Equities → AI → crypto is now a predictable rotation.

Not because these rotations are driven by hype, but by the limitations each system runs into:

> Equities price incumbents. They move at the speed of mature businesses and quarterly reporting cycles.

> AI consumes every dollar of available compute. It’s bottlenecked by hardware. Capital rushes into GPUs, data centers, and chips because that’s the limiting factor.

> Crypto settles what moves too fast and too globally for legacy rails. That’s where TradFi infra hits its wall.

Each layer carries a different choke point.

Stocks choke on incumbency.
AI chokes on compute.
Legacy finance chokes on global speed.

Capital keeps rotating because it keeps running into these limits and searching for the next system that can handle the load.

In the end, the rails that stay open at machine speed aren’t the most familiar ones... they’re the most permissionless ones.