What’s the difference between the US stock market and the domestic market? Just some random thoughts—recently, I’ve been gradually buying 3,000 shares of SMH, with an average price nearing $550. Why keep buying? The reason is actually pretty simple. We can’t be sure who will be the biggest winner in the AI era over the next 5 years. But I believe that whether it’s large models, AI Agents, or new applications that haven’t even emerged yet, they all rely on computing power. And behind computing power are chips, semiconductors, and infrastructure. Instead of betting on one star company, why not directly invest in the entire semiconductor supply chain? Is the current average price of $550 a peak? No one knows. If it drops 20%, 30%, 50%, or even more in the future, I wouldn’t be surprised. But if we look back 10 years from now, and the global demand for computing power is 10x or 100x what it is today, then debating whether $550 or $250 was the right price might just be noise. Don’t guess the top, don’t chase the bottom. Only invest in long-term trends you truly understand.