According to CoinMeta, wublockchain12 pointed out in " waic Observation: Crowded Consensus, Huge Bubbles" that the core of the AI industry lies in data, capital, and financing capabilities. Although model capabilities have improved, the moats surrounding these industries remain fragile. There is a disconnect between large models and embodied intelligence in terms of costs and market dynamics, making areas such as data cleaning and annotation potential high-profit segments. Capital drives the profitability of intermediaries, and AI applications should focus on moats built around data, context, workflows, and permissions. Financing capability determines long-term competitiveness.