Sun Zhen’s latest interview is of very high quality—you absolutely must watch it! He shared his recent positioning and market outlook. The full interview offers numerous insights on market views and portfolio allocations; key takeaways are summarized below: 1. Almost no allocation to A-shares, only for research. The A-share optical module sector benefits from overseas AI demand and domestic production capacity; he is bearish on traditional assets like liquor and bullish on new sectors. 2. Bearish on BTC: Risks from AI and quantum computing are underestimated by the market; Bitcoin is unlikely to achieve quantum resistance through a hard fork. However, he retains a baseline BTC position and did not reduce it during last year’s decline. 3. ETH position is only 20% and held passively. He reduced his ETH holdings by 80–90% between November and December last year at $3,600–$4,000 and has not repurchased since; during that period, he added to U.S. equities. 4. Slightly bearish on the Nasdaq in the medium term, but has not taken short positions. There is heavy concentration of capital; chips face risks of overcapacity; U.S. Treasuries are being drained by equity assets, and high interest rates will force capital back into bonds. 5. Bullish on AI applications, especially AI-driven health management; bearish on storage and optical modules. NVIDIA has limited upside potential; greater opportunities lie in AI applications, and sector differentiation will intensify in the future. 6. Expects the RMB to strengthen; market risks around U.S. debt are exaggerated. The U.S. controls core AI technologies, and there is no shortage of buyers for U.S. Treasuries. 7. Hyperliquid is a key innovation of this cycle; U.S. equity perpetual contracts expand the industry’s scope. Whether DEX can replace CEX depends on U.S. regulatory policy. 8. RWA has enormous potential; Tron is advancing U.S. equity tokenization in November to provide third-world investors with access to dollar-denominated assets.