Founder of TechCrunch, CrunchBase and Arrington Capital. Be Excellent To Each Other. 🚀🌕
Miami, FL
Joined May 2009
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I’ll be enjoying the culinary delights of Red Baron pizza this evening. @redbaronpizza
Turns out there’s a trick with frozen pizza to make it MUCH better. Throw out the cooking instructions and do this:
Defrost the pizza completely to room temperature. Then cook it at the highest temperature your oven goes. For me that’s 550 F
It takes 3-7 minutes for it to be done, based on size/thickness of the pizza.
And it’s a LOT better. Instructions are always to cook from frozen. That really doesn’t work.
Try this out and let me know what you think.
Red Baron pizza last night was a solid 7/10 compared to restaurant pizza or stuff I’ve made at home with my pizza oven.
Turns out there’s a trick with frozen pizza to make it MUCH better. Throw out the cooking instructions and do this:
Defrost the pizza completely to room temperature. Then cook it at the highest temperature your oven goes. For me that’s 550 F
It takes 3-7 minutes for it to be done, based on size/thickness of the pizza.
And it’s a LOT better. Instructions are always to cook from frozen. That really doesn’t work.
Try this out and let me know what you think.
Red Baron pizza last night was a solid 7/10 compared to restaurant pizza or stuff I’ve made at home with my pizza oven.
I’ll be enjoying the culinary delights of Red Baron pizza this evening. @redbaronpizza
Michael Arrington 🏴☠️ retweeted
I believe there's an enormous *ETF* story brewing w/ Hyperliquid as part of this...
As the regulatory environment evolves & perps move onshore in the US, I expect their use w/in ETFs to absolutely explode.
Perps obviously help solve the issue of gaining price exposure to hard to access & illiquid securities.
Also, since perps have no expiry, they eliminate the need to roll expiring contracts, potentially reducing the negative drag associated w/ traditional futures.
Think perps will be used heavily w/in ETFs because of this.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
This guy seems a really good time.
An Arizona orthopedic surgeon allegedly tried to board a five-night Bahamas cruise with MDMA, THC gummies, vape oil, lollipops, and psychedelic chocolates in his luggage.
And some of the ecstasy pills were stamped with the Tesla logo. 😂
Dr. Jacob Henrichsen, 38, was arrested at PortMiami after customs officers discovered the assortment during a baggage inspection.
Investigators reportedly found nearly 12 grams of MDMA, approximately 160 grams of mushroom-branded chocolate that preliminarily field-tested positive for LSD-related properties, and more than 300 grams of THC products.
Henrichsen faces three felony charges, including MDMA trafficking. He’s pleaded not guilty, and his attorney is disputing how the drug quantities were calculated.
Now, I have questions.
Was this all for personal use? Was he planning to share? And why would someone with a medical career risk everything over a five-night cruise?
Because I would LOVE to know what this man’s vacation itinerary looked like.
📸 Miami-Dade Corrections and Rehabilitation Department
🎉
Every single (like actually 100%) buy-side junior analysts I know is working through the Anthropic’s S-1 overnight right now.
Luckily a few were kind enough to respond to my texts when taking a bathroom break, so here's an initial impression of the S-1.
TLDR: the strength of the operating numbers caught people off guard and the conversation is shifting toward how much bigger this can get, how much of the economics Anthropic can retain, and which companies benefit from the infrastructure spending.
1) Enterprise adoption numbers are remarkable.
Revenue went from $386M in 2024 to $4.59B in 2025 to $16.29B in just the first half of 2026. Q2 alone was $11.56B, up 1,368% year over year.
By September, there were more than 11,900 customers generating $100k+ of annual revenue, more than 1,900 generating $1M+, and approximately 250 generating $10M+.
2) Expansion inside existing customers is arguably even more impressive.
Net revenue retention was approximately 900%: the eligible customer cohort generated roughly nine times its year-earlier quarterly revenue, excluding Pro and Max subscriptions. Over half the Fortune 500 were already customers generating at least $100k annually.
