Computing Power Hegemony and Valuation “Bubble”: We are entering a costly new era.
Recently, I’ve been observing discussions within the industry, and it seems there’s been a fundamental shift in the definition of “growth.”
Previously, when we discussed the internet, we talked about “four ounces moving a thousand pounds” – writing a few lines of code, renting a few cloud servers, and leveraging excellent interaction and operations to unlock hundreds of millions of users. However, as of 2026, this “low-asset” illusion is being completely shattered by large models.