The next phase of crypto’s public-market pitch is less about token prices and more about financial infrastructure. As trading revenue slows, companies including Coinbase, Robinhood, Circle, Bullish and Gemini are trying to show they can own the systems that issue, trade, settle and record assets. The question for investors is whether these new businesses can grow fast enough before the next crypto downturn puts the model under pressure again.

Chapters:
0:00-00:28 Introduction
00:29-1:28 The everything exchange
1:29-3:32 Tokenized Wall Street
3:33-5:24 Beyond stablecoins
5:25-6:47 Treasury companies

Produced by: Charlotte Morabito
Reporting by: Tanaya Macheel
Edited by: Tasia Jensen
Animation: Jason Reginato, Emily Park
Senior Managing Producer: Shawn Baldwin
Senior Director of Video: Lindsey Jacobson
Additional Footage: Getty Images

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Crypto’s Next Phase Is Bigger Than Bitcoin

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Artificial intelligence is reshaping the labor market but the shift is not limited to software engineers and office workers. As demand grows for data centers, fiber networks and other digital infrastructure, AT&T CEO John Stankey told CNBC the company needs more technicians, electricians and other skilled workers who do not necessarily need four-year degrees. CNBC spoke with 24-year-old AT&T technician Kyson Cook in Kettering, Ohio to explore how the AI boom could create new career paths for young workers.

Chapters:
0:00 Introduction
2:21 Trying the college path
7:05 On the job vs. college

Produced and additional reporting by: Charlotte Morabito
Hosted and reporting by: Gabrielle Fonrouge
Camera by: Mickey Todiwala
Edited by: Marisa Forziati, Erin Black
Animation: Jason Reginato, Emily Park, Christina Locopo
Senior Director of Video: Lindsey Jacobson
Additional Footage: Getty Images, Travis Tuttle, Kyla Cook, Jason Cook, Elizabeth Arnold

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The AI Economy’s New Career Ladder

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The sudden collapse last fall of a string of American companies backed by private credit has thrust a fast-growing and opaque corner of Wall Street lending into the spotlight.

Private credit, also known as direct lending, is a catch-all term for lending done by nonbank institutions. The practice has been around for decades but surged in popularity after post-2008 financial crisis regulations discouraged banks from serving riskier borrowers.

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Chinese AI labs like DeepSeek are matching American frontier capability at a fraction of the cost, and a wave of American and European challengers are building toward the same price point. Adoption is already shifting, with Chinese models taking a growing share of enterprise AI traffic. That’s a problem for OpenAI and Anthropic, which are pitching IPO investors on a premium moat that’s eroding fastest in the enterprise segments they need to dominate. CNBC’s Deirdre Bosa explains how cheap AI from competitors could derail OpenAI and Anthropic’s upcoming IPOs.

Chapters:
0:00 – 1:07: Introduction
1:08 – 4:06: China undercuts the frontier
4:07 – 6:26: American challengers move in
6:27 – 7:43: The SpaceXAI proof case
7:44 – 27:16 Full interview with Cohere CEO Aidan Gomez

Anchor and Columnist: Deirdre Bosa
Produced by: Jasmine Wu
Edited by: Matt Soto
Animations: Emily Park, Jason Reginato, Christina Locopo
Senior Director of Video: Jeniece Pettitt
Additional Editing: Erin Black

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How Cheap AI Could Derail OpenAI And Anthropic’s IPOs

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18 months ago, Google looked like it had missed the AI revolution. Now, Alphabet’s stock is up 140% over the past year and Wall Street is betting it’s one of the few companies positioned to profit from every layer of the generative AI boom. From Gemini to Google Cloud to its custom TPU chips, the company controls more of the AI stack than almost any of its rivals. This week’s Google I/O is the next big test — investors want to see whether that confidence is backed by a real product roadmap. CNBC’s MacKenzie Sigalos explains how Alphabet became the AI race’s unlikely frontrunner.

Chapters:
0:00 Introduction
2:40 Chapter 1 – Google’s AI comeback
4:55 Chapter 2 – Monetizing AI
9:29 Chapter 3 – Google’s AI future

Reporter: MacKenzie Sigalos
Produced and Edited by: Andrew Evers
Additional Editing: Matt Soto
Senior Director of Video: Jeniece Pettitt
Animations: Jason Reginato, Christina Locopo, Emily Park
Additional Footage: Getty Images, Google

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How Google Quietly Became An AI Powerhouse

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