If the recent AI and crypto shocks upset you, you’re tracking the wrong cycle

In the early hours of February 5, 2026, Anthropic unveiled Claude Opus 4.6, sending shockwaves from Silicon Valley to Manhattan. Software stocks plummeted despite strong earnings. Even Bitcoin tanked as investors fled to stable assets.

The Anthropic news signaled a broader threat: AI models are pushing into the application layer, destroying moats and forcing companies to rethink business models. If that feels familiar, that’s because we have been here before. In November 2022 ChatGPT...