If you think US stocks are at peak hype right now, then you're missing the AI picture entirely.
Take China as example: we've entered the "全民 AI 化" era, but NOT the "全民会用 AI" phase yet. AI is a LONG cycle play. The real explosion? Still hasn't happened.
Even ChatGPT adoption isn't as widespread as you think. Sure, power users burn through tokens fast, but in reality? How many normies are actually using it daily?
Right now, the BIGGEST token consumers are:
1️⃣ Video generation (Runway, Pika, Kling) - AI short dramas like "霍去病" created overnight millionaires, flooding the space
2️⃣ AI Agents
3️⃣ AI coding tools
4️⃣ Content generation + e-commerce ops
Micron, NVDA, TSMC pumping? It's simple supply-demand economics on AI infrastructure:
HBM chips
GPUs
Data centers
Power grids
Cooling systems
The ENTIRE supply chain is in expansion mode.
Most AI users today are stuck in low-consumption use cases like basic Q&A and copywriting. The phase where token consumption goes parabolic and chips get absolutely rekt from demand? That hasn't arrived yet.
The real signal to watch: when RAM prices start dropping and supply exceeds demand. THAT'S when you should be concerned about the top.
Until then, we're still early in the infrastructure buildout phase. 📈