Many people haven't realized that AI is not just a track; it is restructuring the entire valuation system.

1. Anthropic crashes SaaS, everything software, sell.
When customers find that 80% of functions can be completed using model APIs, they will no longer be willing to pay for complex, expensive, per-user SaaS systems.
2. ByteDance crashes Hengke, sell anything related to ByteDance competition.
The efficiency gap will be amplified infinitely.
ByteDance's algorithms, traffic distribution, and commercialization capabilities combined with AI will make customer acquisition costs and monetization efficiency for traditional internet companies appear cumbersome.
3. The Capex of the Seven Sisters is too frightening, Wall Street worries about recouping the money, sell anything with scary Capex.
Heavy asset investment means longer return cycles.
When hundreds of billions of dollars are poured into data centers and computing power, but profits are not clearly visible, the market will start to question whether this is a productivity revolution or a capital consumption war.
4. The AI wave-like demand drives up prices for storage, CPUs, and fiber optics; consumer electronics that also need these are all sold.
Resources are siphoned by AI, costs rise but the premium isn't on your side.
AI is redistributing profit pools; money will concentrate in companies that can price computing power and intelligence, rather than those that just use computing power.