Last week I spent a week on a business trip to Shanghai, meeting with five chief analysts from securities firms and eight buy-side analysts. All of them had previously been actively covering crypto and Web3, but this time I clearly sensed a significant drop in enthusiasm for crypto. Then, regardless of whether they were focused on AI, AI-related topics dominated conversations over meals. This was even more evident at strategy meetings; few people seemed interested in Hong Kong-listed companies with Web3 concepts, while AI-related companies were practically impossible to get a mention. A clear sign that AI is nearing its peak.