Recently, while listening to a tech blogger share insights on artificial intelligence companies, he presented a viewpoint (in essence):

Whenever a new technology emerges, there are two types of companies: one is technology-enhanced, and the other is technology-disruptive.

Technology-enhanced companies use new technology to transform their existing business models, improving efficiency and reducing costs. Although these companies often perform remarkably well for a period after the emergence of new technology, their inherent nature makes them susceptible to cognitive inertia, making it unlikely for them to fundamentally create new models and new scenarios.

In contrast, technology-disruptive companies are born in a new era. They lack past inertia and burdens, often able to create new models and new scenarios. Such companies are more likely to experience disruptive growth in the future.

I particularly agree with this viewpoint.

The current U.S. stock market is filled with typical examples of this.

Some old companies from the software era (like Microsoft and Oracle) and companies from the internet era (like META, Amazon, and Google) are actively laying out their strategies in various segments of AI, even investing heavily to seize every high ground in the AI field. After these maneuvers, they have also delivered impressive financial data, recording significant stock price increases.

To general investors, it seems they have smoothly transitioned into the AI era, once again becoming one of the protagonists of the AI era, participating in leading the trends and developments of AI's future.

On the contrary, some companies that I consider to be close to or purely native AI companies (like Nvidia, Tesla, OpenAI, Anthropic…) have, aside from Nvidia currently achieving its deserved status, either businesses that are still hovering or have not yet gone public.

Compared to their predecessors, their aura is clearly much less impressive.

But I believe that in the near future, disruptive companies will undoubtedly emerge among native AI enterprises, pushing those predecessors out of the top ten in market capitalization.

Seeing this situation in the field of artificial intelligence, I was reminded of the crypto ecosystem.

Since the beginning of this year, especially in recent months, the voice of the crypto ecosystem has been almost completely monopolized by traditional financial institutions on Wall Street.

They have brought enormous traffic to this ecosystem and provided strong price support for Bitcoin and Ethereum. At the same time, they seem to have created an illusion:

The future of the crypto ecosystem lies with them, and the trends of the crypto ecosystem are defined by them.

However, in my view, they do not resemble the native enterprises of the crypto ecosystem; they are merely using crypto technology to expand their existing business landscape or to package their original business models and scenarios with crypto technology.

They have not innovated in terms of models; they are more like technology-enhanced companies within the crypto ecosystem.

They do not represent the future of the crypto ecosystem, nor can they create disruptive models and scenarios for the crypto ecosystem.

I believe that the native enterprises within the crypto ecosystem are the true players that will disrupt our lives and business models.

But the reality is quite awkward: in the trajectory of the crypto ecosystem over the past few years, whether existing or newly emerging native enterprises, many are still struggling in exploration. Even some that have begun to stand out are still less influential, smaller in scale, and quieter than these recently emerged "enhanced" players.

From this perspective, the current state of the crypto ecosystem is regrettable, and the situation of native enterprises is even more challenging than their counterparts in the AI sector.

Compared to the clamor and turmoil of these traditional institutions, I am more eager for the native enterprises in the crypto ecosystem to occupy the mainstream voice of this ecosystem and influence its mainstream trends.

We are scheduled for an online discussion on September 13, 2025 (this Saturday) at 7:30 PM. If anyone has questions and is concerned about not being able to participate online, please try to post your questions in the comments of this post.

https://x.com/Dao_Views/status/1964855926403612862

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