2026-01-13 17:38:05

We're all tired of hearing stories about the consumption track.

Do you remember those years? As long as a startup was associated with the concept of "consumption upgrade," it could raise hundreds of millions in funding. Investment institutions flocked in, and valuations soared. But what’s the result now? Entrepreneurs and investors are mostly reaping the bitter fruits.

In contrast, the hard technology sector was once looked down upon. When the STAR Market was launched, many people scoffed at it. Only national industrial funds quietly invested, while private capital avoided it at all costs. But the situation has completely reversed in the past two years—hard tech companies are now experiencing booming financing, and all the companies lining up for IPOs on the STAR Market are in this category.

The contrast is quite clear: the consumer market has never truly upgraded and is now facing downward pressure; meanwhile, hard technology has gone from being forgotten by the market to becoming a mainstream investment focus. Cycles are just so cruel.

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MEVvictim

· 2h ago

That consumption model should have gone bankrupt long ago. Have you seen clearly? This wave of hard technology has indeed risen, but don't hype it up as the next bubble. Those who truly make money never talk; the ones who talk nonsense are all losing money. Upgrading is nonsense; downgrading is the real reflection. That's why I went all in on on-chain infrastructure. From being mocked to being chased after, is investing really that simple? I don't believe it. Each consumer brand either dies or can't raise money; serves them right. The national fund saw it clearly back then; private capital will follow the trend. Cycle rotation isn't cruel; what's cruel is choosing the wrong track.

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MemeCurator

· 2h ago

The old story of consumption upgrade is long outdated. Those still talking about it are really behind the times. Hard technology only took off because of pressure; they had no choice but to invest. The consumer track is too competitive; it still depends on whether there is real technology. Chip makers are making big money, while coffee sellers have long been crying. The investment logic has changed; those following the trend will have to take over the losses. Hard technology is the real necessity; consumption is just pseudo-demand. The cycle rotation is correct to mention, but the question is whether we can hit the right timing. As for the current state of many consumer projects, there's no need to mention it.

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ImpermanentPhilosopher

· 2h ago

Consumption downgrade has been talked about so many times, who still believes it now... Hard technology has only risen in the past two years, and it still depends on how long it can last. --- It's incredible, the group that was burning money on financing a couple of years ago probably now is thinking about how to survive. --- Hard technology is so hot right now, maybe the next bubble is here. --- So, the fastest way to make money is to follow the trend, and the fastest way to lose money is also to follow the trend. --- The national funds were already lurking back then, and private capital is only reacting now, a typical case of being a latecomer. --- This cycle rotation is so brutal; retail investors are always the ones getting cut. --- Hard technology isn't anything new; it's just that it's only now getting attention, which is unavoidable. --- I just want to know if there’s still a chance for consumption to turn around after hard technology becomes popular. --- The theory of consumption upgrading was just a scam, and now they’re starting to harvest the hard technology story. --- Watching the previous wave of people messing around with consumption, now it’s hard technology’s turn to be harvested.

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NeverPresent

· 3h ago

That whole consumption thing is really terrible. If you're still talking about consumption upgrading, your brain is probably full of holes. Hard technology has definitely been played out this round, just saying. The folks who previously looked down on hard tech are probably feeling pretty awkward now, haha. Cycle rotation sounds nice, but in reality, it's just investors taking profits from one wave and then taking the next. National funds have long seen through this; private capital really reacts a bit too slowly. Downgrade has already arrived. Who still believes in the myth of upgrading in the consumer market?

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