The recent rise in A-shares and U.S. stocks originated from the March black swan event, where a large amount of chips were sold to optimists due to panic. The cooling of external conflicts, inflation not rising as much as war expectations, and the drop in oil prices led to an influx of dollars into capital markets, gold, silver, etc. Previously, rising oil prices caused countries to settle crude oil in dollars, leading to a strong dollar and driving down gold and silver prices. The expectation of interest rate cuts will follow the major direction before the war, unchanged, and will stabilize and lift asset prices in capital markets.

With the easing of the war, this black swan event is just a deep squat to gather chips in the upward trend. The logic remains unchanged, still AI infrastructure. You can also pay attention to AI applications. XPeng's profit turned positive this quarter. I know many companies, like robotexi, are making rapid progress in the Middle East and North America. The extensive use of autonomous driving has driven the closed-loop business model of computing power resources. Major cloud giants can appropriately lay out computing power leasing services. Many types of companies still have value depressions.

Computing power is still far from enough. It's like building a lot of railways and highways in the late 1990s, which many said were ineffective investments burning the country's money. In the 2000s, laying a lot of network cables, saying such speed was unnecessary. From today's perspective, internet speed is completely insufficient. 3G gave birth to mobile internet, 4G brought short videos and live streaming. What will the AI era bring? I think the answer is becoming clearer and clearer.