We’ve been investing time over the past few weeks learning about compute markets, the players in the space, and where innovation is heading. Compute is big. Data center capex crosses $1 trillion in 2026, roughly double what the big four hyperscalers spent in 2025. Jensen calls for $3 - 4T a year by the end of the decade, and maybe $10T by 2031. As a share of the economy, AI investment is ~0.9% of world GDP today heading to ~1.4% by 2028, already past the ~1% telecom peak of the dot-com era, w...

For three years, the consumer crypto rounds we backed at SGV were members-only. That changes today. We’re now a group lead on Echo. From here on, part of our deals will be open, allowing our community can back rounds right alongside the fund on the same terms, in the same companies. Here’s why we did it, and how it works. SubscribeWhat is EchoEcho is where investor groups back private rounds together. A lead sources a deal, sets the terms, and opens an allocation that members of the group can...

SubscribeThe Inflection PointIn sixty days, more happened to the structure of American capital markets than in the previous decade. The SEC mapped tokenized securities. Nasdaq got approved for token-settled trades. The DTC got its no-action letter. The NYSE announced a tokenized platform with Securitize. And Fundrise’s VCX, a closed-end fund holding Anthropic, OpenAI, and SpaceX, soared 1,900% above NAV. Retail investors paid 26x the actual value of the underlying assets just to get exposure....

Subscribe The Crypto × AI Agent Stack Three Axioms for the Next Decade:AI agents fully displace workforce across major verticals.AI labor is paid per-task, per-use, shattering the traditional salary model.Agents settle payments in a global, permissionless currency: stablecoins.The rails already exist. The opportunity to back companies building at the edge of this transition is enormous. Agentic Commerce: The Missing Link Today, agents can browse, reason, code, and even deploy apps autonomousl...

Subscribe 2025 was a reality check for consumer crypto. After reviewing 400+ early-stage companies and backing a subset of them, one lesson stood out clearly: consumer crypto doesn’t win by being more decentralized. It wins when it’s simpler, distribution-first, and native to how people already behave. We saw what worked, what failed, and where teams got stuck. From over-indexing on ecosystems, to chasing the “current thing,” to building products that felt crypto-native but not consumer-nativ...

Hi all - welcome to the first issue of Morning Mist. This issue will be public facing, but make sure to subscribe to receive the private only issues as well. *This issue is a crosspost from Morning Mist. Subscribe This first issue comes in timely, as we’re doing our yearly portfolio review at Social Graph Ventures. It’s been ~2 years since we started investing, and a bit more than a year since I started doing it full time. We’re a bit more than halfway deployed, and there’s a lot of learnings...

This week we’re highlighting Farcaster’s Clanker acquisition, Pandemic Labs’ explosive Season 2 launch, and Blueprint’s expansion of the creator Loyalty Coin economy. SubscribeClanker Acquisition and Farcaster Dev DayThe headline from Farcaster Dev Day was the acquisition of Clanker, which has generated significant excitement as a key catalyst for advancing the app coin meta on Farcaster. This strategic move boosts Farcaster’s efforts to integrate economic incentives tightly with social ident...

SubscribeKey Takeaways$25M NFT Burn - Brian Armstrong bought and burned a $25M NFT to relaunch Up Only TV.Monad Airdrop Fallout - Monad’s airdrop sparked backlash over allocation fairness.Coinbase x Echo - Coinbase acquired Echo for $375M, its largest aquisition since 2021.Market Pulse - Q3 fundraising rose 47% to $8.2B, OpenSea announced $SEA token for 2026, and TRON hit record $1.2B quarterly revenue.$25M NFT Sale?Brian Armstrong bought an NFT for $25 million and burned it to revive Up Only...

by: Lawson Bae, investor of Social Graph Ventures Subscribe At Social Graph Ventures, we view founders like professional athletes. Each founder has a process and knows how to iterate to success — getting in their training reps. They know how to sprint and pick themselves off the ground. And, they are winners from a young age. Our new founder profile series gives you a behind the scenes look on how they do it. Meeting Nick Confrey on our video call, I was greeted with his boyish grin and two c...

Key TakeawaysInstitutional DeFi acceleration: Morpho Vaults V2 surpassed $12B TVL, powering Coinbase’s 10.8% USDC lending, signaling growing institutional adoption of on-chain yield infrastructure.Prediction markets update: ICE committed $2B to Polymarket and Kalshi raised $300M at a $5B valuation.Cultural close for NFTs: Larva Labs’ Quine auction capped its Art Blocks era, with 477 pieces selling for up to 9.45 ETH ($38.7K).Stablecoin boom and experimentation: Global stablecoin supply jumped...