$腾讯控股(00700)$ $Meta(META)$ 最近中美社交龙头都被无情抛售，中国龙头叠加游戏板块，下跌buff叠满。

前段时间看chris hohn的采访，有一段话印象挺深刻的，“Growth is often value destructive if you don't have a moat. Because if you grow and you have no moat, you just invite competition, and the returns get competed away.”

ai是新东西，可能也会改变很多东西，大家对此很兴奋，对营收的高速增长百分比很兴奋。但永远提醒自己上面那句话。很多公司看不懂赚不到都很正常 $智谱(02513)$