White points out that the current AI investment logic is built upon three assumptions: continuous growth in token usage, the continued validity of the Scaling Law, and the constant expansion of the "task universe." He believes that if any of these links deviate, the valuation logic corresponding to trillions of dollars in capital could face re-evaluation. The recent continuous decline in token prices and a significant drop in the forward P/E ratios of AI tech stocks indicate that the market has begun to lower some long-term growth expectations, but skepticism about the core assumption of "infinite computing power demand" may still be insufficient.