AI’s bill has arrived, and SoftBank took the first hit!

Hit by concerns over AI, SoftBank posted its first net loss in nearly two years. Once the most aggressive tech bet, it’s now being burned by the very narrative it backed.

As returns on capital expenditures come under scrutiny, money is shifting from “buying the story” to “buying cash flow”:
In crypto, AI tokens, DePIN, and computing power were the first to get drained, because they’re almost all beta, with no profits to back them up.

Army Outlook:
When the tide goes out, the first to drown are almost always the projects with no cash flow—just a PowerPoint,
whether they’re called LLMs or Web3!