ChargePoint (Decline)

ChargePoint, the largest EV charging network, saw its market cap collapse from $12 billion to under $1 billion by 2024 as EV adoption slowed and charging infrastructure proved less profitable than projected. The company exemplifies infrastructure timing risk—building networks before demand materializes requires enormous capital patience. Like an organism that invests heavily in territory that produces less food than expected, ChargePoint's first-mover position didn't translate to first-mover returns.