The hot track of this cycle, AI, RWA, MEME, was the AI boss last year, the second in RWA, and the third in MEEM, and this year AI has been reduced to the third position. The iteration of AI technology is too fast, and in recent years, hot spots have been switched quickly, from stacking computing power, stacking parameters, and stacking data to multimodal and vertical applications, and then to Agent. As far as Agent is concerned, last year, I speculated on the Agent individual represented by GOAT, the Agent platform represented by Virtual, and the Agent architecture represented by Eliza, but since this year, they have basically entered the de-bubble stage. The only one that has risen against the trend is ALCH, a no-code agent development platform, with chip accumulation and borrowing hotspots, which is indeed relatively easy to pull. Visually inspect a bunch of no-code development tools AI products will arrive one after another, coupled with MCP-related concepts, maybe bring the third spring of AI.