I’ve seen many articles expressing concern about an AI bubble. If the original reasons you bought are still valid, there’s no need to cut your positions. As long as you’re holding spot assets, you’re just temporarily underwater. I’ve seen people interpret Huang Renxun’s comment yesterday about AI companies running out of cash as meaning they’re losing money. But what he actually meant was: The AI infrastructure providers are doing very well—they’re not lacking orders; they’re growing so fast that the capital they’ve borrowed isn’t enough to keep up with development. After the recent drop in AI stocks, capital has flowed into U.S. Treasuries. The yield on 10-year U.S. Treasuries has fallen sharply—so for now, there’s no need to worry too much about further rate hikes. That’s also why I mentioned that the upcoming FOMC meeting has a high probability of holding rates steady. After the meeting, things should improve starting in November. The biggest issue with AI right now is that it requires enormous upfront capital—power, land, servers, and more. Once it gets past this initial development phase and begins generating returns, everything will turn around. Most people, including myself, are probably underwater right now. My core investment positions are almost entirely focused on three things: BTC, MicroStrategy, and SpaceX. In fact, I actually hope prices drop a bit more—this gives me the chance to buy more coins and shares. Since returning from my trip at the beginning of the month, I’ve refocused on my core business. Seeing how fast Jack Ma has progressed, I feel like I’ve become complacent. I need to stay focused on my core work and push as hard as I can over the next six months: Buy more Bitcoin. Buy more SpaceX. Buy more MicroStrategy. The lower the market goes, the better—just don’t let it rally too quickly.