The crypto market may be drifting into unfamiliar territory. Not because prices can’t rally anymore, but because the forces that decide when, how, and why markets move have fundamentally changed. The old script - retail hype ignites a rally, leverage piles in, everything collapses, and the cycle resets - is starting to look outdated.

For years, the artificial intelligence trade has felt untouchable. Earnings surprises, massive capital spending plans, and near-constant hype have turned a handful of companies into market heavyweights almost overnight. Now, one of Wall Street’s most famous skeptics is quietly positioning for a very different ending.

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