To be honest,

After 2020, the tech venture capital circle in the Bay Area and North America is still developing: After the epidemic, various companies vigorously launched a wave of remote work and SaaS, and the interest rate cut stimulated another wave of fintech. Then 2021 ushered in the defi summer, and the epidemic itself stimulated another wave of biotech;

On the other hand, what the hell is the domestic Internet doing at the same time? One by one, everyone is waiting for Ant Financial, Kuaishou, Didi, and endless money to emerge everywhere, and everyone rushes to buy houses after IPO. At that time, everyone was betting that China's economy could surpass the United States, its income could surpass the United States, and its Internet and manufacturing industries could surpass the United States in all aspects. In the future, Chinese people could also use remote work and SaaS. Jack Ma's speech on the Bund was the first shot of China's fintech. Suzhou Aibo and Yunnan Watson led China's biotech to enter the world. Many people have forgotten that in 2020~2021, before the development of the moderna vaccine, the new coronavirus was unsolvable. Everyone was fantasizing about the end of the United States, the rise of China, and the rise of the East and the decline of the West. At that time, Chinese people in the Bay Area and other places in the United States, people of all levels, industries, and backgrounds, were booking tickets to return home, preparing for the gold rush, interviewing Alibaba and Pinduoduo, whose stock prices hit record highs, planning to join Kuaishou Ant Financial, waiting for the countdown to the IPO, 9-digit financial freedom, and quickly buying a house in Beijing, Shanghai, and Shenzhen to celebrate in advance.

At that time, everyone was still thinking that semiconductors were being financed on a large scale like dumplings, and 1,000 Hanxin chips of various GPUs and AI chips appeared overnight. At that time, the domestic venture capital circle was even crazier than Japan. Hundreds of successful people with a net worth of tens of millions or hundreds of millions of yuan emerged overnight around my friends. Pink bubbles drove everyone to participate in a crazy big party.

At that time, we were still talking about institutional confidence. Ant Financial would be spanked if it didn't obey. Long live the iron fist of education and training. Didi rushed to IPO and was criticized by the whole society. How many people died in the United States, Sweden and Japan after taking mRNA vaccines. Not only did China have mRNA, but 5G was also far ahead. Hongmeng OS and Ark Compiler were even more outstanding... All the above bits and pieces are a big story. I told you about it in the past few years. At the same time, I was also warning you that the crisis was coming soon. From real estate to debt, to Sino-US relations, to investment and US dollar financing, to semiconductors, all were hidden crises.