiable, with $7 trillion deployment expected by 2030. Axe Compute (AGPU) provides bare-metal GPU clusters to large corporations, generating real net income from long-term contracts, unlike the cyclical Bitcoin mining business. The company is well-positioned to fill the funding shortfall as big tech alone cannot cover the capex. Older GPUs like H200 are renting at $250/hour, showing pricing power. AGPU offers a less risky, income-producing exposure to the AI buildout.
AGPU HIGH
Mikuel Funop Co-founder, MN Capital / MN Fund 165:19
Ethereum bullish on clarity act and yields.
Ethereum is on the verge of its biggest adoption cycle, driven by two factors: (1) the Clarity Act in the US Senate (likely passing soon) is a major positive narrative for Ethereum; (2) once yields on government bonds in Japan and the US turn lower, the negative correlation with Ethereum will flip, allowing DeFi to thrive. The recent weakness in ETH vs BTC is a buying opportunity. I am positioning ETH as a very large long from here.
ETH HIGH
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This The Block video, published June 02, 2026, features Chris McLeod, Mikuel Funop discussing AGPU, ETH. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris McLeod, Mikuel Funop  · Tickers: AGPU, ETH