The U.S. government begins regulating leading large models - Claude's latest large model is banned.

The entire AI industry chain adds a new valuation variable: regulatory discount.

The market previously only traded on model capability, computing power demand, and commercialization speed.

Now it also has to trade regulatory risk.

Regulation is negative for the AI industry chain, but positive for software and domestic large models.

Pakistan's Prime Minister said today that the U.S.-Iran agreement may be finalized within the next 24 hours, positive news fully priced in.

Watch for cheap opportunities next week after selling positions that were raised this week.