After reading an in-depth article that directly bursts the valuation bubble of many current Fintech and Web3 projects: AI has driven down the cost of writing code, and "shell applications" have completely lost their moats.

The real valuable alpha is all in the heaviest, most difficult "Fin (finance)" segment. Going forward when evaluating projects, don't just look at how flashy the frontend App is—focus tightly on these three points:

1️⃣ Do they have hard licenses? (No matter how powerful AI is, it can't conjure up a compliant license out of thin air)
2️⃣ Do they have real money and data accumulation? (Models trained on real default rates and hundreds of billions in transaction flows can't be replaced by AI-synthesized data)
3️⃣ Who is actually bearing the risk? (Are they absorbing bad debts themselves to eat big returns, or just renting others' channels to earn API spreads?)
Previously, the market gave pure software extremely high valuation premiums. Now this arbitrage logic is dead. Teams that only know how to write code and rent others' licenses will eventually be rolled to zero by AI.
Code is getting cheaper and cheaper, licenses are getting more and more valuable. The trading logic going forward is simple: avoid pure software UI shells, go all-in on those who control real compliance barriers and underlying financial infrastructure.

#Fintech # AI #投资逻辑 #Alpha #Crypto