Why Meta's combination of social reach, advertising infrastructure, and open ecosystems may matter more than benchmark supremacy in the race for AI value capture
CoreWeave's explosive growth mirrors the industry's fundamental tension — hyperscaler appetite versus the physics of power, depreciation, and financing
Bull case: 3B users as financial distribution layer. Bear case: USDC conversions, third-party settlement, and zero exchange revenue — the thesis hinges on compliant payments, not crypto speculation