During times like these it is always interesting to observe how specific events previously seen as bullish narratives, all of the sudden get a bearish outlook instead. You can see this clearly with the Anthropic IPO these past few weeks. First valuations keep expanding as the market gets bullish. Then the (arbitrary) number stops going up and doubt starts hitting. This then quickly turns into fear and the idea that the IPO will now just send the entire market into financial disaster. But keep in mind the market is forward looking. So yes, the initial valuations thrown around some months ago were probably stretched, but the market has also reacted to that by taking out a lot of froth into the main AI names until last week. Specific events or narratives can turn from bullish to bearish or the other way around quickly based on if price is confirming the people's bias or not. Just shows you a lot of it is just noise, especially the headlines the media likes throwing around. But as BTC & Crypto people we know this all too well. Because we've been declared "dead" hundreds of times by now.