Talk about three very pessimistic but very likely facts that are happening.

1. The macroeconomy will undoubtedly be severely affected by the Taiwan issue and Japan's attempt to revive militarism — Todai is harsh on its own people, and harsh towards the outside world; you probably have some impression of the events from those years.

2. Nvidia may have truly entered a "great retreat" that is not just a short cycle, but could last for several years; perhaps the "monkey market" in the US stock market is about to arrive.

3. Encryption is more difficult