💥 @stillcorecap spicy take: $TAO is Ethereum in late 2016. Not another AI trade, but a working ecosystem the market hasn’t learned to price. The thesis goes deeper than decentralized AI: Models become commodities. The prize isn’t the smartest model this quarter: it’s the market that commissions, grades and pays for intelligence. The moat isn’t fork proof code. It’s miners, validators, liquidity, customers and subnets building on each other. You can copy the software. Good luck forking the economy. Revenue backed subnet buybacks route through $TAO. Gamma could add service token burns as agents buy compute and inference without enterprise account theater. Supply issuance already halved. Stillcore projects subnet revenue rising from $70M annualized today to $1B by end of 2027... not guaranteed, but that’s the demand vs dilution inflection to watch. Sovereign AI needs more than downloadable weights. It needs a production engine whose next release doesn’t depend on Washington, Beijing or a CEO’s mood. The ETH analogy isn’t number went up. It’s infrastructure becoming an economy before investors stop pricing it like a casino chip. Let the labs burn billions fighting over who grows the best wheat. I’d rather own the exchange. Every winner still needs a checkout. That marketplace will be @bittensor