Let's talk about my understanding of the competitive landscape: all industries will gradually become clearer as they evolve, and industrial concentration is actually a law. There are both positive and negative aspects to things, and the concentration of an industry indicates a high degree of scalability. However, for competitors in the industry, if they do not ultimately win, they can only lose or be acquired. The inability to concentrate industries is largely a problem of the industry itself. Either resource orientation, management radius limitations, or strong regional specificity will ultimately lead to industry dispersion. Although the industry space may seem large, the ceiling of each company's scale is easily visible. The stronger the technological attribute, the better it can overcome the problems mentioned above, and ultimately the concentration of industries becomes higher. The concentration of big technology and encryption has been increasing in the past two years. Industrial competition pattern: Moon is bright and stars are sparse, one superpower has many strong players, two parts of the world/three pillars stand tall, hundreds of boats compete with each other/a hundred flowers bloom together. Moon is bright and stars are sparse: it means one company dominates, and other competitors are not dominant. One Super, Many Strong: There are multiple big players in this track, but the leader has a very obvious advantage. Two parts of the world/Three pillars standing tall, Hundred boats vying for dominance/Hundred flowers blooming together are the literal meanings. You can follow the map to see what the competitive landscape is like in different track areas: In the field of big technology: GPU: This track is definitely full of moon and stars. Advanced process chip foundry: TSMC is like a moon shining brightly. Cloud computing: AWS, Azure, and Google Cloud dominate the United States. China is one of the top players in gaming, Alibaba Cloud, Tencent Cloud, and Huawei Cloud Big models: GPT, Gemini, Grok, one super, many strong. In the field of defense and military AI, pltr is a dominant player. Crypto field: Exchanges, one super and many strong (super refers to Binance, with multiple strong players such as OK, UPbit, Coin, Bybit, etc.) Stablecoins: Looking at the world now, there may be a hundred boats competing in the future. Perps dex: It should be considered as one super strong. Of course, many technology companies now span across multiple tracks and need to look at the position of their different business lines in their respective fields. Ultimately, when investing in a company, in addition to its fundamental aspects such as industry, technology, business, and finance, it is crucial to observe its ecological position and leading advantage in the industry chain. The stronger a company's leading advantage in the industry chain, the better its position, and the stronger the natural consensus will be. Many times, the logic behind buying an asset is largely based on our consideration of its position in the market and competitive landscape.