@TaoRay: Yes, a few weeks ago, when AI upstream hardware was at its peak of hype, I asserted against the trend on Space that "the market inflection point is coming, the upstream falls, the downstream eats its fill, it's time to position in software cash cows." The market indeed developed that way. I have a very important observation: "In recent years, the increase of retail investors and speculative funds in the market will increase the amplitude of volatility, but on the contrary..."

Yes, a few weeks ago, when AI upstream hardware was at its peak of hype, I asserted against the trend on Space that "the market inflection point is coming, the upstream falls, the downstream eats its fill, it's time to position in software cash cows." The market indeed developed that way. I have a very important observation: "In recent years, the increase of retail investors and speculative funds in the market will increase the amplitude of volatility, but on the contrary, it makes the market's pattern more certain, because retail investors find it harder to resist human nature." However, I also said that with the capriciousness of the US stock market, it does not mean a complete sea change; currently, it is still mainly sector rotation. And these upstream stocks will likely digest their bubbles through extremely wide oscillations, trading time for space, and will not completely turn bearish. Although the past few days have seen continuous declines, very brutal, actually the future will see ups and downs as the norm, freeing up space for "cash cow" companies to move up.