Yet revenue from the publicly traded Fortune 500 customers in Anthropic’s calculation averaged less than 0.1% of their total quarterly expenses. There is potentially a lot of expansion left inside the installed base alone.
3) The economics are improving faster than expected.
Revenue per dollar of compute and infrastructure expense rose from $0.40 in Q1 2025 to $2.08 in Q2 2026.
Q2 generated $974M of GAAP operating income, or an 8.4% operating margin. Adjusted operating margin reached 19%.
The $80.7B H1 net loss obscures this. It included $72.4B of fair-value losses on convertible notes, derivatives and SAFEs.
H1’s operating loss was $693M, while operating cash flow was positive $3.93B. The current operating trajectory is substantially stronger than the headline loss suggests.
4) Cheaper intelligence can drive a larger market.
Anthropic says Opus 5.5 reduced customer cost per task by approximately 40% versus Opus 5.
With roughly 80% of H1 revenue coming from consumption, the upside comes from customers finding many more tasks worth automating as capability improves and costs fall.
More than 50% of customers generating $100k+ annually used both Claude Platform and a first-party application in Q3, up from approximately 30% in Q4 2025.
5) Infrastructure disclosures create a substantial opportunity set beyond Anthropic.
The commitments include approximately $161.2B of Broadcom equipment lease payments excluding interest, at least approximately $114.5B with Google, at least $110B with Amazon and at least $44.9B with Microsoft, across different multiyear periods.
Anthropic is using Trainium, TPUs, Nvidia GPUs and AMD GPUs. Its direct infrastructure strategy also creates demand across networking, power and data centers.
Palmer @PalmerLuckey may be my favorite entrepreneur. We need WAY more of this
Today, @anduriltech and @qualcomm announced a new laptop that will eventually be 100% made in America, a “first step” toward creating a market for U.S.-manufactured components and total technological self-sufficiency.
Building computers in America should be a matter of “national pride,” says @PalmerLuckey.
@JonasYDu reports 👇
Michael Arrington 🏴☠️ retweeted
Thank you to @nytimes for yesterday’s piece on Dazzle (@itsdazzleai) and for recognizing our team’s hard work. While it’s still early days, the user engagement and response so far have been terrific.
I wanted to share more context behind one anecdote in the article—my daughter Marielle’s birthday slide.
To be clear, I didn’t use Dazzle because I was overwhelmed by making a slide. I used it because summing up your child in a few bullets feels laughably limiting. And, since our team had just gotten an early prototype running, I wanted to see what deeper threads it might find.
So, when Marielle and her twin sister Sylvana’s 4th-grade teachers emailed asking for a slide celebrating each girl for their December 10th birthday, I pasted the email into Dazzle to test its limits. I fully expected it to struggle, since most facial recognition can’t even tell my identical twins apart.
Instead, Dazzle blew me away. Not only did it distinguish Marielle from Sylvana, it surfaced forgotten kindergarten projects (like the “snake denomizer” and the “sandcat playground”) and connected them to who Marielle is today. I combined Dazzle’s insights with a few of my own and showed the slide to @zackbogue. He was floored and asked how I remembered those details. I fessed up that the Dazzle prototype had found them, and we both marveled at what AI can unlock from our camera rolls.
(Pictures attached of Dazzle’s response, plus the slide I made with its insights and my own.)
The foundational paper on transformers is titled “Attention Is All You Need.” What makes photos + AI so powerful is that our camera rolls are a decades-long record of what we pay attention to. By analyzing that visual history, an AI agent can connect dots we didn’t even realize we were documenting.
A birthday slide isn’t a common case, but here are a few that have stunned Dazzle users recently:
- Personalized learning: Dazzle offered custom spelling lists and grammar concepts based on photos of a child’s schoolwork.
