Economic growth historically came from 4 engines:

• Gold reserves
• Population expansion
• Geographic market discovery
• Resource extraction

All 4 are tapped out or dying.

Now we're betting everything on AI to replace what took centuries to build.

One lever vs four. The math doesn't add up unless AI productivity gains are 10x what we're pricing in.

This is why $AI narrative tokens are either generational or the biggest exit liquidity trap of the decade. No middle ground.