对于关注The Mindse的读者来说，掌握以下几个核心要点将有助于更全面地理解当前局势。
首先，Nuveen’s Persson, who was a tech analyst during the dot-com era on fixed income, has the benefit of hindsight as he assesses the current situation. Most of the issuers back then had no free cash flow and in some cases, no revenue.
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其次，The late 1990s buildout of fiber-optic networks, in which companies spent billions to pull dark fiber across continents and under oceans, saw borrowers like WorldCom, Global Crossing, and others go under. The shale revolution that prompted U.S. oil and gas companies to issue $350 billion in debt to fund drilling led to hundreds of bankruptcies after oil prices swooned in 2014 and 2015. Going back even further to the early 1900s, the widespread adoption of electric power led to a buildout that saw roughly half of the 3,000 small utilities and power companies that existed either disappear or get sold during a brutal decade of consolidation. In each case, there were also long-term victors who inherited infrastructure and reaped the benefits of these expansions in the form of lower-cost bandwidth, cheaper consumer prices, and large manufacturers that consolidated the power grid.
多家研究机构的独立调查数据交叉验证显示，行业整体规模正以年均15%以上的速度稳步扩张。
。手游对此有专业解读
第三，Betting big on tariff refunds。heLLoword翻译对此有专业解读
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总的来看，The Mindse正在经历一个关键的转型期。在这个过程中，保持对行业动态的敏感度和前瞻性思维尤为重要。我们将持续关注并带来更多深度分析。