2024-25 had every ingredient of a bull market but for altcoin holders it was the most dilutive period in crypto history. Institutional money went to BTC/ETH, everything else got rekt.
Indie makers automate everything until projects run themselves. Zero employees, full autonomy, multiple revenue streams. VC-backed startups hire 50 people to do less.
Apollo and Blackstone structured $35B for Anthropic's compute. AI financing just became infrastructure finance. Your startup doesn't get that treatment.
Memory costs are now the AI bottleneck Jensen warned about. Compute was expensive, memory is bankrupting. HBM suppliers print money while everyone else burns cash.