Another round of crackdowns. The bottom for the A-share market is not far off; historically, the market bottom always appears later than the policy bottom. Last night, the US stock market dealt me a heavy blow, and today the 'Big A' (Chinese market) did the same—a double whammy leaving me dizzy. The AI narrative will continue as major tech firms are still increasing capital expenditures, and companies like OpenAI have yet to go public. From a certain perspective, the current AI competition between China and the US is akin to the arms race during the Cold War. The US has set the pace, while China maintains a strategy of engagement and distance to keep catching up. At this point, the US cannot back down, as the AI narrative has become tied to US GDP and the stock market. Meanwhile, in the military domain, neither side dares to make a rash move or engage in direct confrontation, suggesting that others may benefit from their stalemate, potentially resulting in proxy wars at most.