Markets rarely break where the crowd is looking. They fail at the points of transfer — where old materials meet new ambition.
The AI build-out is the new heavy industry. Markets keep pricing it as though it were software — weightless, marginless, free to copy.
On capital cycles, patience, and the long hallway between two doors marked "this time is different."
Crypto market structure is, at last, becoming infrastructure. The interesting question is no longer what it can do, but how it wears.
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