Unlike past speculative hype cycles like crypto, the AI boom is backed by massive institutional CapEx, real paying users, and billions in revenue. AI has rapidly transitioned from an exciting novelty into a foundational, must-have infrastructure that companies are actively betting their balance sheets on. “This time, I would say the difference is there is real money behind it. It's not just a story... there is not hype spending anymore, but the company is actually, like, betting their own balance sheet on it.” - Tatiana Shirkova, Institutional Sales, Coinbase. In case you missed it, listen to the original space here: https://x.com/i/spaces/1DxLddrbBDvxm?s=20(Deribit)