AI isn’t cooling off—it’s starting to “lay off” people.

The old market logic was simple: if there was “AI” in the name, the stock would rise; if “AI” was in the coin’s name, the coin price would fly. Now it’s different. Capital has finally woken up, and the first thing it says is: “Do you actually make money or not?”

Tech giants are wildly throwing money at building data centers, buying GPUs, and stockpiling HBM—like a big boss grabbing a lobster at an all-you-can-eat buffet and refusing to let go. Meanwhile, many software companies and AI projects—while burning cash to train models at full speed—comfort investors by saying, “Wait a bit more. The future is promising.”

After hearing it so many times, the market replies directly: “Future is future. Where are the profits?”

Crypto is even more real. Why are funds increasingly drawn to $BTC and $ETH ? Why do people still study $WLD , while many AI-themed coins barely have anyone left even to chat in the group? Because capital is more realistic than anyone else. It’s not here to listen to speeches—it’s here to make money.

My take is simple: in the second half of the AI cycle, it’s not about who makes the prettiest PPT, but about whose cash flow looks better on its account. No product, no users, no revenue—yet people keep shouting “change the world.” In the end, the project team may even be the first to change their own wallet balance.

So don’t keep thinking the entire AI sector will all fly together. Going forward, it will be more like a company year-end performance review: some get promoted and raises, some continue as leaders; some say “optimize the organizational structure” and directly exit the group chat.

Capital has never been about poverty relief, and funds won’t do charity. Following real money is far more reliable than chasing stories.

The above is only my personal opinion and does not constitute any investment advice.