Binance Asia Learning Camp Masterclass Day 2 This morning's presentation was a macro overview by Michael. Here are a few thought-provoking points: From the perspective of the AI industry chain, the core logic behind the previous bull run was the insufficient supply of infrastructure such as computing power, chips, and storage, leading to continuous expansion of capital expenditure and benefiting the entire industry chain. However, the question we need to consider now is: as supply gradually increases and technology continues to spread, who can truly convert these investments into revenue and profit? Several data points from the presentation are noteworthy: · By 2027, the capital expenditure of several major cloud vendors is projected to exceed $1.5 trillion. · BTC's maximum pullback in this cycle was approximately 54%, once again reminding us of the cyclical volatility of risky assets. · As of September 2026, the on-chain penetration rate of RWA assets is approximately 0.01%, indicating significant long-term growth potential. These data all point to the same question: After capital investment, can it ultimately generate real commercial value? This also made me rethink why Hype has performed so strongly in this cycle! Whether it's investing in US AI, RWA, or Crypto, we all need to return to the concept of "authenticity." If we lose sight of authenticity, all that's left is narrative and emotion, essentially reverting to a purely meme-based approach. Finding "authenticity (real needs + real users + real revenue)" is the real challenge we need to address in our future investments. BinanceCampus @yayabinance @sisibinance @moonkimbinance @pearbinance