Current AI market sentiment reminds me of crypto post 2018/2022 blow ups: Degens on leverage totally wiped out but those sitting in spot are HOPING for a rally. Hoping but not actually buying more themselves. They're maxed out. Fully deployed. Check comments on Reddit or X. Leveraged degens are putting their last cash into the market... ... but it's not enough to offset the late sellers who just want to 'save what they still have left' Sentiment is mixed between "AI trade is done" with others "It's just a dip". For a true bubble, there can't be 50/50. We need max mania for that. Looking at indexes, the market looks not much down, but individual altcoins (I mean AI stocks) are down bad: CRWV: -75.2% ORCL: -66.4% ARM: -61.4% INTC: -60.5% NBIS: -56.8% MU: -45.0% AVGO: -40.7% AMD: -31.8% TSLA: -28.2% PLTR: -24.7% NVDA: -23.3% Then we have institutional funds that one by one go belly up: We all know about Situational Awareness but more bodies are surfacing - $17B Walleye Capital hedge fund just returned capital. It takes time for true damage to surface. And like in crypto, the bad news keep hitting one after another. Today we have NVDA but tomorrow there'll be something else. Because there's always something else when degens start to really look into it while before they would close their eyes and ignore bad news. Like NVDA CEO news being shared a year ago. Worse, is that good news will stop having the bullish affect while bad news get blown out of proportions. You can't fight the wind of change. Anyway, it's just my crypto experience since 2018 giving these vibes. I could be wrong but recently I'm reading books on 1840s railway mania and Andrew's Ross 1929. No matter the 'narrative du jour' the human psychology stays the same