At midnight, I finished reading that famous shareholder letter. A 19.9% annualized return over 60 years, from a textile workshop to a trillion-dollar empire—it's a story rich enough to be legendary. But the moment I closed the document, a question flashed through my mind: how long can the entire valuation system built on financial statement audits, credit ratings, and centralized endorsements last in an era where AI can generate data at will and on-chain information flows across domains?

Thinking carefully, Buffett's core ability is a skill: recognizing true value. He reads financial reports, examines management, and assesses moats—this methodology is effective because the information is relatively trustworthy, and institutional endorsements are reliable. But now? We have entered a new world where content can be generated anywhere, data flows instantly worldwide, and assets transfer across chains. Those reference systems that once helped us judge "real or bubble" are starting to wobble.

This reminds me of the recently studied oracle track, especially projects attempting to establish on-chain data verification mechanisms. Many see oracles as technical accessories, but the deeper you look, the more you realize they are reconstructing the "truth layer" for the digital age. Building a verifiable, tamper-proof, real-time updating data infrastructure with code and decentralized networks—that is essentially the underlying logic of future value discovery.

The value of governance tokens like AT ultimately hinges on "producing and verifying trustworthy data." In an era flooded with information but scarce in trust, this is truly a rare commodity.