In my personal opinion. Whether it's the AI agent path being successfully navigated in the future, leading to a comeback; or the fundamentals deteriorating beyond repair. Circle's current historical coordinates represent the kind of classic case that will remain in business school case libraries for twenty years, and I'm very excited to be on the scene witnessing its unfolding. The three-layer logical structure of the destruction The Circle case provides a complete model for the destruction of a star company's fundamentals, consisting of three progressive levels: The first level: The institutional collapse of the profit base. This is the most fatal damage, as it occurs at a macro level beyond Circle's control...