The ultimate manifestation of currency and asset value will return to the underlying computing power Energy is the most primitive productive force, and hydropower, oil, natural gas, nuclear energy, and photovoltaics are essentially the fuels that run the world Chips convert energy into computing power, which is then transformed into new financial assets and production tools Computing power can mine BTC, so behind BTC lies the monetization of energy, hardware, and consensus Computing power can build AI models, so behind Nvidia is the equity of production materials in the AI era Computing power can be converted into tokens and agent calls, so tokens in the future AI era may essentially be the unit of valuation for computing power, data, models, and attention Apple, Tesla, Google, OpenAI, and other companies are essentially computing platforms. They master the entry points, systems, data, chips, models, devices, or distribution networks, so they can package computing power into consumer goods, services, and financial assets The lower the level, the closer it is to energy, chip, computing power, and system standards, and the greater the value share. The higher up, the more dependent on traffic, brand, and application efficiency, the faster the outbreak, but the moat is more easily replaced In the next decade, the true mainline of big assets may not be AI, Crypto, or new energy alone, but how energy can be transformed into computing power through chips, and how computing power can be transformed into new currencies and power structures through models, networks, and tokens