Turn back the clock on the watch hands by 12 years.

The wave of "mobile internet" is just like the current "AI".
Alibaba, Tencent, and others are expanding rapidly at a 40% annual growth rate.
In the following 12 years, Alibaba and Tencent's net profits indeed increased tenfold.
If you had foresight, you would have heavily invested in the Chinese concept internet index at that time.
That wasn't endless CapEx investment with no returns; it was a double play of market share and profit margins.
If you're going to bet, bet big. You believe the Mobile side is the future, and the adoption of mobile internet will far exceed analysts' expectations.
If net profits can increase tenfold, then valuations could double again, resulting in a 20x increase.
But in reality,
If you bought into the Chinese concept internet in 2014, holding through the last Year of the Horse to this Year of the Horse,
Your 12-year return would be less than 10%.
Investing is truly much more difficult than it seems.