⚡️Take a look at this image, AI and Crypto are clustering for IPOs, intensively invading the US stock market.

This suddenly reminds me of a question I had when I first entered the market over a decade ago—what does capital really like?

At that time, I thought the answer was simple: capital surely only likes "certainty," stable cash flow, deep moats, and high dividends—aren't good companies supposed to be like this?

It wasn't until I gradually experienced several rounds of bull and bear markets that I realized what capital truly craves is not certainty, but the illusion of growth that can tell new stories and expand boundaries.

Especially in today's economic context, this logic is even more apparent—

The US fiscal deficit is like a black hole; no matter how high the yield on US Treasuries, it cannot hide the long-term overextension of credit. Capital will eventually shift to seek higher elasticity, to find illusions that can bear future expectations.

AI and Crypto are essentially the largest illusion suppliers of the moment. One is transforming productivity, while the other is challenging the monetary system.

For capital, these stories are definitely more important than profit statements. Profits can explain the past, but illusions can price the future.

How much can you earn from a profit statement based on certainty? Where is the imagination that earns more?

Moreover, the policy level is also loosening. The US has already begun to allow compliant exchanges to go public and tacitly approved the expansion of stablecoins. In simple terms, it acknowledges that this tide cannot be stopped; rather than blocking it, it is better to incorporate it into the system.

So, this is not just about the IPOs of a few companies, but a larger signal:

New technology and new finance will be the main theme of the next decade. When the grand narrative shifts, one must dare to stand in the right position.

Just like when Taobao emerged in 2003, you might have thought, who would be willing to buy things online randomly? Yet, Taobao and Alipay changed the business landscape of China for the next twenty years.

When WeChat first came out in 2011, you might not have imagined that you would no longer need mobile calls.

New narratives often seem "irrational" when they first appear. But once recognized by the market, they become new common sense.

This is the most terrifying power of capital: once recognized, it can turn illusions into reality!

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