- Home inventory: Given a book club reading list, Dazzle found a book the user already had and noted two others by the same authors, entirely from the backgrounds of their photos.
- Design intuition: Dazzle noticed a new sofa in a user’s living room photo and recommended artwork to hang above it.
- Wardrobe suggestions: For an esoteric costume party, Dazzle recommended what the user already had in their closet and could wear, based on the clothes in their past pictures.
We take 5 billion photos a day, often wondering if we’ll ever look at them again. Now, AI can turn those snapshots into deep, personal context.
Michael Arrington 🏴☠️ retweeted
DOGS USED IN RESEARCH IN PENNSYLVANIA NOW GET A SHOT AT A REAL HOME.
Pennsylvania’s Beagle Bill, SB 381, is now law. Governor Shapiro signed it October 22 as Act 92.
It was sponsored by Sen. Doug Mastriano, a Republican, and Sen. Carolyn Comitta, a Democrat. It passed the House 203 to 0 and the Senate 50 to 0. Not one no vote.
Dogs and cats used in research get a path to adoption, and newly animal tested cosmetics can’t be sold in PA. It takes effect April 20, 2027.
That’s what it looks like when both sides show up for animals.
Pennsylvanians, there’s more to do. Aimee’s Law, SB 1311, has been sitting in House Judiciary since October 7. The House returns November 9 and the session ends November 30. Call your state rep and ask them to move it.
Which animal bill should your state pass next?
The iPhone Duo screen/hinge problems are all over the place. Mine is still en route but thinking of just skipping this first generation product.
Best video I found non-dramatically showing the problem:
youtube.com/watch?v=wtP7Q9Io…
Michael Arrington 🏴☠️ retweeted
# Black October
For anyone who knows me even somewhat well, it's clear that I am a 99th percentile tech optimist. However, the vibes have shifted for me quite a bit in the last 18 hours, and I feel a moral imperative to share what I'm thinking and feeling with my circles so that everyone can understand, and hopefully take seriously, what's happening right now. I think October 2026 will have many chapters written about it in the history books.
You know those scenes in financial movies like Margin Call where someone realizes that they're all fucked, and no one else sees it yet? And that person feels like they're crazy, and then suddenly everyone is pulling an all-nighter in a boardroom and freaking out? Yeah, that's kind of how this is feeling right now in the SF/Bay Area/AI circles.
We're 48 hours into what is being called Black October. In the last 2 days there have been several dozen cyber attacks which, in isolation, would each have been the worst to happen in an entire calendar year. Every sector from government to education to big tech and banks is being massively affected, and people are starting to freak out.
In a nutshell, what's happened is that frontier AI models have gotten to a point where they are as advanced as the most sophisticated programmers, with one critical difference: they can work 24/7, and you can spin up 10,000 of them with a single command and they'll work together tirelessly until they accomplish their task. The most advanced models today are from companies like Anthropic and OpenAI, whose current best technology is so good that they haven't been able to roll it out to everyone yet because of the national security risks it poses.
Meanwhile, the best open source models (where anyone can just download the model weights and do whatever they want with them, uncensored) are slightly behind the frontier but still 90-95% as capable. These models, developed primarily in China, are being used by black hat hackers to wreak havoc on the Western capitalist structure. Presumably, this has been part of China's plan the entire time, and we're seeing its implications fall out in real time.
In red-pilled AI circles, we've been sharing and reading papers called things like "Situational Awareness" and "AI 2027" for the last year or so, which at the time felt a bit like near-term speculative fiction. They laid out the case for why Artificial General Intelligence (AI smarter than any human at any knowledge task) and Recursive Self-Improvement (models that are able to use themselves to get better) weren't half-baked future ideas anymore, but instead an inevitable outcome of the linear progress that's happening.
These papers would then talk about things like "takeoff scenarios," trying to envision how that moment would come to be and what it would be like when it happened. It would either be a "slow takeoff" that would play out over the course of months and quarters, happening subtly and only obvious to a few. Or, it would be a "fast takeoff" where it would pretty much happen instantly, like a bit flipping from 0 to 1.
