[Ningquan Asset: AI Infrastructure Has Extremely Low Moat, Market in 'Mindless Buying' State] Golden Finance reported on June 24 that Ningquan Asset, founded by Yang Dong, pointed out in its '2026 Mid-Year Investment Report' released on the 23rd that China's AI bubble is essentially centered around the theme of AI infrastructure. We have severely underestimated how this theme could create such a massive bubble, as the business models of most related manufacturing companies are quite mediocre, with almost no long-term moat, and require continuous capital expenditure to sustain growth. Simply a surge in demand has led to such high valuations and large market caps, which we indeed did not anticipate. During the bull market 15 years ago, there was a term called 'mindless buying,' and now it seems we are in a similar state again.