Everyone is optimistic about AI, and indeed many companies are surpassing the revenue growth of the star companies in every past wave of technological innovation.

However, currently, funds are still mainly invested in hardware and infrastructure. The reason for this is that there are not enough high-quality application layer projects available.

This is very similar to the crypto world. Initially, there was frantic investment in public chains, speculation on public chains, and hype around storage. The crypto space is essentially a faster-paced version of reality, and bubbles will inevitably burst.