After a relatively thorough round of adjustments recently, SPCX's valuation has gradually returned to a rational range. From an industrial logic perspective, whether it's commercial aerospace, satellite internet, or global AI infrastructure construction, the demand for computing power, communication, and aerospace capabilities continues to rise. These long-term trends have not changed due to short-term market fluctuations. The current market is more about trading sentiment and liquidity, rather than a deterioration in fundamentals.

From a risk-reward ratio perspective, compared to previous highs, the current price has already released a lot of short-term risks, with relatively limited downside potential. In the future, as industry catalysts are released, institutional capital is allocated, and market risk appetite recovers, the upward elasticity is actually more worthy of attention. Often, truly valuable assets are not bought when everyone is optimistic, but are gradually positioned when there is market divergence.

For me, now is more like a stage of patiently waiting for value realization, rather than a stage of worrying about short-term fluctuations. Prices will fluctuate, but the long-term growth logic remains clear.