The Next Investment Rotation Has Already Begun The artificial-intelligence revolution is entering a more difficult stage. Competition is rising. AI Models are becoming commoditized. Capital costs are increasing. Investors are questioning whether enormous spending programs will generate sufficient returns. That creates pressure on the AI trade—but it also expands the need for digital financial infrastructure. The first phase of AI rewarded the companies building the intelligence. The next phase may reward the networks that allow that intelligence to transact. If autonomous agents become an increasingly important part of commerce, the global economy will require programmable money, instantaneous settlement, and digital ownership systems. That is the bridge between AI and crypto. The easy "too-successful-to-fail" money in the generative AI phase is over because abundant intelligence with the proliferation of open-source models makes ideas easier to copy, increasing the value of scarce assets, infrastructure, and distribution. Bitcoin’s turn—and more broadly, crypto infrastructure’s turn—will be next. 🤑