Don't immediately assume there's a bubble in the US stock market just because AI stocks are rising. First, ask yourself a simple question: how much would your work efficiency decrease if AI didn't exist? The time saved by an agent ultimately translates into real productivity. The value of your time far exceeds AI subscription fees and token usage costs—this is the efficiency dividend. The value of AI can be simply understood as: the productivity value created by AI ÷ the cost of using AI = the AI productivity multiple. When this multiple is high enough, individuals will pay for it, businesses will pay for it, and global capital will continue to invest in this infrastructure. Therefore, this round of AI stock price increases in the US will certainly involve valuation overshooting and a bubble. But its underlying foundation is real income, real demand, real efficiency improvements, and real productivity release. The essence of the AI boom is that the world is repricing higher productivity.