Recently, I had the opportunity to engage deeply with the insights of Claude, an advanced AI model, exploring the realm of stock investments through the lens of investment maestro John BogleThis discussion sparked substantial interest, with readers expressing their amazement at how the model could replicate Bogle’s distinctive communication styleHowever, what resonated more profoundly was its ability to transcend standard and oversimplified narratives surrounding index fundsMuch like Bogle himself, the model adopted a piercing analytical viewpoint, dissecting the fundamental discrepancies between the A-share market and the US stock market, culminating in refreshing insights that left many pondering.

As we navigate through the dynamic landscape of 2024, I have dedicated considerable effort to tracking the evolution of Artificial Intelligence (AI). From the well-known OpenAI to the summer's Claude 3.5 model, and more recently, the beta launch of Google Gemini 2.0, each encounter deepens my reflection on the transformative power of technology in our lives

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Since numerous readers harbor curiosity about this technological revolution, I feel compelled to share some of my observations and thoughts from recent times.

My interest in this subject was prompted when a friend asked for my perspective on the current state of the Nasdaq indexMy response may have come off as somewhat ambiguous to many, but it was rooted in my authentic feelings.

Firstly, as a value investor, I struggle to reconcile with the exorbitant valuation of the Nasdaq and, by extension, the high valuation of the S&P 500 overallSuch figures cast significant shadows of concern for meThat said, I am also an IT enthusiast who immerses himself in the limitless potential of large modelsThus, I can't dismiss the notion of betting against these stocks recklessly, even at their current zenith; there seems to be a sort of divine protection from the technology—AI's blessing on the American stock market.

Despite the market peaking and retreating in 2022, the emergence of ChatGPT around the year's end invigorated the stock market with fresh vitality

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Since then, the US market's trajectory has largely mirrored the sustained progress made in AI technology, relentlessly climbing higherPerhaps even more exhilarating for bulls and perplexing for bears is the fact that whenever skepticism arises regarding the capabilities of AI models, a more formidable variant appears, repeatedly shifting our understanding of AI's potential.

Take, for example, the recent skepticism surrounding the development of GPT-5. Just as it seemed we had hit a wall, the release of GPT-4 showcased unprecedented reasoning capabilities, once again astonishing industry players and investors alike.

Technology’s relentless evolution is truly awe-inspiringThe impact of today’s large models on social productivity likely surpasses the unpredictability ushered in by the internet craze two decades agoReflecting on the dot-com bubble of the late ‘90s, it was laughably easy for any company associated with the internet to soar to the sky overnight

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This phenomenon resulted in an almost hive-like euphoria among investors and the public.

Yet, peering back from two decades into the present, what was termed the "irrational exuberance" can largely be seen as a mere festival for capital markets, far removed from measurable technological advancementsMany innovations labeled as cutting-edge today barely push past the boundaries of imagination established twenty years agoWhile we enjoy the conveniences afforded by smartphones today, many of the applications of the mobile internet were sketched out by entrepreneurial visionaries two decades agoTake food delivery services; some companies in the early 2000s promised delivery within an hour, suggesting a vision that has only recently become commonplace in modern society.

However, the current surge of large models and other technological breakthroughs catches nearly everyone, experts included, off guard

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The sheer unpredictability of these advancements, coupled with scientists' differing opinions on topics like Artificial General Intelligence (AGI), creates a palpable confusion about the emerging new world, leaving many uncertain about its brightness.

This widespread uncertainty is reflected in the stock market, especially among the shares of seven tech giants, for whom the market has acquiesced to high valuations in an attempt to quantify this unpredictable future.

As a value investor, I find myself waiting for the proverbial bubble to burst within the US stock marketYet, every time new technologies emerge, especially significant advancements in AI, I am left in awe, feeling that the market is just one breath away from implosion.

This context explains why I, the so-called "sly" investor, continue to hold shares in several Nasdaq ETFsFor me, it's no longer about conviction; as long as the Nasdaq remains the leader among these assets within my momentum model, I will stay the course.

Discussing large models entails embracing not just the statistic of algorithms but considering the sweeping transformations they promise for our future

The recent document outlining specific objectives for 2025 regarding the metaverse, humanoid robots, brain-computer interfaces, and AGI emphasizes this young yet potent landscapeI urge you to explore this document as it elegantly summarizes the crucial trajectory and possibilities born from the current AI wave.

AGI, represented presently by advanced large models, stands as the well-understood cornerstone of future technologiesThe remaining three categories serve different application angles that can be categorized into two primary trajectories.

The first path we ought to examine closely is the illusionary worldThe rise of large language models creates a nearly authentic human dialogue spaceAs I previously shared, engaging with the “John Bogle” in the model ignites profound discussionsThis initial engagement is merely the beginning, as we have since witnessed technological revolutions—text-to-speech, image generation, and video creation models are now flourishing.

From the stunning debut of OpenAI’s Sora to the unveiling of Kuaishou's "Keling," the potential for AI in video generation blossoms before us

Following closely is Apple's Vision Pro alongside other brands like Xreal, which promise a future enriched by immersive AI content—no longer confined to traditional screens.

If we persist on this path, we will inevitably arrive at the exhilarating realm of brain-computer interfacesEnvision a world where we can directly output and receive information through the mind; the once-unimaginable scenes depicted in movies like “The Matrix” might soon be our realityUnder such circumstances, the metaverse could evolve from a distant dream into a tangible parallel for our existence—this is the enlightenment the illusionary world trajectory offers us.

