Empire

Iran-energy shock pushed oil from $70 to $116–120, leaving only one Fed cut priced.S&P’s official Hyperliquid perps add institutional validation; at $40, roughly $37B FDV and $140M in 90-day revenue support exchange-multiple comparisons, though Secret City data is unchecked.Tempo’s $5B valuation depends on Stripe’s BD motion, while MPP and Visa support a payments thesis exposed to weak evidence for agentic commerce.