Tech valuations have compressed from 40x to 20x, and we are back at levels last seen before the AI boom began.
令人惊讶的是：科技估值在短短时间内从40倍市盈率暴跌至20倍，几乎腰斩，且回到了AI热潮前的水平。这种剧烈的估值调整表明市场对AI技术的商业价值预期发生了根本性转变，反映出投资者对AI能否立即产生可观利润的怀疑。
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