#AI基础设施投资 Once again, a classic pattern is playing out. The AI infrastructure frenzy has lasted for two years, and now the issues are coming to the surface: money is burning rapidly, but revenue growth can't keep up. QCP's analysis hits the nail on the head — capital is flowing in continuously, but monetization progress is slow, which is like a bottomless pit.

I've seen too many cycles like this. In the early stages, everyone is telling stories, funding rounds follow one after another, and valuations soar. But when reality starts testing those promises, problems emerge. If next year AI companies' revenue growth can't keep pace with investment, this risk won't be limited to tech stocks; it could spread to the entire stock valuation system. The broad revaluation that might occur in 2026 is essentially the market paying for overly optimistic expectations in the early stages.

What's more painful is that such adjustments are often violent. It's not a slow decline but a concentrated stampede. The crypto market is also under threat of MSCI index review, and a $2.8 billion outflow of passive funds could hit at any moment.

So what's the key? Those entering the AI infrastructure space now need to consider two questions carefully: first, what are the real revenue paths of these companies? Not just what’s on the PPT, but real cash flow; second, can your risk tolerance withstand the day of valuation re-evaluation? Many rush in at high levels, only to find themselves trapped when they realize it too late.

One fundamental rule for surviving on-chain is: never follow the crowd when everyone is celebrating. Learn to read cycles, identify traps, and calculate risks.