Interesting to watch this market swing back and forth. First, we buy into some shiny new narrative: AI, “real” revenue, or whatever makes this space feel viable and us look smart. Then comes the realization: it’s all a fugazi. So we pivot to memes, because at least memes are honest about being bullshit.

But the high fades, and you’re left holding vapor. So we crawl back toward “real value,” hoping this time it’s different.

Round and round we go up until...