META's earnings call may have made a conclusive decision on the tumultuous AI business model: returning to the traditional application model that is closer to users, a revolution in advertising.

This reminds me of a previous interview with SAM: the host asked, what do you think will be more valuable in five years? The most outstanding and advanced large model or a consumer technology company with 1 billion daily active users?

SAM: I think it would be that consumer website with 1 billion DAU.

Having gone through a cycle filled with aspirations - full expectations - inflated valuations - performance unable to deliver - the double whammy of Davis for both crypto and stocks, I have gained a better understanding of the moat that should be valued in this process, once again validating "The Road Less Traveled."