The article I wrote on May 12th about the development of AI has now been read by 300000 people. In that article, I systematically explained why I have been continuously buying NVDA since 2022 and why I believe the current era is still a very good time to invest in AI. The core judgment in the article will not change within three years: AI is still in the early stages of this technological revolution, and the potential for future economic growth will far exceed our imagination. Recently, I have been following the progress of technology giants such as Meta, Google, OpenAI, and Microsoft in the field of personal agents. The more I study, the more I feel it is necessary to summarize my latest views into a new article to share with everyone. In the past few years, the entire AI industry has been busy expanding computing power and building data centers, GPU、HBM、 Infrastructure such as electricity and optical modules are in short supply. But now, a new change has emerged - major tech giants are vying for the next entrance to the AI era. Previously, when we used AI, we mainly asked it questions and asked it to help us analyze and organize information. Now these companies have begun to try to let AI directly operate computers, call software, process work, and even complete the entire task for users. What would happen if everyone had a private agent who could work 24 hours a day in the future? Do we still need to open so many apps every day? Do you still need to search for products, compare prices, purchase flights, and handle emails on your own? If these things are ultimately completed by the agent, it can be said that whoever masters the agent will master the user's next action in the Internet world. I think the commercial value here is very worthwhile to study. But at the same time, I also thought of a question that most people would have: If the agent really completes search and consumption decisions for users, what about Google's search ads, Meta's information flow ads, and the business model of the entire Internet that has lasted for more than 20 years? Are these tech giants really willing to personally change the business system they rely on for survival? If you are unwilling, how can you prevent agents from other companies from taking away your own users? There may be a very complex business game behind this, and I think there is still a lot of room for discussion on how much the capital market is currently pricing these changes. So I plan to follow the logic of the previous article and write another article about AI. This meeting will focus on the development of agents, competition among technology giants, challenges faced by existing business models, and the new investment opportunities that these changes may bring to the US stock market. I personally still have great confidence in the development of AI in the next decade, but I also increasingly feel that we cannot just focus on NVIDIA and the computing power industry chain. The changes brought about by the commercialization of AI are also worth studying in advance. Just like when the Internet was first popularized, most people might not have imagined that Google, Amazon and Meta would be born later. I don't know to what extent Agent will eventually develop, but I really want to know how many more companies like this will emerge from this round of technological revolution. I will continue to track and research the main trend of AI in this era. At the same time, it should be noted that the content covered in the second article is much larger than the previous one, from the evolution of technological revolution, to the business games of technology giants, and to the investment opportunities in the future capital market, all of which require systematic sorting and deduction. I hope this article can withstand the test of time, so I won't rush to publish it. After all the logic is fully demonstrated and the content is repeatedly polished, I will share with you. This is a meaningful thing that is worth my time and deserves everyone's patience.