Similarities Between the Current AI Boom and the 2021-2022 Web3 Boom 1. Disruptive Innovation The AI revolution is massively boosting productivity, while DeFi restructured the financial framework. 2. Undefined Business Models Apart from NVIDIA, most AI companies, including large model companies, aren’t profitable. Similarly, in Web3, aside from exchanges, most projects, including public chains, aren’t making money either. 3. Reliance on Capital Markets for Revenue With negative profits, AI companies mainly rely on acquisitions (e.g., Manus being acquired by Meta) and IPOs (e.g., Minimax and Zhipu AI on the Hong Kong Stock Exchange). Meanwhile, Web3 companies primarily rely on token issuance to generate revenue. 4. Valuations Detached from Fundamentals AI companies have absurdly high PS multiples (e.g., Minimax’s 200-300x PS), while VCs were extremely FOMO about Web3 companies back then (e.g., Scroll raised a private round at an $1.8 billion valuation, but now its public market valuation is only $80 million). 5. Innovative Organizational Structures AI has sparked a massive wave of hype, while Web3 claimed DAOs would replace companies (later debunked, as many DAO projects collapsed). What do you think about the size of the bubble in the current AI boom?