Recent thoughts: 1. The AI sector is not so easy to collapse, it is just a drop to clear leverage and then continue to rise. The essence of A-shares is a financing tool for state-owned enterprises, and the core task of the current US stock market is to finance the AI industry. Now SpaceX has successfully received the money, and we will talk about the launch of OpenAI and Anthropic next. 2. The trend of encryption is very similar to a period of sideways volatility before the collapse of FTX in 2022, during which counterfeit stocks performed well. The current shanzhai market is actually good, but it's not the shanzhai season that everyone remembers. In the past, the imitations fired ten thousand arrows at once, competing to pull the market. The current counterfeit market is starting in small batches. Careful examination of the market will naturally reveal. 3. The counterfeit market still has a window period of over a month, from June to July. 4. AI narrative is not so easy to break. The current AI has a foam, but it is not the time of collapse. Even if the storage sector experiences a pullback, funds will still seek out other peripheral AI themes for speculation. At least wait until October, when the seven sisters successively release their future spending plans. If BTC continues to experience a sharp decline this year, it will likely be due to the Federal Reserve's interest rate hike, a major pullback in the US stock market, and a collective AI crash. The liquidity tightened sharply, and the first wave killed BTC and cryptocurrency first.