The Ghost in the Narrative: What Tencent's Valuation Blind Spots Teach Crypto About Hype Cycles
1/ The ghost is always in the gap between the story and the data. Bernstein just published a report calling Tencent's low valuation 'temporary'—their narrative: gaming will outperform peers, AI monetization will eventually arrive, and the market is overreacting. But I have seen this exact script play out in crypto projects. The narrative didn't die because the tech failed. It died because analysts ignored the structural blind spots: competitive threats, regulatory quicksand, and the marginal cost of AI infrastructure.