For a company that has been making continuous losses but operates in a high-growth industry, how should you judge the right time to enter?

Taking AI as an example: if you view an AI company as a 10-year marathon, then:
First 3 kilometers: the market looks for revenue growth.
Middle 4 kilometers: the market looks for technical moats, data accumulation, and economies of scale.
Last 3 kilometers: only then does the market require stable profitability and free cash flow.
So, profitability is not the starting point for a stock price rally—it’s the endpoint that confirms the business model has succeeded.