The strong ones have directly reached new highs👀 If we use past financial data to price the future, losses, high valuations, and being expensive are all reasons "common sense" tells me not to buy MiniMax, but the market doesn't play by common sense. From the market performance, the logic of the AI market is: narrative premium > fundamentals. Baidu is an established internet company, and the market classifies it as "traditional tech"; MiniMax and Zhipu are purely AI-native, and the market gives them the imagination space of "the next OpenAI." Losses are not a problem; the more they lose, the more it shows they are burning money for expansion, and the market likes this story. The market buys expectations, not reality. Fundamentals describe "how much this company is worth now," but prices reflect "how big this story can be in the future." These two things are not the same. When the narrative is strong enough: market participants are willing to pay for "possibilities." AI, RWA, Meme, those buying do not misunderstand the fundamentals; they believe this narrative will attract more people, and as long as they are not the last ones holding the bag, it's fine. When liquidity drives: when there is more money, it needs to find an outlet, and assets with good fundamentals have already risen, so funds overflow into places with "good stories," where there is significant room for growth and imagination. In a speculative market: buying is not because of belief, but because many are trying to believe.