Compared with the past, valuations are high; compared with U.S. semiconductor stocks, they are still acceptable. There is a lot of noise in supply-chain news, and with prices already up a lot, volatility has been high. But on the demand side of the fundamentals, it is still hard to say anything has clearly broken. I think some of the points being raised are valid. People are mainly discussing two things. The first is token economics - the underlying question is whether current investments (whether in models or data centers) will be supported by future demand and economic returns. The second is data center construction, which in reality reflects cost-of-living pressures on households and the political tug-of-war between the two U.S. parties. The bottom line is that near-term visibility is not the issue, but oil prices and interest rates are making the market unwilling to believe the numbers beyond 2028.