Author: Mr. Lin Weizhi, Executive Vice President, Ji-Pu Industrial Trend Research Institute

As 2025 draws to a close, we're entering an unprecedented industrial rhythm. AI servers, which cost hundreds of millions of dollars, are being replaced at a rate approaching that of a tens of thousands of dollars cell phone. While the industry is changing at a faster pace, the scale of capital investment is also expanding dramatically, and the discussion of bubbles and bubble bursts is heating up and becoming an ever-present background noise in the marketplace.