AI Feels Like Crypto In 2017, Circle Raises $222M and Anthropic Cracks Down On SPVs

Watch on YouTube ↗  |  May 14, 2026 at 12:01  |  1:16:08  |  Empire
Speakers
Santiago R. Santos — Co-Host, Empire / Founder, Inversion Capital
Jason Yanowitz — Co-Founder, Blockworks
Rob Hadick — General Partner, Dragonfly

Summary

The hosts discuss the AI stock mania reminiscent of crypto in 2017, with memory stocks like SanDisk and Micron surging. They analyze Circle's $222M raise for its ARC blockchain, the prospects of the Clarity Act for crypto regulation, and the crackdown on SPVs by Anthropic.

  • AI mania compared to crypto 2017, with memory stocks rallying.
  • Santiago reveals he bought SanDisk and Micron, citing structural demand for memory from agentic AI.
  • Circle raises $222M for its ARC chain, sparking debate on token vs equity value.
  • The Clarity Act odds rise to 60%, seen as positive for crypto tokens.
  • Anthropic refuses to recognize SPVs, highlighting risks in private equity secondary markets.
  • Synthetic exposure to private equities preferred over SPVs due to liquidity and legal risks.
Trade Ideas
Santiago R. Santos Co-Host, Empire / Founder, Inversion Capital 17:30
LONG SanDisk and Micron on AI memory demand
Memory stocks like SanDisk and Micron are rerating because AI agentic workflows require more memory, shifting the industry from cyclical to structural growth. They trade at low forward PEs, have five-year contracts, and the demand for inference memory is secular. I bought spot and auto-call notes.
SNDK MU HIGH
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This Empire video, published May 14, 2026, features Santiago R. Santos discussing SNDK, MU. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Santiago R. Santos  · Tickers: SNDK, MU