Robinhood's Tokenized AMC Shares Spark a Fight Over What Stock Tokens Really Are

AMC's CEO says Robinhood's stock tokens are vile. Austin, Chris, and Ram break down what these tokens actually are, and whether the outrage holds up.

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AMC's CEO spent the holiday weekend calling Robinhood's tokenized AMC shares "contemptible" and "vile," and AMC stock jumped nearly 21% anyway.

Austin Campbell, Ram Ahluwalia, and Chris Perkins pick apart Adam Aron's fight with Robinhood, and ask whether the dispute is really about capital formation, or about who gets to sell exposure to a company's stock. The discussion also sees them cover the mechanics of a reverse ADR and debate the value of the stock tokens, with Ram saying they solve no real problems.

Plus, why memecoins like $FAMI and $STONK are trading against Robinhood Chain's stock tokens, Anthropic's Fable 5.1 and OpenAI's GPT-6 Astra clearing new cybersecurity thresholds, Bernie Sanders' bill to ban artificial superintelligence, and whether Kevin Warsh's Fed will hike in September.