AI stocks are down massively 🔴 The market is starting to ask if the hype ran too far. AI Altcoins have already been through all of this, AI altcoins right now from their ATH $NEAR ↓ 82.0% $TAO ↓ 70.4% $ICP ↓ 99.7% $VVV ↓ 40.1% $RENDER ↓ 88.5% $PEARL ↓ 27.6% $PIEVERSE ↓ 25.3% $VIRTUAL ↓ 89.0% $GRASS ↓ 87.2% $FET ↓ 95.9% How AI crypto already went through this? Crypto went through this cycle first. AI tokens ran hard on hype and then many of them lost 85 to 99 percent once the excitement cooled. Stocks are only now getting that reset, after being priced for perfection while earnings had to catch up with the story. ⸻ Why AI altcoins start from cheaper levels? Most AI altcoins have already flushed out the hype, the weak hands and the late buyers, and that is a very different starting point. Many of them now trade at a fraction of their highs while the networks behind them keep shipping compute, data and agents. Projects like NEAR, TAO and RENDER have real usage and real demand, yet they still sit far below their peak prices. Even VVV, PEARL, PIEVERSE and SN51 are only 25 to 40 percent below their highs, which hints that money is already finding the stronger ones. ⸻ Where we think capital goes next? Our take is that AI altcoins have more room to run than AI stocks from here, because the expectations have already been reset. Stocks still have to prove their earnings can justify the prices, while crypto is starting from a much lower base. If the AI narrative stays alive, capital looking for exposure will go where the entry is cheaper, and that points straight at this list.