Here are some basic facts that many people don't understand: 1. The vast majority of AI companies are severely unprofitable, yet many people completely confuse the fundamental concepts of revenue and profit, and they repeatedly fail to correct this mistake. 2. When a company says its ARR has reached $100 million, it doesn't mean its total revenue over the past year reached $100 million; at most, it means its revenue for the most recent month was $8.3 million. If you're being presumptuous and misunderstanding, that's your own problem. 3. A company's silence can reveal more than it says. If it doesn't say it's profitable, it means it's severely unprofitable. If it said its ARR was $100 million six months ago but hasn't said it now, it means its monthly revenue may have shrunk from over $8 million. And so on. 4. The biggest risk of special purpose vehicles (SPVs) is legal issues. Even if the companies invested in them go up in value, you could still end up losing everything. But those who lose everything won't go around lamenting their painful lessons, so more and more new people will continue to flock to the market.