Dalio pointed out that the current market is dominated by a few new technology companies, such as AI, which account for a high proportion of market capitalization and have a huge impact on global stock markets and the economy. He believes that although these new technologies are disruptive, historical experience shows that at this stage of the cycle, most investors who bet most of their chips on a few leading technology companies end up failing. He emphasized that even long-term successful revolutionary technology companies (such as Microsoft and Apple) have experienced significant declines during their development, and it was difficult to judge which companies would succeed at that time. Therefore, investors should consider diversifying their investments rather than over-concentrating on a few tech stocks.