74899691 : Establish a position at 300

74899691 : An AI arms race that’s a losing proposition no matter what. The key issue is the word 'race'—it will claim many tech giants, whose return on spending is fundamentally negative. They keep raising capital, yet their cash flow remains deeply in the red.

74899691 102773208 OP : Its capital expenditure guidance is estimated to reach 200 billion. It will need continuous financing. In this AI arms race, the clear winners are hardware stocks—anyone buying them is already profiting, not losing money.

74899691 : Normal circumstances

74899691 OP UOF : Around 310 tomorrow

74899691 : No matter how much you earn, it all goes to hardware costs—in the end, you lose big. The AI downstream segment was never profitable to begin with; in fact, it’s operating at a loss. Only players upstream are feasting on delicacies.