Investing in a new world of extreme compression—cycles haven’t disappeared, they’ve just been violently folded. 1. Narrative is king: Assets are being tokenized. Gold/silver are no longer just cold metals; they’re now narrative tokens for de-dollarization. Historic-level trends are playing out in an incredibly short time. Memory/storage is no longer just cyclical hardware; it’s the next big thing after AI chips. The first publicly listed AI stock isn’t just about earnings reports anymore—it’s replacing SaaS, disrupting traditional business models, and tapping into a massive market. In the short term, asset pricing is no longer determined by cash flow but by a combination of grand narratives + social media + derivative leverage + skyrocketing demand, forming an exponential function. Symbolic value outweighs actual "assets." 2. Violent folding: A decade-long cycle now completes in a year. What used to take a decade now fits into 1-2 years with three micro-cycles. Micron tripled in 8 months, silver completed a historic valuation correction in 9 months, and AI giants like Zhipu and Minimax saw 10x growth after listing—rendering traditional slow-paced indicators completely obsolete. 3. Why has the pace of investing accelerated? In the AI era, information has an extremely short half-life and immense utility. AI enables near-instant market pricing, leaving no time for gradual truth discovery. Any logic gets priced in within weeks. The resonance between physical supply and financial leverage amplifies emotions infinitely, making extreme optimism and extreme pessimism the new normal. Think about it—most financial assets globally are in this state.