11 Jul 2026
Signal Headquarters

Field Notes · 11 Jul 2026

Best explained

MicroStrategy's Bitcoin sales fall into an uncapped 'cover the preferreds' bucket, meaning there is no ceiling on how much BTC they may sell to meet preferred share obligations.

By the numbers

Analyst Michael Nato assigns a 65% probability that Bitcoin has not bottomed and will reach lower lows, with only 45% odds the bottom is already in.

New today — Evidence added

Anthropic's J-Space training method pauses a model mid-task, applies supervised training on approved reflective responses, and the resulting concepts then appear in the model's global working memory even in non-reflective…

Nathan Labenz

Instagram is restructuring from teams of roughly 13 people to pods of 4 to 6 engineers plus a product staff generalist, a shift initiated in 2026.

Adam Mosseri

New today — Sharp calls

GPUs typically run at only 10 to 20 percent of peak bandwidth and memory resources. SambaNova's architecture targets 70 to 80 percent utilization.

Kunle Olukotun

Approximately 95% of the increase in gold's share of foreign exchange reserves is attributable to price appreciation, not active central bank buying.

Josh Brown

A team of 10 people can produce a full 10-minute feature movie in 3 weeks using Higgsfield's AI platform.

Alex Mashrabov

New today — Useful context

Data center water consumption in the US is approximately 0.017% of total US water consumption.

Benedict Evans

Tool watch

Conductor introduced a pattern where a user-submitted prompt triggers an AI agent to implement a feature request directly, a workflow likely to spread to other products.

Worth quoting

“All of our money is made with the uncoachable ones.”
Chamath Palihapitiya
“The implementation is actually not the expensive part anymore. It's dare I say taste.”
Andrew Ambrosino
“The transformers can't plan but they can do a very good job of pretending essentially that is in a sense.”
François Chollet
“Cocoa is to cocaine what potatoes are to vodka.”
Andrew Weil
“I personally favor a soft lean and done approach to Ethereum once the straw map is completed.”
Vitalik Buterin
“Something like 46% of the emperors of Constantinople are overthrown through violence. 46%. And that's almost half.”
Anthony Kaldellis