In our existence, two parallel paths unfold without contradictionOne is the tangible world that we navigate on a daily basis.

Looking at our horizon, humanoid robots and their wider ecosystem are steadily ascending like the dawn, quietly yet resolutely showcasing their potentials

While the virtual world dazzles our imaginations, we must recognize humanity's roots remain firmly planted in the real world.

Delving into the contemporary scene, technological waves are discreetly reshaping our lifestyleConsider the surge of electric vehicles; every launch underscores the critical choreography of industrial robots tirelessly performing on assembly linesWhile this may seem to merely add color to our life, there looms an unsettling question for families like mine, perhaps consisting of only one child, as we approach middle age: who will care for us in old age when our hair starts to gray?

During a recent fireside chat with peers about this dilemma, we unanimously directed our gaze towards humanoid robots as potential harbingers of hope.

Empowered by general large models, humanoid robots emerge as a promising frontier in human assistanceLooking ahead, we can expect these steel assistants to meld professional caregiving with emotional connection

Predicted landscapes two decades hence foresee a need not just for robots in factory settings but also for them to engage and serve us as considerate partners in our homesThis future, far from being mere speculative fancy, is a realistic tableau set to unfold in our lifetimes.

Based on this understanding, I adopt a similar approach to investing in AI technologies as I do with the Nasdaq: I am inclined to align with prevailing trends while momentarily setting aside fixation on valuations.

In the A-share market, or the realm of Chinese listed firms, the number of truly outstanding AI firms remains limitedConversely, there exists a notable gap between our advancements and the superior large models emerging overseasNevertheless, we do hold certain advantages in niche segmentsTake the performance of the Robot ETF (159770), which has exhibited an impressive upward trajectory since the “9.24” market activity, recently reaching new heights, even as it undergoes a slight correction.

The market's focus on the robotics sector is underpinned by substantial logical reasoning

Whenever robots are mentioned, people often conjure vivid images of the stunning demonstration videos from Boston Dynamics, which clearly showcase the breathtaking capabilities of modern technology and illuminate the limitless potential of human ingenuityYet, what remains underreported is China's quiet rise in the competition for robotics technology, now emerging resolutely on the international scene.

I recall attending the Xueqiu Carnival in Shenzhen some time ago and noting a particularly eye-catching booth by YushutechThis domestic player is renowned for its robotics technology and showcased an innovative robotic dog at the event.

Earlier this year, at the Bund Conference, I stumbled upon another of Yushutech's “stars”—their humanoid robotInitially, Boston Dynamics captured global attention with breathtaking video productions, ultimately selecting hydraulic drive mechanisms for their technological roadmap

In contrast, Yushutech made a bold strategic pivot towards electric drivetrains.

A reflection on history reveals the wisdom in this choice: electric drive technology indeed represents the breakthrough for this forthcoming technological revolution, evidenced by the return of even Boston Dynamics to this pathScrutinizing this shift reveals that Yushutech’s leapfrogging in this sector has already been quietly realizedThis accumulation of technological prowess and surpassing of former leaders should garner greater recognition than our advancements in foundational large models, carrying profound significance.

Additionally, it is worth noting that as a global manufacturing powerhouse, China has taken a leading role in industrial robotics installation and remains the largest market worldwideThe aforementioned Robot ETF (159770) tracks the CSI Robotics Index, encompassing segments and stocks associated with the robotics sector in the A-share market—includes foundational model providers, component manufacturers, and producers of household robots like vacuum cleaners.

Compared to the AI sector, the robotics field, in my opinion, is buoyed by a dual boon

The first synergy undeniably relates to the advancement of AI, bolstered by the global rise of large modelsSince accessing overseas large models is riddled with challenges in China, investors are increasingly turning their eyes toward the A-share market for local reflections of global trends and advancements, thereby driving related AI stocks’ performances.

The second boost emanates from the vigorous development inherent in the robotics industryWhy is this happening? Take notice of the date marked for the Zhuhai Airshow this year.

At the airshow, a variety of robotic devices, including domestically produced drones and robotic dogs, amazed the audience, broadening investor imagination substantiallyFor those interested, I suggest exploring related discussions on platforms like Zhihu for further detailsThis backdrop fueled surging market enthusiasm for robotics as we witnessed scenes first illustrated in American presentations manifest in robust, affordable counterparts from Chinese suppliers, igniting investor excitement and leading to a series of strong market performances in the robotics sector.

While the market has seen slight pullbacks post this surge, from a trend-investing perspective, I perceive the overall movement of the robotics ETF to depict a beautifully staged incremental rise

Even more crucial, this trajectory appears extremely favorable for trend tradingPost-corrections, the Robot ETF has maintained a steady upward motion along its 30-day moving average, recently returning to that critical support levelIf the market doesn’t breach the late November lows, the upward trend will remain intact.

At this juncture, establishing initial positions and employing a grid trading strategy for opportunistic additions is a highly cost-effective entry point, as long as the prevailing trend continues unbrokenFor those outside the market, using a fund linkage system through various platforms—mirror trading based on moving average lows—can leverage volatility and enhance overall returns.

As the year draws to a close and people prepare for the festive season, we observe a curious dynamic globally: while various new large models continue surfacing in the AI sector, Elon Musk's Tesla is persistently releasing updates to its humanoid robot, Optimus