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Cristiano Ronaldo, Kalshi, and Warner Bros

Cristiano Ronaldo, Kalshi, and Warner Bros

November 23, 2025

It’s hard to believe Thanksgiving is right around the corner. Time really does fly. On behalf of our entire team, we’re sending our warmest wishes to you and your families.

Here at mogul, it’s been another busy week. We saw yet another PadSplit sellout happen almost before we could blink, along with a new set of incredible dividends that highlights the outstanding work of the wider team. In a week when we pause to reflect on gratitude, I couldn’t be more thankful for what we’re building together.

Happy Thanksgiving, and see you in two weeks!

- Alex Blackwood

QUICK HITS

Cristiano Ronaldo visits the White House

Cristiano Ronaldo visits the White House

📵 Digital Detox Trend Gains Real Traction as People Unplug for Mental Health - The concept of a digital “detox” is no longer niche: experts say cutting back on screen time even modestly can ease depression, improve sleep, and lower stress hormone levels. Recent studies show a clear link between reduced digital engagement and better well-being, prompting more people to set boundaries with their devices. While many start with short detoxes or screen-free weekends, experts warn that lasting benefits come when you replace digital time with real-world activities like journaling, walking, or simply sitting in silence. Probably an unfortunate time to read this when I'm writing this newsletter.

🇺🇸 U.S. Greenlights Export of Top AI Chips During High-Profile Saudi Visit - The U.S. Commerce Department has approved the export of up to 35,000 Nvidia Blackwell AI chips (worth around $1 billion) to Saudi-backed firm Humain and UAE’s G42, in a move timed with Saudi Crown Prince Mohammed bin Salman’s state visit to Washington. The royal trip, the prince’s first to DC since 2018, also featured a lavish White House dinner where global icon Cristiano Ronaldo joined guests including Apple CEO Tim Cook and Elon Musk. Football Twitter, meanwhile, was going off with Messi and Ronaldo fans finding new things to argue about.

💡 U.S. Backs Three Mile Island Nuclear Comeback With $1B Loan - The U.S. Department of Energy has approved a $1 billion loan to Constellation Energy to restart the Three Mile Island nuclear reactor in Pennsylvania, now called the Crane Clean Energy Center. The 835-megawatt unit, shut down since 2019, is expected to come back online by 2027 and will help power Microsoft data centers under a long-term deal. Officials argue the move supports stable, low-carbon energy to meet surging demand driven by AI, while critics warn of the risks tied to reviving a site with a painful accident history.

PREDICTION MARKETS

Kalshi's billion-dollar news

Kalshi's billion-dollar news

The world of prediction markets officially shattered the ceiling of niche speculation and vaulted into the rarefied air of Big Tech. Kalshi, a platform that allows users to trade on the outcome of future events from interest rate hikes to election results, reportedly secured a massive $1 billion funding round, propelling its valuation to a staggering $11 billion.

The raise, led by returning investors including Sequoia Capital and CapitalG (Alphabet's growth fund), highlights one of the most aggressive valuation jumps in recent fintech history, coming just two months after Kalshi was valued at $5 billion. This surge is not an isolated event; it's part of a wider tidal wave that is transforming how major institutions, traders, and everyday users seek and quantify real-world risk.

The War for Certainty: Kalshi vs Polymarket

The explosive valuation is directly tied to a high-stakes battle between the space's two dominant players: Kalshi and the crypto-native platform, Polymarket.

The appeal of prediction markets, to many,  is simple: they aggregate the collective intelligence of thousands of participants trading on binary outcomes (i.e., "Will the Federal Reserve cut rates in December?"). The resulting market price effectively becomes the real-time implied probability of that event occurring, often proving more accurate and quicker to react than traditional polling or analyst consensus.

Over the past year, trading volume has exploded, pushing Kalshi's annualized trading volume above $50 billion. Polymarket is right behind them, reportedly pursuing a fundraising round that could value it even higher, between $12 billion and $15 billion.

The main difference between Kalshi and Polymarket really comes down to how they're regulated. Kalshi is a big deal because it's a federally designated contract market, approved by the CFTC. This means it can offer markets for institutional investors to hedge their bets. Polymarket, on the other hand, is built on decentralized finance (DeFi), making it a crypto-native platform. Even though they got hit with a CFTC penalty back in 2022, Polymarket has figured out a way to get back into the U.S. market.

The Regulatory Tightrope

Big money continues to flood into prediction markets, which shows Wall Street and Silicon Valley are starting to see them as a real investment. Even with all this growth, the rules governing the industry are still shaky.

The core legal debate centers on whether event contracts are bona fide financial derivatives (tools for information discovery and risk hedging) or simply illegal gambling platforms (tools for pure speculation). While Kalshi has secured federal approval for many contracts, it continues to face challenges from state regulators, underscoring the fragmented legal landscape.

