Remember when every token added “AI” to the pitch deck and pumped?


That trade stopped working.
Not because AI died.
Because the market got more selective.
The first AI trade was easy:
▸ AI is hot
▸ Buy AI coins
The second AI trade is harder:
▸ Who has users?
▸ Who has revenue?
▸ Who has demand?
That’s the part people miss.
The market isn’t abandoning AI.
It’s abandoning AI exposure.
For a while, anything remotely connected to the theme traded together.
Now investors are starting to separate the projects building infrastructure from the projects borrowing the narrative.
A lot of AI tokens got attention.
Far fewer built products.
Even fewer built markets around those products.
I don’t think AI peaked.
I think the easy version of the AI trade peaked.
The next winners probably won’t be the projects talking the most about AI.
They’ll be the projects creating something people are willing to pay for.
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