Recently, we have observed that the duration of certain popular narratives is shortening, and the ceiling is constantly moving downward. In the early days, I can understand the logic of laying out low-level chips in the market value range of $100,000 to $1 million, and amplifying returns through swings.

But what puzzles me is why there is still a lot of money pouring in after breaking through the $1 million or even $5 million market cap? And it's a round after a round. Is this risk-return ratio really cost-effective? Or is everyone's risk tolerance so strong?