Factories = blockchains
The capital rotation is obvious. Same mega rounds that flooded crypto infra 2019-2024 are now pouring into physical manufacturing and supply chain buildout.
But the fat app thesis still wins.
Own the product. Build the factory. Vertical integration is the only moat in a commoditized infrastructure race.
If you're not controlling both layers, you're exit liquidity.
The capital rotation is obvious. Same mega rounds that flooded crypto infra 2019-2024 are now pouring into physical manufacturing and supply chain buildout.
But the fat app thesis still wins.
Own the product. Build the factory. Vertical integration is the only moat in a commoditized infrastructure race.
If you're not controlling both layers, you're exit liquidity.