In March this year, Yann LeCun closed a $1.03 billion seed round for his new company, AMI Labs, the largest seed round in European history. In the first half of this year, technology companies flocked to "Physical AI." Jensen Huang mentioned this term 17 times in a speech at CES in January, announcing "the ChatGPT moment for Physical AI has arrived." At the GTC conference in March, NVIDIA launched the Cosmos 3 open-source world model and revealed Physical AI business revenue exceeded $9 billion in the past year. World Labs received $1 billion in financing in February, with a valuation approaching $5 billion. OpenAI scrapped Sora and redirected the entire team to work on world models. Coatue Management predicted the Physical AI market is at least $6 trillion. In just the first quarter of this year, global financing for Physical AI exceeded $6.4 billion. Digital AI succeeded because data is readily available from the Internet, but Physical AI data must "grow" from the real world through real interactions. A yardstick to distinguish real Physical AI is to look at whether the data closed-loop has been established.