What investment signals did Sun Yuchen reveal in his latest interview after deducting 90% of Ethereum from the Nasdaq while being bullish on AI? 1. The first half of AI is selling shovels, and the second half is making money through applications What is the hottest topic in the AI industry right now? NVIDIA, chips, storage, optical modules, data centers, everyone is crazily buying equipment and building computing power. But what will be more important in the future is the application layer, whether AI can truly enter the lives and work of ordinary people and solve practical problems. 2. AI health management may be the next big opportunity In the future, seeking medical treatment may no longer be about going to the hospital whenever you feel uncomfortable. Instead, various devices will be used to collect body data, which will then be analyzed by AI to provide personalized recommendations. Finally, doctors will provide professional advice. 3. AI hardware may not necessarily continue to rise, and there may even be a surplus in the short term He has a long-term bullish view on AI, but that doesn't mean he thinks all AI stocks are cheap now. At present, a large amount of funds are squeezed into a few AI leaders, and chips, storage, optical modules, and data centers are all expanding production, which does not rule out oversupply. 4. Future AI investment may shift from collective clustering to differentiation between applications Nowadays, many funds are focused on chasing a few AI leaders, buying and selling just a few of them. But as AI technology matures, the market will eventually have to answer a question: Who can really turn AI into revenue and profit? He believes that market differentiation may gradually emerge around 2027. 5. US stocks and AI may rise too crowded in the short term, but in the long run, it is important to know how to reduce positions He is slightly bearish on the Nasdaq and the entire AI sector, but has not liquidated or shorted. His concern is that everyone is crowded on the same boat, and no matter how big the boat is, it cannot withstand everyone running in the same direction at the same time. 6. Bitcoin is the bottom position, Ethereum is the offensive position, investment cannot just be a dead end He placed Bitcoin and Ethereum in different positions. Bitcoin is more like a long-term bottom position, as long as the judgment of Bitcoin is not completely changed, it will not be easily reduced significantly. Ethereum is more like an offensive position, requiring flexible adjustments based on market structure, price trends, and funding conditions. He once deducted 90% from Ethereum 3600-4000, but never bought it back and switched to the US stock market. RWA may be an important opportunity for the next stage of blockchain In the future, blockchain can carry more real-world assets, such as stocks and bonds. The core logic of RWA is to bring real-world assets onto the chain through a compliant tokenization structure, making it easier for users to access and trade these assets on the chain. 8. Ordinary people participating in the golden age of AI should not only focus on the hottest stocks, but also think clearly about where the money ultimately comes from What ordinary people really need to do is understand how a technology creates value, who is willing to pay for it, and whether the current price has already overdrawn the future. The golden age of AI may indeed be unfolding, but the opportunities to make money will not be evenly distributed among all participants. When everyone is chasing AI, are you paying for the real profits of the future, or are you paying for the stories told by others?