The trending sectors in this cycle—AI, RWA, MEME—last year were dominated by AI as the leader, RWA as the runner-up, and MEME in third place. This year, AI has already fallen to third place. AI technology iterates too quickly, and the hotspots have shifted rapidly over the past few years, from stacking computational power, stacking parameters, stacking data, to multimodal, vertical applications, and now to Agents. Just focusing on Agents, last year we saw hype around individual Agents represented by GOAT, Agent platforms represented by Virtual, and Agent architectures represented by Eliza. However, this year, most of these have entered a de-bubbling phase. The only one bucking the trend is ALCH, a no-code Agent development platform. With chip accumulation and leveraging hot trends, it is indeed relatively easy to rally. It seems likely that a bunch of no-code development tools for AI products will emerge one after another, coupled with MCP-related concepts, potentially bringing about a third spring for AI.