On Friday, the AI application sector collectively rose, and there was a clear divergence in opinions about the future trend.

The bullish side pointed out that AI model financing remains strong, and currently is a period of performance verification, which means that related applications can present real financial data to support valuations rather than just storytelling. Therefore, this round of rise has fundamental support.

The bearish side warned that the downstream application segment of the AI industry chain is precisely the most vulnerable link in the entire chain. When mainstream funds start to hype the AI application concept, it often signals that this wave of market has entered its final stage—funds have already speculated on upstream chips and midstream models, and only then does the application end take the lead.

My view is that the development logic of this market trend not only follows industry cycle laws but also reflects the stage characteristics of market game-playing. Precise timing is difficult, but opportunistic high selling and low buying, along with introducing new market narratives, are necessary. From last year to now, investors who坚持 right-side trading have indeed made substantial profits.

At this stage, there is no need to be overly pessimistic about the AI industry. The key is to maintain balance when building investment portfolios and to moderately reduce concentration in a single sector.