$PDD(PDD.US)The internet is a land grab, first come first served. AI is more like a marathon, where the leader faces the greatest wind resistance, and followers often can overtake in the final sprint using the most energy-efficient method. Investors' anxiety largely overestimates the first-mover advantage of models while underestimating the difficulty of application implementation and the speed of cost reduction. The current situation mirrors the 2000 internet stock bubble trend. The decline of internet stocks is akin to the result of Tiger Fund facing a massive wave of redemptions from investors chasing internet stocks back then. If you can't hold on, you are the Tiger Fund of that era. Conversely, if you calmly wait through this period, you'll find Coca-Cola is still Coca-Cola, and the fundamentals of excellent internet companies like Tencent and Pinduoduo haven't changed. If you need psychological comfort, you can listen to Warren Buffett's speech at the 1999 Sun Valley Conference.