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Striking contrast in the AI sector this cycle: Cursor's valuation skyrocketed roughly 10x since autumn 2024, while the aggregate market cap of hyped crypto AI tokens crashed by similar magnitude. What this tells us is the brutal divergence between centralized AI tooling that delivers real utility and the speculative wave around on-chain AI projects. The market's rewarding genuine adoption and product-market fit over narrative-driven tokens. A sobering reminder that not all AI hype translates to sustainable value.