What should you buy in the post-Trump era? What should you do in the crypto market? Yesterday, I was chatting with a friend about Trump's crushing defeat in the midterm elections. What should the crypto and US stock markets do? Here's my understanding: The Trump era is entering a new phase. In the 2026 US midterm elections, the Democrats will control both houses of Congress, meaning Trump's governing environment will change significantly over the next two years. In the past few years, the US stock and cryptocurrency markets have had a very clear characteristic: political narratives have an increasingly significant impact on the market. Trump's tariff policies, tax cut plans, crypto-friendly stance, and even a single social media post can become a trigger for short-term market volatility. However, I believe the market may gradually shift from political trading back to industry and profit-driven trading. Let's start with US stocks. I remain most optimistic about AI infrastructure, but the investment logic needs to be upgraded. Two years ago, the market was focused on GPUs, with everyone eyeing Nvidia and AMD. Later, this trend spread to storage companies like Micron and SK Hynix. Going forward, I'm more focused on the infrastructure behind AI: optical communication, power equipment, data centers, and cooling. The reason is simple: AI models can iterate continuously, but expanding computing power requires substantial hardware investment. The more data centers there are, the greater the demand for fiber optics, transformers, power grids, and electricity. Companies like GLW, AVGO, MU, VRT, and ETN are worth continued monitoring. Of course, a strong industry logic doesn't guarantee a reasonable valuation forever; orders, profits, and return on capital expenditures are still crucial. The second main theme is energy. The ultimate goal of AI isn't just computing power, but also electricity. With the rapid pace of data center construction in the US, grid upgrades, nuclear power, natural gas, and energy storage all present long-term opportunities. In the future, what may be truly scarce isn't chips, but a stable, cheap, and continuously supplied electricity. Now let's look at the cryptocurrency market. I believe the post-Trump era doesn't necessarily mean a bear market for cryptocurrencies. On the contrary, the industry may be entering a phase that focuses more on practical value. BTC remains my core focus. What will truly determine BTC's future trajectory isn't just whether the US government supports cryptocurrencies, but also ETF inflows, institutional allocation ratios, dollar liquidity, and real interest rates. For ETH, we need to focus on stablecoins, RWA, and on-chain finance. Simply telling a story about traditional financial assets going on-chain is meaningless; however, if real funds, real users, and settlement needs continue to grow, the underlying infrastructure will have long-term value. The same applies to SOL. We can't just look at Meme coin trading volume; we need to look at the scale of stablecoins, DeFi revenue, and real user retention. Furthermore, I believe stablecoins and RWA are areas worth focusing on in the next few years. The crypto industry ultimately needs to move towards financial infrastructure, not just remain forever focused on issuing, speculating, and rotating funds. Of course, we cannot ignore the risks. If AI capital expenditures fail to translate into corporate profits, US tech stocks may face renewed valuation pressure; if US inflation persists and expectations of interest rate cuts fail to materialize, BTC and high-valuation growth stocks will also be impacted. Finally, let me discuss my specific investment strategy. If I were to make an asset allocation plan for the next two to three years in the post-Trump era, my choice would be quite clear. For US stocks, I would prioritize AI infrastructure. The first tier focuses on Nvidia, Broadcom, and Micron, with a focus on AI computing power, chip, and storage demand. The second tier focuses on Corning (GLW), Vertiv (VRT), and Eaton (ETN), betting on optical communications, data centers, and power equipment. Rather than simply chasing AI concepts, I prefer to buy companies with real orders, performance, and industry barriers. Regarding indices, the S&P 500 can be used as a core holding; it's unnecessary to put all funds into tech stocks. Energy, power, and healthcare serve as supplementary allocations. In the cryptocurrency market, my strategy is BTC as king, followed by ETH, with SOL as a flexible position. If only considering funds within crypto assets, I tend to allocate 60% to BTC, 20% to ETH, 10% to SOL, and the remaining 10% to stablecoins, waiting for better market opportunities. I don't easily engage in short-term trading with BTC. For ETH, I focus on RWA and the stablecoin ecosystem. For SOL, I look at real users and on-chain revenue. As for the large number of altcoins without practical applications, relying entirely on narratives, I won't include them in my core portfolio. In terms of position management, I prefer phased allocation rather than all-in at once. My planned investment is divided into three parts: the first part to establish a core position, the second part to wait for market corrections, and the third part to be reserved for liquidity shocks or truly attractive prices. I won't blindly chase highs during an uptrend, nor will I stubbornly hold on due to unrealistic expectations when fundamentals deteriorate. If AI capital expenditures continue to grow and corporate profits materialize, I will continue to hold or even increase my holdings in quality tech stocks; if institutional funds continue to flow into BTC and dollar liquidity improves, I will consider increasing my BTC allocation. Conversely, if corporate profits fall short of expectations, ETF funds continue to flow out, or macro liquidity tightens significantly, I should proactively reduce risk. If all investable financial assets are used as the denominator, I will not allow cryptocurrencies to be the main component of the portfolio. For investors with a higher risk tolerance, a reference structure of 50% stocks, 10% crypto assets, 15% gold, 20% cash and short-term US Treasury bonds, and 5% other assets can be considered, and then adjusted according to individual circumstances.