Grayscale latest research shifts its focus from the hot AI tokens to the data and credit layers that underpin AI computing. Its core judgment is that the expansion of AI computing depends not only on chips, models, and computing power clusters, but also on stable data supply, data ownership confirmation and circulation, as well as a credit market that provides funding for large-scale computing power construction.
In the crypto industry, this perspective means that the AI narrative may no longer be limited to a single AI token or concept sector. Links such as decentralized data, computing power finance, infrastructure, and on-chain credit may be closer to the real demand of AI capital expenditure and carry more sustained value capture.
Grayscale's observation point is: when AI construction enters a heavy-asset, long-cycle stage, data and credit will become the key constraints and business opportunities behind computing power expansion. For Web3, whoever can connect real data, real computing power, and real financing demand may occupy a more favorable position in the new round of AI crypto narrative.
