Morning Minute is a daily newsletter written by Tyler Warner.
The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt
And check out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify. GM! Today’s top news: – Crypto majors rebound 2-3% from lows; BTC back to $63k – Citadel warns of AI token spend dropping ahead of SpaceX IPO – Tether leads $1.4B round for robotics company Neura – Mastercard launches AI Agent payments with Coinbase & Ripple – Solana sponsors World Series of Poker 📉 Citadel Flags AI Cost Squeeze as Mega-IPOs Line Up Citadel Securities put out a macro note this month arguing that AI adoption is slowing down due to cost concerns, and the real-world evidence keeps stacking up.
In the past month: – Amazon killed its internal KiroRank token leaderboard after engineers started gaming it – Microsoft cancelled Claude Code for roughly 5,000 staff once the token bills blew past budget – Meta scrapped a similar leaderboard back in April – Uber’s CTO admitted the company torched its entire 2026 AI coding budget in four months. Enterprises are done treating token consumption as a trophy and have started asking what all that spend actually ships. Of course this comes right before the richest IPO slate in history is coming up starting with SpaceX today after close.