Recent operations by several high-tech companies are truly eye-opening. Moores' Thread took out 7.5 billion yuan for financial management, while Cambrian used over 2.7 billion yuan to fill its losses. Sounds pretty outrageous, right?

What's even more heartbreaking is that these two companies, which were once highly anticipated, have a combined market value of over 920 billion yuan. But guess what their total revenue is? Just over 5 billion yuan. The disparity is extraordinary.

It's true that tech stocks rely on storytelling, speculation on valuations, and grand visions. There's no denying that. The problem is that the scale of these visions has gone beyond reasonable bounds. The gap between market expectations and actual revenue is so large that it's hard to know how to evaluate it.

Interestingly, the domestic capital market never lacks willing buyers. No matter how high the stock price is driven, there's always someone ready to buy. This phenomenon reflects investors' expectations for the tech sector but also exposes some issues. Whether the current valuation is based on long-term potential or if the bubble has already inflated to the sky—only future performance data will tell.