I think understanding cycles is crucial in investing. Take the current AI wave as an example. The ideal path without bubbles would be demand driving investment, but now it's investment driving demand. Massive resources are poured in to break through technological bottlenecks, reducing unit costs, which in turn attracts more demand. This is the cycle of technological revolution and financial capital.

Currently, the dominant force driving these investments are the giants in the B2B sector, so the incremental gains are mostly absorbed by the B-side, while the C-side is struggling.

The year-to-date performance of the M7 shows a significant difference between B2B and B2C:

Meta +31%

Nvda +27%

Goog +26%

Msft +19%

Vs.

Amzn +9%

Aapl -6%

Tsla -13%