1. Current holdings include Microsoft, Google, TSMC, Apple, and a small position in QQQ and VOO. The offensive positions are mainly LONG CALLs on Tesla and Apple.

2. My assessment of the peak of this AI wave is as follows: First, monitor AI capital expenditures to see if they continue to rise or remain stable; second, check wafer fab orders to see if expansion and equipment demand persist; third, watch HBM/DRAM prices and supply-demand dynamics; fourth, track NVIDIA's revenue growth; fifth, assess whether ASIC+AI network demand remains strong; finally, look at inventory, accounts receivable, and gross margins.

3. Microsoft has the lowest cost basis. The recent pullback hasn't significantly impacted my mindset, especially since previous CALLs yielded substantial profits. I plan to hold for the long term.

4. Gains from Google were modest, mainly because I didn't add to the position at the bottom, which I regret slightly. However, taking another perspective, my view differs from others. I believe Google's moat isn't as deep as Microsoft's. Firstly, commercial office products, when executed to perfection, create a wider moat than consumer products. Secondly, Microsoft's latest initiative to protect corporate intellectual property from AI model platform infringement is, in my view, one of the most critical trends for AI's future. The product ecosystem built around this viewpoint could become their winning strategy over the next decade.

5. TSMC was also chosen based on the second point above. The only downside is geopolitical risk. As for why I didn't pick ASML, the reason is similar to Novo Nordisk: I'm not optimistic about Europe's future.

6. Choosing Apple was a sudden decision. I believe the latest iPhone 18 series, including foldables and even the future M7 chip, will act as a catalyst for the stock price. AI ultimately needs to return to end-user devices. As the most successful terminal platform company, Apple always holds its value. I also used LONG CALLs to express my fondness for it.

7. The Tesla LONG CALL was an impulsive move, but the entry point was good, and it's a long-term horizon of over a year. I believe 'Old Ma' (Jack Ma) will surely bring more explosive news this year to push the stock price to new highs.

8. My trading pace will gradually slow down because AI is the future. Once you're already on the path, there's no need to keep looking at the side paths.