Compound's Managing Partner drops truth bomb: 90% of AI intelligence is heading straight to commodity status.
Not some niche corner. Not "select use cases." 90% of all intelligence.
The endgame? Multi-tiered oligopoly where a handful of players control pricing and everyone else fights for scraps.
This isn't bearish on AI. It's just reality check on where value accrues. Spoiler: probably not in the models themselves.
The real alpha? Finding the 10% that stays differentiated. Or betting on the infrastructure/data moats that feed the commodity layer.
Most AI tokens are pricing in unicorn dreams. Market hasn't priced in the commodity scenario yet.
Not some niche corner. Not "select use cases." 90% of all intelligence.
The endgame? Multi-tiered oligopoly where a handful of players control pricing and everyone else fights for scraps.
This isn't bearish on AI. It's just reality check on where value accrues. Spoiler: probably not in the models themselves.
The real alpha? Finding the 10% that stays differentiated. Or betting on the infrastructure/data moats that feed the commodity layer.
Most AI tokens are pricing in unicorn dreams. Market hasn't priced in the commodity scenario yet.