I've always held a secret opinion: from a purely financial perspective, AI and Crypto operate on the same model—the same invention story as A16Z, followed by an instantiation story, multiple rounds of high-valuation financing, a boom in fake data, a positive feedback loop that inflates the bubble, and a high-level exit. Two more chilling points: ① Large-scale companies, like Crypto public chains, cannot profit from their own cash flow and can only exit through the capital market; ② The current relationship between Nvidia and OpenAI is similar to the relationship between Nvidia and Ethereum in the past, except that the former was a Ponzi scheme involving GPU mining, and now it's a Ponzi scheme involving AI data centers. This model is sustainable because of the current globalized system structure driven by the United States, a modern-day Roman Empire. However, the appointment of Kevin Warsh as the new Federal Reserve Chairman signifies that MAGA, which advocates deconstructing globalization, is beginning to wield supreme financial power and will reshape a new financial order characterized by Americanization. The old Wall Street practice of extreme exploitation of the Federal Reserve through put options is likely no longer viable.