People have placed almost all their hopes on AI, but more promising innovations lie in real-world fields such as energy, defense, aerospace, and biotechnology. What we need is the ability to change the physical world, not just software that enhances information processing efficiency (some people prefer to call it a system to sound more sophisticated).

Some companies are making determined attempts in this area, but compared to the AI industry, their efforts are far less intense. In fact, AI can only enter the physical world and integrate with industrial systems and national capabilities for humanity to enter a truly new stage of progress.
The theme of this era should be anti-software comfort zones and anti-pure SaaS. Even from a purely investment perspective, the targets people are rushing to invest in are unlikely to be good ones. After all, good companies and good prices are entirely different things; frenzied buying implies that the price is almost certainly not good.