Cost reduction and efficiency improvement are very effective. From excavation → production → processing → sales, using machines to handle everything by one person is simply perfect.

I still hold the same view as two years ago: if to c or large-scale cost reduction and efficiency improvement in enterprises fail to yield benefits, this bubble will definitely burst. It is truly necessary for the to c end to gain real benefits from AI. I believe this day will come, but I cannot guarantee it will arrive before the darkest hour.

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%