Minimax's market capitalization surpassed JD.com and is about to catch up with Meituan. It certainly provides a huge dose of excitement for the younger generation. It feels like they can immediately take down Deng Xiaoping. But looking at the circulating supply ratios of Zhipu and Minimax, reflecting on last year's altcoins with opening FDVs of $10 billion, and recalling how Stepn surpassed Adidas's 200-year-old market capitalization in just seven months, two years later, everyone is starting to reminisce about this great retreat of AI with its abundant liquidity.