Looking at the current reactions in A-shares to semiconductors, storage, and optical modules: Funds are already leaning towards a defensive stance. Nothing can sustain high profits forever. From photovoltaics to new energy vehicles, and now to semiconductor storage. No matter how amazing the AI story sounds. Wasn’t the photovoltaic story amazing? Transforming the global energy landscape, the story of infinite energy wasn’t amazing? China’s photovoltaic installed capacity has increased sixfold in the past five years, but stock prices peaked four years ago. Was the new energy vehicle story not strong? Now, new energy vehicles account for 60% of new car sales in China, and China has been the largest car consumer in recent years. Just the sales of new energy vehicles in China alone surpass the total in all of Europe. Are these two stories weaker than AI? Photovoltaics with infinite energy, reducing 50% of human energy consumption by replacing fuel and oil with electricity. If I didn’t already position myself early, I wouldn’t chase high prices. That’s how it is with stocks, and the same goes for MEMEs.