Interest rates matter, and having a global reserve currency helps capital markets that fund these things. I would suggest 3 other forces: - saturation: we don

Interest rates matter, and having a global reserve currency helps capital markets that fund these things. I would suggest 3 other forces: - saturation: we don’t have any legacy fields left that aren’t yet digitized. If you I go from encyclopedia -> search engine or taxi -> uber you have a first mover green field market - dominance games: VCs want scale, and scale is difficult with niche markets. Yet there are innovations there, but who cares? A new shitcoin has the potential to scale quickly, whereas startups in even energy seems to be a downer for them - no manufacturing: long iteration cycles on anything that needs hardware. Plus, lower margins, and the Chinese will sell cheap knockoffs anyway if you’re successful, so bigger risk. Thus, more shitcoin and AI wrappers.