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Serenity stated on the X platform that the three major investment themes of new cloud computing, photonics technology, and storage have been realized in the market, and the trend of assets such as AAOI, EWY, and NBIS confirms the acceleration of industrial chain differentiation. IREN is experiencing stagflation due to pressure from a $6 billion ATM issuance, while Nebius continues to strengthen. Serenity believes that photon technology is in its early stages, and Nebius has the potential to develop into a cloud computing version of AWS. Micron, SK Hynix, and Samsung Electronics have the potential for industry level reassessment driven by structural memory demand.