原文：

原文：
Feels bad, -49.4% drawdown this month after the recent crash.

My portfolio is mainly AI chokepoints and bottlenecks.

In the memory, photonics, robotics, and upstream semis, (on margin) which all tend to be higher beta than others. But reduced leverage recently from the crash.

I see a lot of people making fun of the drop or AI names, saying it’s obvious that:

- “AI is a bubble”
- “memory/kospi is a bubble”
- “photonics is a bubble”
- “humanoids won’t get anywhere”
- “neoclouds will get replaced by hyperscalers like Meta”

And a bunch of retail + bots saying “sell everything, it’s never going to recover”.

But I have conviction that all these themes are backed by structural revenue growth or technological shifts.

And I’ve had similar drawdowns back when there admin threatened global tariffs, before markets pulled off a recovery.

I personally have a longer horizon + higher tolerance for volatility than others, to see how this plays out.

Especially considering a lot of retail view things on a week to week basis: no, my thesis isn’t wrong yet if I project revenue inflection in H2 2027 and it’s 2026 now.

Anyway, feels bad short term just wanted to share anyway for transparency.

翻译：
感觉糟糕，最近暴跌后这个月亏损了49.4%。

我的投资组合主要是人工智能的瓶颈领域，包括内存、光子学、机器人和上游半导体（使用杠杆），这些领域的波动性通常高于其他领域。但最近由于暴跌，我已经减少了杠杆。

我看到很多人嘲笑这些股票的下跌，或者说人工智能的概念是泡沫，例如：

- “人工智能是泡沫”
- “内存/韩国股票是泡沫”
- “光子学是泡沫”
- “人形机器人不会有任何进展”
- “新云计算将被像Meta这样的超大规模企业取代”

还有很多散户和机器人在喊“卖掉一切，这些股票永远不会恢复”。

但是我坚信这些主题都是由结构性收入增长或技术转变支撑的。

我过去也经历过类似的亏损，当时有全球关税威胁，但市场最终还是恢复了。

我个人有更长的投资视野和更高的风险承受能力，愿意等待看到这些投资的结果。

尤其是考虑到很多散户都是按照周来看待问题的：不，我现在的投资理念还不算错，如果我预计2027年下半年会有收入拐点，现在才2026年。

无论如何，短期来看感觉很糟糕，但我还是想分享我的想法，以便透明。