AI is not a myth, just a transition from frenzy to rationality

As American investors begin to move away from risk assets, the AI sector experiences a pullback. Many people's first reaction is: Is the story losing its appeal?
In fact, any rapidly growing industry will go through three stages: skepticism, frenzy, and rationality. AI has clearly moved from the frenzy stage into the rational stage.
Humorously speaking, AI was like a celebrity idol two years ago, attracting spotlight wherever it went; now it’s like a mature actor, speaking through its work. The market no longer buys into “concepts,” but focuses on profit models.
The retreat from risk assets is mostly due to valuation compression caused by liquidity changes. When funds become more conservative, the discounted value of future earnings naturally decreases. High-valuation sectors are the most sensitive.
But technological progress does not pause because of capital fluctuations. Algorithm optimization, model upgrades, and application expansion are ongoing. Companies deploying AI tools internally are seeing real efficiency gains.
Within the sector, differentiation will intensify. Companies lacking actual revenue support may be abandoned, while those with core technologies and stable clients become more attractive.
The so-called “collapse of faith” often occurs when logic is disproven. But AI’s logic—improving efficiency, reducing costs, creating new services—continues to be fulfilled.
Market sentiment cooling down does not mean the industry is retreating. It’s just moving from passionate speeches to financial reports.
The rational stage may not be as exciting, but it is more enduring. #我在Gate广场过新年