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Domestic lithography machines, Chinese storage listings, Chinese large model open source... In the past, these news wouldn't have much impact on the US stock market because the market would think they were fake news, similar to the "Loongson" farce... But now the attitude seems to have changed, with a sense of facing a serious threat... Setting aside whether the lithography machine news is fake or a farce, whether storage and large models have caught up, although not surpassed, they are just annoyingly close... If lithography machines also gradually catch up, and the chip advantage shortens, the entire AI valuation of the US stock market will need to be recalculated... Because most of the premium comes from underlying foundational monopolies, I somewhat believe this news. After all, a year ago, people were already discussing new architectures for China's self-developed lithography machines, a bold and miraculous approach... The fact proves that if you block China, you will only be thoroughly copied, and then China will surpass you from the application layer and seize your market... If you let China use it, there wouldn't be any systemic challenges. After all these years, China still doesn't have a decent operating system, isn't that because of open source? In short, the US stock market hasn't opened yet, so what is said doesn't matter much. We'll know by looking at the market reaction tonight. Nasdaq futures are slightly down, not looking scared at all. Instead, South Korea is the one that has already knelt first...