Pretty much this.
Shaw's crashouts are spectacular, but at the same time big mcap AI stuff is just suffering in general from cashouts and cooling down.

It's often a bad idea to bid something because "i don't see any alternative" (especially when stable yields are mid double digits) and especially when a narrative resembles its later stages (overcrowded, quick small cap rotations).

At the same time, just like Memes had multiple runs in the last 2 years, it really feels like AI won't really top already, as the narrative will get carried by TradFi with its (thankfully) much slower times (unless US economy goes rekt).

It may be the current set of coins or it may be another (see TAO, despite AI mindshare ATH, was far from a good bet lately), that we don't really know.