Matt Hougan cites MeshClans data: blockchains' crypto revenue share fell to 25% by mid-2026 from 90%+, with finance apps exceeding 50%.

According to Andrew Ng, the recent 'DeepSeek selloff' in the stock market is attributed to DeepSeek V3/R1 disrupting the tech ecosystem, highlighting the application layer as a promising area for investment. The hyper-competition in the foundation model layer benefits application developers, suggesting potential shifts in trading strategies towards companies in the application layer of technology.