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Currently, there are many trash projects funded by various VCs. A major reason is the spectacular bull market after the 2020-2021 pandemic, during which all kinds of capital疯狂投项目，waiting for another bull market where easy money rains down. It's similar to how Chinese people do farming—when the market is good, everyone invests, leading to overcapacity, and then everyone suffers together. After the market becomes more rational, investments decrease, and then the survivors/persistors will once again迎来bull market cycles.