Recently, I discussed the topic of AI investment with many friends, and opinions vary on whether there is a bubble in AI stocks.

For investment to achieve big results, you must buy early, hold heavy positions, and hold firmly—missing any one of these is not advisable. Those who can meet all three are often deep participants in the industry or deep users of the product.
For example, people who hold Apple stock long-term are likely to be users of the Apple ecosystem, and many early Tesla owners achieved significant results with Tesla. So, when it comes to whether there is a bubble in AI, only heavy users have the right to speak.
I’ve also encountered some people around me who have been shouting "ALL IN AI" for a year. Their current use cases are still simple, like asking questions on Doubao or DeepSeek, or organizing diaries and documents. In their eyes, AI is just a sophisticated search engine, and the bubble is obviously huge.
But the reality is that, except for some sectors like storage, most stocks currently have forward P/E ratios lower than a year ago. Only through deep AI usage will you realize that we are still in the early stages.
However, I think early June might be a very subtle time point. The massive SPACEX IPO combined with the World Cup could cause a pullback in the US stock market (BTC, as the current canary of the financial market, has already led the decline), and this pullback might be a rare opportunity to get back in.