Despite this, the direction of travel is clear: prediction data is transitioning into essential digital infrastructure. Reports suggest that giants like Google are planning to surface real-time probabilities from both Kalshi and Polymarket directly in Google Search and Google Finance, embedding market consensus into mainstream daily life.

The Future

The massive funding and soaring valuations of Kalshi and Polymarket are a clear mandate from investors: the future of information processing will rely on market-based forecasting. The battle is now on to see which platform, whether regulated or decentralized, will ultimately serve as the authoritative global source for the probability of everything.

WE NEED TO PAY THE BILLS SOMEHOW

Demand keeps rising for The Yamamoto

Demand keeps rising for The Yamamoto

Over $238,000 has already been raised for The Yamamoto, our beautiful property in Pennsylvania’s most coveted vacation region: the Poconos.

Why the Poconos? Demand here simply never dips. With 20 million people within just  two hours’ drive, this market is one of the Northeast’s strongest for short-term rentals all year long. The Yamamoto sits among the area’s top performers, boasting a 79% occupancy rate and $320,000 in gross revenue over the past year.

This property was acquired 8.5% below listing price, offering a sizable discount and upside from the very start. Year 1 projected income comes in 4% below actual trailing results, leaving room for significant upside as travel demand in the region continues to climb.

Want a share of one of the Northeast’s most in-demand Airbnb offerings? Secure your position in The Yamamoto today before it's too late.

INVEST TODAY

OTHER STUFF THAT CAME UP THIS WEEK
  • Cloudflare shares slipped over 3% after a widespread outage temporarily took down major platforms including X, ChatGPT, Canva, and others, with the company blaming an overloaded configuration file triggered by unusual traffic patterns. Services were gradually restored, but the disruption highlighted the internet’s heavy dependence on Cloudflare’s infrastructure, which handles a significant share of global web traffic.
  • Warner Bros. Discovery has received preliminary bids from Netflix, Comcast, and Paramount Skydance. Paramount is reportedly the only bidder seeking the entire company, including its cable networks, while Netflix and Comcast are focusing on Warner’s streaming and studio assets. The outcome could reshape Hollywood, with a Paramount win keeping the cable networks intact and a Netflix or Comcast deal likely spinning them off.
  • Bitcoin tumbled below $90,000 earlier this week amid a souring market mood, erasing nearly all of its gains for the year. The drop reflects a broader crypto pullback and growing investor doubt amid fears, highlighting how quickly crypto’s 2025 rally has unraveled.
BOOK RECOMMENDATION

The Five People You Meet in Heaven by Mitch Albom

The Five People You Meet in Heaven by Mitch Albom

This is a short, heartfelt novel that imagines what happens after we die; not in a theological sense, but in a deeply human one. We follow Eddie, an elderly maintenance man at an amusement park, who dies in an accident and awakens in an afterlife where he meets five people whose lives intersected with his in unexpected ways. Through each encounter, Eddie revisits key moments of his life and slowly unravels the meaning behind events he never fully understood.

Although this one is pretty accessible, it's also a pretty emotional one, exploring themes like regret, sacrifice, love, and forgiveness. It’s a book that invites readers to reflect on how even small, unnoticed actions can have a lasting impact on others.

I will say, this one will probably make you shed a tear or to. If that's not something you're looking for, go ahead and skip it. But if you are? Then you are in for an absolutely incredible experience that might just change your life in some ways.

⭐ 4.85 / 5.0 in my book (no pun intended)

QUOTES I CAN'T GET OUT OF MY HEAD

Guess where from, answers below

Guess where from, answers below
  1. “Maximum Effort!”
  2. “He punched the highlights out of her hair!”
  3. "Come on. Let's see how much we're going for on eBay."
FUN FACT OF THE WEEK

Nature’s Fiery Secret!

Lightning is five times hotter than the surface of the Sun. Talk about hot...

QUOTES I CAN'T GET OUT OF MY HEAD

I for one am very excited for the new Toy Story

  1. Deadpool (2016) (Wade)
  2. Scott Pilgrim vs. the World (2010) (Young)
  3. Toy Story 3 (2010) (Rex)

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This site is operated by mogul Technologies, Inc. ("Mogul"), which is not a registered broker-dealer or investment advisor. Mogul does not provide investment advice, endorsement, or recommendations with respect to any properties listed on the site. Nothing on this website should be construed as an offer to sell, solicitation of an offer to buy, or a recommendation or offer in respect of a security. You are solely responsible for determining whether any investment, investment strategy, or related transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance. You should consult with licensed legal professionals and investment advisors for any legal, tax, insurance, or investment advice. Mogul does not guarantee any investment performance, outcome, or return of capital for any investment opportunity posted on this site. By accessing this site and any pages thereof, you agree to be bound by the User Agreement and all other regulations and policies set forth on this site.

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