Strategy! AI-related stocks account for 40% of the market capitalization of US stocks. What is history telling us? According to Bank of America data, AI-related stocks now account for nearly 40% of the S&P 500. This ratio has occurred three times in history. The "Nifty Fifty" bubble of 1972, in which the top 50 stocks accounted for about 40%, was followed by a phased decline of about 50% in the U.S. stock index. The 1990 Japanese stock market bubble accounted for approximately 44%, after which the Nikkei fell by 63% within two years. The dot-com bubble of 2000 accounted for about 41%, and the Nasdaq subsequently experienced its largest drawdown of 78%. All three scenarios involved high concentration, high valuation, and high volatility. The market underwent a prolonged period of adjustment after each of the three instances. The AI ​​sector currently accounts for nearly 40% of the total weighting, has a high valuation, and is quite volatile. It's not that AI has no future, but that the current structure has never allowed anyone to comfortably enter and exit. What should we do then? My suggestion is super simple: two paths: First, maintain a regular investment plan. Regardless of whether it's a high or low point, buying a small amount every week or month will eventually reduce the cost over time. Even if there is a pullback later, people who use dollar-cost All In have a much better mental tolerance than those who go all in at once, while ensuring that they don't miss the pump on potential gains. Secondly, hold cash on hand and wait for an opportunity. Not buying now isn't because I'm bearish; it's because I'm waiting for a more comfortable price. The market is never short of opportunities; what's lacking is having money in hand when those opportunities come. Warren Buffett has nearly $400 billion in his hands and he's not panicking, so why should we be? History doesn’t repeat itself, but it does rhyme. Keep investing regularly, hold cash on hand, and wait for the right opportunity.