After reading an in-depth article, it directly punctures the valuation bubble in many current Fintech and Web3 projects: AI has driven down the cost of writing code, and "shell applications" have completely lost their moats.

The real valuable alpha is all in the heaviest and most difficult "Fin (Finance)" part. Going forward when evaluating projects, don't just look at how flashy the front-end App is—focus tightly on these three points:
1️⃣ Do they have hard licenses? (No matter how powerful AI is, it can't conjure up a compliance license out of thin air)
2️⃣ Do they have real capital and data accumulation? (Models trained on actual default rates and hundreds of billions in transaction volume can't be replaced by AI-synthesized data)
3️⃣ Who is actually bearing the risk? (Are they absorbing bad debts themselves and taking fat profits, or just renting someone else's channels and making API spread margins?)
In the past, the market gave pure software companies high valuation premiums, but now this arbitrage logic is dead. Teams that only know how to write code and rent other people's licenses will eventually be rolled to zero by AI.
Code is getting cheaper, licenses are getting more valuable. The trading logic going forward is straightforward: avoid pure software UI shells, go all-in on targets that control real compliance barriers and underlying financial infrastructure.
#Fintech # AI #投资逻辑 #Alpha #Crypto