In the past few days, I've gradually gotten involved with some AI projects, but I just can't seem to feel happy about it. The biggest difference between this AI Winter and the DeFi Summer of 2020 is that the leading players are not clear. The ranking of AI projects is not so fixed.

At the beginning of DeFi, almost all researchers knew that Uniswap was the leader. As long as the belief was firm, one could go from $2 to $40.

Now, the AI situation is uncertain, competition is fierce, platforms are dispersed, and the practicality is poor.

Currently, a large number of Agent projects have already reached tens of millions or even hundreds of millions, but whether they can deliver is still uncertain. On the other hand, good projects like Virtual have already had high valuations in the billions early on. At high valuations, even before any projects on the platform have emerged, funds were eagerly given high valuations.

Within the organization, only ACT is worth looking at, but among tens of thousands of Agents, only a few have used ACT's services, even less than UBC.

Of course, ACT has more of a meme attribute.

In this round of AI Winter, from an investment perspective, there are many traps.