Compute Arms Race Intensifies, But Secondary Markets Are Already De-bubbling

The most valuable insight from this article is that the stark contrast between the H2 computing power exhibition area at WAIC 2026 (400,000 visitors and 177 purchase intentions) and the simultaneous 20% crash in the STAR 50 index indicates that computing demand is shifting from "storytelling" to actual monetization. However, the secondary market is already pricing in valuation bubbles; in the future, only computing companies capable of delivering profits will generate excess returns.