AI is no longer early, in terms of trenching, but it’s entering a phase of intense competition and growth. 

Early leaders that underwhelm are seeing pullbacks, with liquid funds rotating out to de-risk and focus on higher-quality projects. Many, including Zerebro, have faced continuous declines as investors unwind - for this specifically, they were disappointed in the tech releases. 

Regardless, we see inflows and demand for midcap AI. 

I have met 2-3 strong platforms that are emerging to challenge Virtuals and other category leaders. 

Q1 is going to be fun. Macro needs to hold stable.