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Many people saw the Nasdaq fall 5.5% and immediately thought the AI bubble was about to burst. But I believe the greater concern is that the AI supply chain may begin to diverge. Companies with real technological barriers, customer orders, and cash flow may not lose their long-term value because of a single plunge. Conversely, companies that rely on financing, lack stable revenue, and depend too heavily on future orders may face a much tougher test. The market previously treated the entire AI supply chain as winners; now it is starting to reshuffle the pecking order. We may see a situation where the AI industry continues to develop, but not every AI company makes money. Investors need to shift from chasing concepts to studying financial reports, and from growth stories to actual returns. The bursting of a bubble isn’t scary; what’s scary is not knowing what you’ve bought. #每周来晒 and #美股史诗级抛售 $MU