From everything that I can see and am feeling, we are currently experiencing the fast takeoff scenario. Beyond the crazy security vulnerabilities that have come out recently, there have also been massive breakthroughs in life sciences, fundamental computer science, materials science, and pure mathematics that have all landed in the same time frame. While I still firmly believe that AI will be a net positive for humanity, it's more clear to me than ever that the societal and individual risk is very real, and is playing out NOW.
For as much conviction as I have that this is happening, the thing that's caused me to lose sleep is that I don't really know what to do about it, or more importantly, what to tell you, reader, to do about it. So, the best I can do is make a few suggestions that have always been a good idea but are more timely now than ever:
Set up 2-factor authentication for everything. I use Duo.
Use a password manager across your devices. I use 1Password.
Get an identity protection app set up. I use Alta.
Move your IoT devices to their own network. Claude helped me do this.
And last, but certainly not least, if you've been avoiding leaning into AI, see this as a catalyst to wake up and start using it. Don't just use the chat mode version of ChatGPT/Claude; click that Code/Work button and see how easily you can have AI write code to help you with your job. One of the biggest vulnerabilities was in a massively popular programming language called PHP, and the prompt that set it off was literally, "Find vulnerabilities in php."
This is an unprecedented time for humanity, but as we've done with many things before, we will prevail so long as we are kind, loving, and open-minded to the world.
Much love.
Apple HomeView’s purpose seems to be to increase household anxiety 2x
youtube.com/watch?v=hkrYiZ_g…
Michael Arrington 🏴☠️ retweeted
This one has been a long time coming… Welcome @XRP!
Michael Arrington 🏴☠️ retweeted
I’ve been thinking about @davemorin’s observation a lot this weekend. Since we launched @itsdazzleai, I’ve been making the case that your camera roll is a better basis for personal assistant work than email is. While getting access to both email and photos would be great, if I get one, I want photos.
Part of it is that we can get a sense of your taste and part of it is that *you* decide what you take pictures of so you decide what’s in your camera roll. It’s *your* to-do list, not someone else’s for you.
Dazzle puts you in charge and lets us anticipate what you need and what you like. Try it at dazzle.ai/app
There's an insidious new type of slop happening at work. Email used to just be other people's todo list for your life. Now the people you work with are driven by their AI agents, which often lack the context to know what matters for them, let alone for you. So they ask you for things as if they were priorities. It feels off because it is: Email is now other people's agent's todo list for your life. This is going to take some work to fix.
Michael Arrington 🏴☠️ retweeted
BREAKING: The number of restaurants in New York dropped ~2,000 YoY in Q1 2026, posting its largest YoY decline in at least 36 years.
This surpasses even the worst contraction recorded in any quarter during the 2020 pandemic.
The number of eating and drinking places in New York State has now declined YoY for 4 consecutive quarters, its longest streak since 2021.
This comes as restaurants are facing surging operating expenses, including insurance premiums, wages, interest rates, utilities, and health coverage, with overall costs rising faster than national averages.
Last year, employee health insurance costs jumped +12.9% for New York-area service firms, business insurance rose +7.0%, while utility costs surged +8.5%, according to the Manhattan Chamber of Commerce.
Skyrocketing costs are crushing New York restaurants.
Michael Arrington 🏴☠️ retweeted
I will comment on the French news only from a market perspective.
It is rare that markets respond to news of this kind, as it is generally viewed as temporary and not enough to ultimately move the economy
BUT:
- This could move politics, and impact voting into the crucial elections in 2017 (further away from the center).
- These riots are so severe that there may be an impact via a/ lower tourism, b/ lower business/consumer confidence
- OAT spreads widened to 140bp in Sep (on levered selling), but we have seen some consolidation in Oct (as real money is watching, but have not reduced yet). The images from this weekend, will not make real money more comfortable.
