$XIAOMI-W(01810.HK) On Saturday, CEO Lei hosted a live stream from Yancheng testing the Xiaomi car, personally participating in high-speed tests exceeding 300 km/h. Thinking about it now, it's quite scary. If there had been any accident with the person or the car, the consequences would have been unimaginable.

But after all, CEO Lei has a science background, and no one is willing to risk their life. The premise for doing this can only be that the Xiaomi car's quality is excellent, and CEO Lei understands that the probability of an accident is extremely low. What other manufacturers might see as a test requiring luck, Xiaomi sees as just another success among tens of millions of tests.

Even so, even knowing the probability and quality, to verify the car, it would have been enough to have other drivers do a full live stream. Choosing to participate personally feels irrational to me; it must be based on a higher level of faith and pursuit beyond rationality.

Recently, Xiaomi's stock price has been continuously weak, and the comment section was flooded last week. This may have been a major factor prompting the Yancheng live stream. Compared to playing games with buybacks at the capital level, CEO Lei chose a more extreme and direct way to shore up confidence at the fundamental level. Because information has a long-tail effect: it goes from disbelief, to seeing, to believing, from consensus to common sense. I've also watched some other manufacturers' launch events recently: a few pages of PPT, promotional videos, inviting a few big-name celebrities to talk, or so-called designers. You'll find that much of what Xiaomi is doing with its car is "beyond the syllabus." Before Xiaomi, everyone in business might have had an unspoken understanding that it wasn't necessary to go this far, and it seemed normal. In the future, the main difference with Xiaomi's car will be its pursuit of truth because it's targeting the international market from the start. All these 'beyond the syllabus' things will become its international reputation.

Besides the car, there's still no clear news on chips, and large language models are developing rapidly. With multiple narratives running in parallel in the second half of this year, there's still some anticipation.

Right now, I haven't even used up the free token plan for Mimo, and Mimo Code also has free ones. I'm just using these freebies, treating it like a dividend!