Regarding the bubble issue, there is an interesting classification method—dividing it into two dimensions: market bubbles and industry bubbles.

Take AI as an example. There is indeed a market bubble, with stock prices soaring, but from an industry perspective, application scenarios and technological breakthroughs are real and present, with enormous future potential. This is a typical situation of "market bubbles exist, but industry prospects are vast and promising."

In contrast, the electric vehicle sector is completely different. This track has both market bubbles (speculation) and industry bubbles—intense price competition has long been fierce, the ceiling is clear, and growth potential is limited. Entering a bottleneck period is inevitable.

Looking at the crypto asset market, it’s a different situation altogether. There is no obvious market bubble (prices are relatively rational), nor is there industry bubble support; large-scale application of the ecosystem is still in the exploration stage. The entire market feels somewhat stagnant, lacking that driving force.

This framework makes it very clear: different forms of bubbles lead to completely different outcomes.