Didn't sell a single share of Minimax during the Hong Kong IPO. Financially speaking, their revenue is just $30 million, and their profit is a negative $450 million, yet their valuation starts at over $13 billion. Why am I so determined not to sell? The reason is the lesson from Circle last year: the scarcity of the asset. After Circle went public, as the only stablecoin asset, its stock price skyrocketed nearly 3x. Minimax and Zhipu are the most outstanding representatives of domestic large models. In the short term, these assets have extremely strong scarcity and irreplaceability. If you're speculating on domestic large models, they're the only two you can bet on.