Recently, AI computing power has declined, and many people are discussing a bubble. We are not yet in a bubble period. During the bubble period of 2000, most internet companies were making losses—pure cash burn. The Nasdaq Index’s forward PE reached a peak of 60–70 times, and the entire sector was in a bubble. However, the current market, in essence, is a cyclical-products market under accelerated penetration. It can be seen alongside the lithium battery sector. Compared with the lithium battery period, the current stage corresponds to the mid-stage of that lithium battery period. Reference the transmission chain.