# Pretty-print JSON (also auto-enabled for TTY)
“As a strategist, the risk case that we’re worried about is that there’s a lot of potential paths that this can take, that are out of the control of one party or another,” Manoukian told Fortune in an exclusive interview. “The risk scenario that Wall Street is trying to figure out is that…global events have started, and we don’t know where they’re going, and we don’t know how they can be controlled, and we’re not sure where [the] fractal pathways will end up.”，推荐阅读新收录的资料获取更多信息
下游的优势在于市场想象空间巨大，估值弹性高，一旦实现技术突破，有望获得垄断性收益。但风险远高于上下游：盈利周期极长，预计要到2030年才能实现现金流转正；技术路线失败率高，类似Meta元宇宙投入效果不佳的案例并不少见；且资本依赖性极强，一旦融资环境恶化，将直接冲击企业生存。，推荐阅读新收录的资料获取更多信息
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