Rate Of Return
CommemorativeTwo weeks ago, Liang said selling tokens would break even within the year. This week, US Big Cloud earnings reports also had similar versions ($Microsoft(MSFT.US) was very considerate to point out separately that excluding OpenAI, the growth rate is still huge), indirectly validating the value creation at the AI application level. So, after the large fluctuations in memory, with the financial and gross margin discipline of the entire industry remaining robust, the narrative will return to the inevitable, continuous track of value creation for AI as a whole.
Re-acquired some $Meta Platforms(META.US). After reducing positions in $Alphabet(GOOGL.US), holding steady. Overweight position in $Taiwan Semiconductor(TSM.US) remains unchanged; memory sector has suffered significant losses this round, so I'm ignoring it. For hardware, selling new high calls on sharp rallies; current assessment is that hardware is unlikely to return to June highs. Focus for H2 is on major cloud providers; both Meta and Google show desire to increase positions. Main thoughts and assessments: The narrative of commoditization of models is strengthening, and the competitive-cooperative relationship between cloud and frontier models has entered a stage of mutually beneficial achievement. Overall, cloud may have the upper hand.
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