In this round of the A-share market, Cambrian U is undoubtedly the most dazzling presence. With a market capitalization of 560 billion RMB and a price-to-earnings ratio of 300—what does this mean? Based on the static recoup investment cycle, you would have to wait a full three centuries.

The market has labeled it as the "China's Nvidia", maximizing the imagination of AI chips. But upon calm reflection, there have always been precedents for valuation bubbles in global tech stocks. Now the stock price is fluctuating at a high level, and bullish sentiment has reached its peak.

Historical patterns tell us: when retail investors start talking about an "eternal bull market," it often means a turning point is not far away. This type of valuation that is detached from fundamentals cannot last long. What follows is either a long digestion period or a quick correction. Those who hold should weigh the risks.