If the AI foam collapses in 27 years, the biggest winner in this round may be the rich force who took over the old SPV stocks in 21-24 years. The characteristics of these people are that they have the money brought by the strong wind, and then they can be good face/brand. To be honest, when I opened the official websites of some cryptocurrency investment institutions in the past and saw the first port co SpaceX, I would look down on it a bit. It's not like I invested in it early, and investing in and selling old stock SPVs doesn't just mean having money. Can the strategic determination of investing in Solana for three consecutive rounds be the same as that of my former boss. But from now on, starting from Circle, the old stocks such as SpaceX, Anthropic, and xAI have basically won the second tier blindly tossed around, and looking back, there is a time difference to fight, and the capital capacity is also very good. It is completely feasible to invest tens of millions in a deal. Money has been earned, pressure has been put on, and going out is also a cutting-edge technology investor (actually buying SPVs and selling old stocks). With talent and face, Elon Musk also has to work for your fund. Why didn't I invest? It's mainly because I don't have enough money to put sesame flour into something with poor liquidity, and I have a deep fear. At the end of the year, I felt like I hadn't figured out many strategic ideas. By the time I figured it out, another cycle had ended.