The pattern of tech and capital bubbles over the past four centuries has repeatedly proven that truly world-changing technologies often go through one or even multiple bubbles. Whether it's railroads, automobiles, the internet, blockchain, or today's artificial intelligence, they all follow nearly the same evolutionary cycle: technological breakthrough → capital frenzy → bubble burst → industry shakeout → infrastructure maturation → value release. What bursts is never the technology itself, but the market's misjudgment of the speed at which the technology will deliver. History repeatedly tells us: humans always overestimate technology in the short term and underestimate it in the long term.