This is brutal. This week, several well-known hedge funds, such as Axebrook, Walleye, and Lone Pine, faced margin calls, large-scale redemptions, or closures/strategy adjustments. Even the legendary investor Leopold was stunned by the crash, and the AI-driven fund manager was dethroned. The last time a large number of hedge funds were shut down or severely impacted in a short period was during the 2008-2009 global financial crisis, when hundreds of hedge funds closed due to credit tightening, massive redemptions, and market crashes. An even earlier cluster event was the 1998 crisis at LTCM (Long-Term Capital Management), which triggered a chain reaction, leading to liquidity crises and the closure or restructuring of many hedge funds. These are classic moments in financial history textbooks, and we were fortunate enough to witness another one last time last night that is destined to be etched in history. Based on these two historical experiences, a large-scale fund collapse cannot be taken as a reliable bottom-fishing signal, but it can be seen as a forced liquidation and deleveraging following short-term overheating in the AI/technology sector. Some funds may have become temporarily oversold as a result. Such oversold conditions often present rebound opportunities because forced selling creates liquidity. However, these are more of a "symptom in progress" than a precise bottom confirmation—the market may continue to decline until other buyers (long-term institutions, retail investors, etc.) enter the market or the fundamentals stabilize. I've started buying slowly, but I'm no longer chasing hot AI stocks like Micron and SanDisk. Instead, I'm buying stocks like the "Seven Sisters" (a group of stocks that can be held for a longer period), such as Google (GOOGL). In addition, I've opened a long position in SPCX that I've been waiting to open; I'll add to it if it drops further. Those with cash on hand are currently fortunate.