#AI与加密货币结合 Seeing this analysis of QCP, I suddenly recalled the ICO frenzy of 2017. Back then, we saw similar scenes—massive capital inflows, valuations soaring, but only a few projects could generate cash flow. Many believed that technology itself would automatically translate into value, but the 2018 crash proved many wrong, leaving countless investors with losses.

Today, the story of AI infrastructure sounds very familiar. Continuous capital inflows into chips, computing power, data centers—one after another—but the monetization process is clearly lagging behind. This is not a new problem, just a different guise. The difference is that this time, the scale is even larger—we're talking about hundreds of billions of dollars in investment. Once expectations reverse, what magnitude of impact could that have?

Even more interesting is the crypto market side. MSCI's move to review digital asset indices sounds very technical, but behind it reflects a subtle shift in institutional confidence in this field. The $2.8 billion outflow of passive funds may not seem like a big number, but it often signals the prelude to risk release. I've seen this too many times—institutional-level anomalies are usually not the end, but a signal.

The valuation reset in 2026 may not be limited to AI stocks alone. If growth expectations completely collapse, spillover effects could impact the entire risk asset sector, including crypto. I'm not just speaking alarmism—it's a repeat of history. The current issue isn't whether the technology has prospects, but the widening gap between investment pace and actual income growth. It's time to be cautious.