AI investment can be categorized into four areas: infrastructure, large-scale models, applications, and use cases.
But American billionaire Graham believes that the hottest AI application layer is the biggest bubble!

Many AI applications appear to be growing rapidly, with venture capitalists pouring money in, often matching 200 million in revenue with a 500 million valuation. However, most of them lack a real competitive advantage and constantly face the risk of going "to zero."

The hottest spots are often the deepest pits.