According to @LexSokolin, Similarweb’s 2026 Global AI Tracker shows Gemini’s worldwide Gen AI website traffic share has risen to 21.5% while ChatGPT has fallen to 64.5% as of January 2, with DeepSeek at 3.7% and Grok at 3.4% (Source: Similarweb — https://x.com/Similarweb/status/2008805674893939041). Over 12 months, ChatGPT dropped from 86.7% and Gemini climbed from 5.7%, indicating a significant redistribution of user traffic among leading AI platforms (Source: Similarweb — https://x.com/Similarweb/status/2008805674893939041). @LexSokolin adds that private market AI valuations are likely to be pressured as IPOs arrive and advises traders to handle secondaries cautiously (Source: Lex Sokolin on X — https://twitter.com/LexSokolin/status/2008998306672988213). For trading, the traffic-share momentum offers a concrete adoption signal to map relative strength across AI platforms when sizing exposure in public names and pricing private secondaries, anchored on Similarweb’s data and Sokolin’s guidance (Source: Similarweb — https://x.com/Similarweb/status/2008805674893939041; Lex Sokolin — https://twitter.com/LexSokolin/status/2008998306672988213).

According to @EleanorTerrett, Paul Atkins stated that a token is not a security merely because it was once part of an investment contract, echoing the citrus grove example at the core of the Howey standard, source: Eleanor Terrett on X, Nov 12, 2025; source: SEC v. W.J. Howey Co., 328 U.S. 293, 1946. This reinforces that U.S. securities analysis turns on the specifics of the offer and sale rather than the intrinsic nature of a digital asset, source: SEC Strategic Hub for Innovation and Financial Technology, Framework for Investment Contract Analysis of Digital Assets, April 2019. Courts have applied this distinction by finding some institutional token sales to be investment contracts while not deeming certain secondary market sales as such, as in the XRP summary judgment, source: SEC v. Ripple Labs Inc., SDNY, summary judgment order by Judge Analisa Torres, July 13, 2023. For trading strategy, risk assessment should distinguish primary fundraising transactions from spot secondary trading because the latter received more favorable treatment in the XRP ruling, shaping exchange listing risk and liquidity for XRP, source: SEC v. Ripple Labs Inc., SDNY, summary judgment order by Judge Analisa Torres, July 13, 2023.