Hiding from market adjustments in ultra-large CSPs—if some of your positions were in ultra-large CSPs in July, the experience would have been much better. After reading Microsoft's earnings report today and revisiting the early July article 'The performance of future ultra-large CSPs will be a more important indicator for measuring AI commercialization,' doesn't its value feel even more elevated? This might be the earliest article on X discussing the value reshaping of ultra-large CSPs. Of course, the most comprehensive thoughts are in this long post: https://((x.com))/qinbafrank/status/2076839550119444702?s=46&t=k6rimWsEbo2D2tXolYcM-A As for Tencent, the discussion started even earlier: https://((x.com))/qinbafrank/status/2074681121686900839?s=46&t=k6rimWsEbo2D2tXolYcM-A