In recent days, Jack Ma's name has once again topped the trending searches, saying that he is vacationing in Spain, living an enviable wealthy life. However, in the video comment section, what I see is mostly sarcasm, accusing him that his remarks are no different from those two years ago at the Bund Financial Summit, the only difference being that the outcry this time is much smaller.

This reminds me of two years ago, almost at the same time, someone asked on a Q&A platform: 'Has Jack Ma come down from the altar?' Perhaps, Jack Ma's silence over the past two years is the best answer to this question.

In these two years, Jack Ma has paid a huge price for his 'wild words'. Ant Financial's IPO plan has not yet restarted, Alibaba's stock price has dropped sharply from its peak, with its market value shrinking by more than 75% at most, equivalent to evaporating 4 trillion RMB. Meanwhile, Hupan University, which Jack Ma had high hopes for, has also closed. For him, who is keen on preaching, this is undoubtedly the biggest blow, as this university was originally a key platform for him to establish top business resource channels.

In the evaluation of official media, a conclusion has already been drawn - 'There is no era without Jack Ma, only the era of Jack Ma'.

Jack Ma's series of encounters are closely related to his remarks in that speech. Behind all this, the country has initiated the toughest internet antitrust investigation in history, started to regulate the internet finance sector, and launched common prosperity policies, while placing technological innovation at the core of economic development.

Some may ask: Did Jack Ma's speech really have such a big impact?

Today, let's revisit Jack Ma's 'Waterloo' speech and the real reasons behind his early retirement. Ant Financial's interest rates are significantly higher than those of banks, and banks' technological levels are not inferior to those of Ant Financial. So, why can Ant Financial stand out?

There are two reasons:

First, the technological advantage. Ant Financial can provide efficient financial services to users through big data and cloud computing technology. By analyzing users' consumption habits and behaviors with big data, Ant Financial can establish precise risk control models, which Sesame Credit is also realized through these technologies. Many traditional financial institutions do not have such technological advantages.

Second, the mission of banks is different from that of Ant Financial. The main task of banks is not just to make a profit; they must also maintain the stability of the financial system and play a central role in the national economy. As a purely commercial company, Ant Financial does not bear such responsibilities; its goal is financial innovation and profit, and this innovation will inevitably penetrate deeply into the financial system, challenging the position of traditional banks. This has clearly attracted high-level attention.

From a strategic perspective, the role of banks in the national economy is irreplaceable, while Ant Financial is just a commercial institution. In Jack Ma's speech, he openly expressed Ant Financial's intention to innovate in finance, which undoubtedly touched the nerves of regulators.

Jack Ma is not just an entrepreneur; he also serves as the president of Hupan University, which cultivates business elites and has actually accumulated a lot of business resources for Jack Ma. Two years ago, I wrote this passage, which, although easy to spark controversy, I still firmly believe in today:

"Among the independent internet technology companies that have emerged in China in nearly twenty years, the two entrepreneurs I truly admire are Jack Ma and Ren Zhengfei. The 'ecological enterprises' they built have profoundly changed the industry landscape and have had a far-reaching impact on upstream and downstream industries. In contrast, although other internet giants are large in scale, they are more focused on their own profits rather than driving the development of the entire industry."

For this reason, two years ago, I believed that Jack Ma should not be completely denied, nor should he be forced to 'retreat'. But two years later, I think everything is for the best.

Jack Ma will receive a more objective evaluation, and his choice to retreat and enjoy his peaceful life may not be a bad thing.