Computing power is no longer a moat; politics is starting to put the brakes on AI. The Democratic Party's regulation of AI has gone from slogans to regulations: energy consumption, computing power procurement, model auditing—each aspect is being tightened. Microsoft's relinquishment of its expansion rights essentially means entrusting the risk of spending to policymakers, preferring to build less rather than gamble. The valuation logic for IPOs is also being rewritten: from "discounting future computing power" to "pricing based on current cash flow." As the bubble bursts, companies with customers and profit margins will be recognized again. The next round of AI competition may not hinge on who has more chips, but on who can calculate more valuable answers with less electricity within tighter regulations.