Apple Doesn't Give a Sh*t

While everyone else has been throwing money at AI they'll probably never get back, Apple's strategy has been to sit on its hands. Last year they spent $13 billion on capex. Amazon is guiding $200 billion this year.

For two years that made Apple the punchline of the Magnificent Seven. They didn't have a frontier model, no datacenter announcements, no CEO on stage promising a trillion tokens a second. And people were openly disappointed with that.

Then the market changed its mind.

In February, Amazon, Google and Microsoft had just shy of a trillion in market value wiped out in a single week because they announced how much they intended to spend.

Microsoft is literally 30% off its highs.

The market didn't stop believing in AI, it stopped paying merely for announcing that you're doing AI. The cheque itself is no longer the catalyst. Somebody now wants to see what comes back.

Sound familiar?

Because that is precisely what happened to crypto.

VCs spent years funding the whitepaper, the vision, the pitch about disrupting finance. Then the bust came and the bar moved from "show me a deck" to "show me your revenue." I spent all of 2025 writing about that shift as if it were a crypto story. But the reality is that it isn't. It's a capital story, and it's now playing out in the largest, most liquid market on earth, on companies with four-trillion-dollar market caps and the best balance sheets in history.

It's the same regime but a whole different asset class.

And that's why I'm comfortable being allocated into the handful of cryptos actually generating revenue.

Proof is the scarce asset now.

It's scarce in venture.

It's scarce in mega-cap tech.

And in crypto, where almost nothing generates real revenue, it's scarcer than anywhere.

The market has stopped rewarding companies for spending.

It's started paying for proof.