The ghost story of AI comes from the too-rapid disappearance of pricing power. In the previous internet era, once a company became a market leader, it could maintain pricing power and capture industry profits for a long time. But with AI, just as everyone thought monopolies could last for decades, the pricing power of leading companies is now visibly evaporating. Add to that the intense competition from Chinese companies, and what was once believed to be a sustainable moat has been rapidly commoditized into standardized products. Capital markets are extremely savvy—they don’t just assess a company’s current ability to generate profits; they also calculate what this technology will be worth a decade from now, under conditions of full competition and supply-demand equilibrium. At this stage, assigning massive future valuations to AI companies is becoming increasingly difficult.