《Full-on Bear Market》 Had a nightmare during my afternoon nap—dreamt of a bear market: Let’s talk about AI first: I feel like ever since Gemini 3 Pro came out, things like research, conversations, creating images and videos on the user end have pretty much reached their limits. From here on, it’s just minor tweaks and patchwork. There won’t be any more groundbreaking changes in the future. Looking at the data now, the revenue driven by AI demand is very small. After all the fuss, very few end users are actually paying for it. Patience is key—cracks are starting to show. The U.S. stock market is now just waiting for something like the 2000 dot-com crash. After the crash, the best investment opportunities will emerge. Also, gold, silver, U.S. stocks, Hong Kong stocks, A-shares, and the crypto market— these markets may seem different, but they generally follow a rotation pattern. Now that the crypto market is down, one possibility is that crypto will bounce back in 2026. The other possibility is much scarier—gold, silver, U.S. stocks, Hong Kong stocks, and A-shares could all enter a bear market one after another. With rate cuts nearing their end, geopolitical tensions, unstable oil supply, and U.S. stocks already at high levels, my gut feeling is that the likelihood of everything entering a bear market sequentially is higher. Of course, this scenario doesn’t rule out quarterly-level rebound fluctuations. If there’s an exception, I think $BTC might be the most likely one.