高能量
Li Xiang and Li Feng in conversation: Chinese industry execution, past primary-market deals, and macro cycle calls
1:27:15Global liquidity peaks: the companies that spent most aggressively on AI in H1 are discounted first
A rising market needs new money to keep taking the other side. Global liquidity is already showing signs of peaking, and the companies that invested most aggressively in AI in the first half are shifting from being rewarded to being discounted.
3:19:14Rock Chronicle Lost Him Several Ferraris, Yet He Says It's Not a Failure
The 1994 Hong Kong Red Stadium concert is the pilgrimage site of Chinese rock. No one was staging a pilgrimage-level show anymore, so he staged one himself. After signing the artists and fixing the dates, he still didn't know which city it would land in. He lost several Ferraris' worth of money, and when the industry asked why, he said that as long as he could cross off his wish list, it wasn't a failure.
1:14:51AI Chemical Synthesis Nears a Decade-Experienced Chemist, but White-Box Is the Commercial Prerequisite
AI chemical synthesis capability is close to that of a chemist with ten years of experience and can propose five to six routes, but serious scientific software must be white-box to build trust; AI for Science penetration is less than one in a thousand, yet the trend is inevitable.
1:35:09Dollar assets can't draw fresh blood: US stocks and bonds enter the tail of the cycle
The rise of dollar assets (US stocks + US Treasuries) rests on a continuous global inflow of incremental capital; now that Treasury yields are high and Japan moves the whole board, the US can find almost no way to draw in enough new money, and major asset classes enter the tail of the cycle of high-volatility stock-game competition.