Pony Alaph went from rumors to confirmation about Zhipu's GLM5 this week, and Zhipu's stock price doubled again at its peak. In contrast, U.S. AI stocks experienced intense volatility and fatigue from positive news. If nothing unexpected happens, DeepSeek V4 and Qianwen 3.5 will decisively crush the sacred narrative of Scaling Law that U.S. AI stocks rely on for survival during this year's Spring Festival. Those who are still increasing their holdings of dollar assets and reducing their holdings of RMB assets, lagging behind the trend, only deserve to enjoy the leftovers of the hot pot base from the foresighted ones who are reducing dollar assets and increasing RMB assets!