Investing enters a world of extreme compression; the cycle has not disappeared but has been violently folded.

1. Narrative is Justice: Assets are being tokenized
Gold/Silver are no longer just cold metals; they are also narrative tokens for de-dollarization. They complete historically significant market moves in a very short time.
Memory/Hard drives are no longer just hardware for cycles; they are the next generation after AI chips.
The first AI IPO is no longer judged solely by financial reports but replaces SaaS, disrupting traditional business models with a huge market potential.
In the short term, asset pricing no longer depends on cash flow but on a combination of grand narratives + social media + derivative leverage + surging demand, forming an exponential function. Symbolic value outweighs actual 'assets'.
2. Violent Folding: A ten-year cycle completed in one year
What used to take ten years for a full cycle now fits into three micro-cycles in just 1-2 years. Micron's stock tripled in 8 months, Silver completed a historic valuation correction in 9 months, and AI large models like Zhipu and Minimax surged 10 times after going public, rendering traditional slow-paced indicators completely ineffective.
3. Why has the pace of investing accelerated?
Under the AI era, the half-life of information is extremely short, and its utility is immense. AI enables market pricing to be almost instantaneous, leaving no time lag to discover the truth gradually. Any logic is quickly priced in within weeks. The resonance of physical supply and financial leverage, combined with amplified emotions, leads to high-frequency switches between extreme optimism and pessimism becoming the norm. Think about it—most global financial assets are in this state.