In the next few years, the demand for AI will still be strong! How many advanced chips, how much memory, how much supporting power and equipment can be produced globally in a year. This is a supply constrained industry, not a demand constrained industry. If you understand this layer, many sectors will not be anxious. This week, Meta's issuance scared the market into collapse, with SPCX's bond interest rate dropping to 8.3%, and the screen was filled with cries of AI financing credit crisis. My opinion is that these are issues of money allocation, not demand. The gap is there, and money will always find the place with the highest return rate. There are many paths, such as sovereign funds, bond issuance, and private equity rounds. Bloom BE Energy's financial report shows that its revenue has doubled and its profit margin has continued to rise. Electricity has become a new bottleneck, indicating that funds are still flowing into bottleneck areas such as computing power, storage, and electricity. Of course, the market will eventually end up with overcapacity, and new production capacity will only be launched one after another around 2028. Before that, every scarcity is a pricing power, and we can talk about what happens afterwards!