Forward Guidance(@ForwardGuidance):AI may be repeating crypto’s biggest 2021 valuation mistake. @fejau_inc argues frontier models look a lot like the old fat-L1 thesis: huge valuations built on the assumption that infrastructure captures most of the value, even as competition commoditizes the underlying layer.

Forward Guidance

@ForwardGuidance

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Forward Guidance@ForwardGuidance

2026.08.28 16:01

AI may be repeating crypto’s biggest 2021 valuation mistake. @fejau_inc argues frontier models look a lot like the old fat-L1 thesis: huge valuations built on the assumption that infrastructure captures most of the value, even as competition commoditizes the underlying layer.