I don't know why but a couple of months ago, I felt that crypto is 'dead'. Living in a crypto town now, the excitement is long and truly gone compared to last year. There are still some signs of life like crypt ads on buses but even they are starting to not be renewed.
And we also see it in the falling price of crypto. The market cap of crypto has halved since one year ago. Where has a lot of that money gone? I'd wager to AI and AI related investments.
In fact, investing in the NASDAQ or TQQQ (3x leveraged Nasdaq), has some advantages in that government deficit spending will eventually flow into the stock market, so it is sort of guaranteed returns. Personally, I don't see a deep correction till end of 2028. The music is still playing.
The real shift is not that everything is about AI — it is that AI ate the narrative layer of tech before it ate the product layer. Funding, attention, and talent allocation are all skewed toward AI, but most end-user products are still wrapping thin LLM APIs in a chat interface. I am watching for the divergence between narrative density and actual product-market fit to widen. When it does, the correction tends to be brutal for companies that confused hype with product.
I wonder when they will correct... people are borrowing to buy stocks in Korea like it's 1997 all over again.