$Alphabet(GOOGL.US)$Taiwan Semiconductor(TSM.US) continuing to discuss AI progress and impressions:

(1) LLMs have continued to develop rapidly over the past quarter. On one hand, we see technology diffusing quickly; DeepSeek no longer seems as dazzling. Domestic models like Hunyuan, K3, and GLM 5.3 have made significant progress, giving the impression that they've firmly crossed the kill line and secured their spot on the boat. Meanwhile, OpenAI and Anthropic continue to make substantial strides in coding and beyond with Fable 5.1 this week and the imminent release of 6.0. From the frontier, both OpenAI and Anthropic, along with China's Zhipu, are advancing RSI (where an increasing proportion of AI drives its own evolution, maintaining acceleration).

(2) The main issue with LLMs currently is that coding penetration is very high, essentially a solved problem. Current AI advancements are primarily driven by strong reliability and utility in other domains. However, I suspect it will take time to incubate the scenarios and users who can truly find valuable problems to solve with AI. Among those around me who max out their subscription plans and still complain about not having enough, they are mostly programmers. Other types of users seem unable to unlock the latest AI advancements, due to both the need for exploration and adaptation, and the gradual alignment required in workflow organization and environments.

(3) In capital markets, I believe the poor market performance since August is mainly due to significant uncertainty in the US dollar macro environment and tightening liquidity. Stocks with high elasticity earlier are now experiencing greater volatility, affecting holding experience. I don't know how this will play out or if major issues will arise. But I believe that once the current situation passes, everything will return.