Fundamentals aren’t useless—I built an entire fundamental research system using AI and read every document carefully. But a month ago, in the semiconductor sector, you realized that all the optimistic long-term expectations were already priced in, and it wasn’t enough to just beat estimates—you needed to raise them. At that point, fundamentals became irrelevant. That’s why, a month ago, I said that arguing over various metrics to justify market cap was no different from claiming ETH represents a civilization-level innovation.