I’ve always had an unspoken hot take: from a purely financial perspective, the playbook for AI and Crypto is exactly the same. It’s all about the A16Z formula—crafting a narrative, turning it into reality, multiple rounds of high-valuation funding, fake data-driven booms, positive feedback loops to inflate the bubble, and then cashing out at the top. Two more terrifying realizations: ① Just like Crypto blockchains, large AI model companies can’t generate profits from their own cash flow—they can only exit through the capital markets. ② The current relationship between NVIDIA and OpenAI is eerily similar to the past relationship between NVIDIA and Ethereum. Back then, it was the GPU mining Ponzi scheme; now, it’s the AI data center Ponzi scheme. The reason this playbook is sustainable is because of the globalization framework driven by the modern Roman Empire—aka the United States. However, the rise of the new Federal Reserve Chair, Kevin Warsh, signals that the MAGA movement, which advocates for de-globalization, is now in control of the highest financial authority and is set to reshape a new U.S.-centric financial order. It seems like Wall Street’s extreme exploitation of the Fed’s put option might not work anymore.