The true demand for AI is rigid, which means a super-long-term investment mechanism. But reality is quite stark—corporate capital budgets are ultimately limited.

From the investment layout in 2023, around 2026 will be a critical time point. Companies typically conduct their first round of capital efficiency assessments and expenditure adjustments at this time.

Within this large cycle, small fluctuations and cycles continuously appear. On the surface, they seem like traps, but in fact, they are also opportunities. The key is to distinguish which are cyclical downturn noises and which are genuine trend reversals.