Recently, there have been subtle changes in AI narratives: from the grand vision of Artificial General Intelligence (AGI) to the practical application of Agent technology, and even a rethinking of CPU computing power. What does this shift indicate? Fundamentally, the ultimate dream of AGI may still be too distant.

Looking back: the previous surge in AI concept stocks was essentially driven by market expectations of breakthroughs in AGI. But as expectations gradually shifted from "general intelligence" to "specialized Agents," and then to "computing infrastructure," it precisely reflects the market's expectations pulling back — from the peak all the way down.

Frankly: sectors experiencing super-booms are likely to undergo a very strong correction next. This isn't minor volatility; it could be epic. Those stocks that surged the most early on may carry the greatest risk.