[Serenity: Don't Label All AI Infrastructure as a Bubble; Current Trend is Deleveraging, Not Demand Collapse] BlockBeats reported on November 8th that Serenity stated that the media's repeated use of the term "AI bubble" is inappropriate. Among infrastructure stocks, storage companies from Samsung to ESMT have forward P/E ratios of only about 1 to 3, and HBM vendors have signed long-term agreements with hyperscale cloud providers with multi-year price floors. Optical companies like POET are even trading at a market capitalization of approximately $97 million below net cash, effectively giving their operations a negative valuation. Meanwhile, AI-related companies, still trading at a premium, continue to project demand for the next 3 to 5 years, for example, signing long-term agreements of approximately $20 billion with Coherent and approximately $5 billion with Lumentum. Serenity stated that it's difficult for the media to directly characterize the currently high-volatility optical stocks with negative enterprise value, and the undervalued storage stocks that have locked in multi-year demand and price floors and are still highly profitable, as a bubble. This theme is clearly polarized. Some startups, like Instinct, have privately held valuations that seem inflated, while the valuations and promises of some overly leveraged and poorly funded Neocloud platforms, as well as some AI labs, warrant caution. However, the market often uses "leverage" or "debt" issues to scare investors. Serenity believes that while valuations may be compressed in stages due to the macroeconomic environment, regulatory uncertainty, or reduced capital expenditures, for companies truly supporting AI development, this is more like a major deleveraging process in 2026 than a destruction of fundamental demand. With subsequent earnings reports and the accumulation of free cash flow, they are optimistic about valuation repair in bottleneck areas and expect the market to eventually distinguish between sustainable growth and genuine bubble valuations. [Original Link]