Recently, fluctuations in global AI hardware assets have intensified, and the increase in storage, optical modules, etc. during the year fluctuated sharply in the forward direction. Many investors' holding experience has taken a sharp turn, and voices of concern have also increased. Is this round of adjustments actually an inflection point in industrial sentiment, or is it a rebalance at the capital level? Zou Jiangyu, fund manager of SPDB AXA Fund Equity Investment Division II, gave a clear judgment in an interview with the Securities Times reporter. He believes that this round of decline is mainly due to deleveraging and emotional disturbances due to crowded transactions, and the industry trend has not been reversed. In contrast, as AI investment enters an era of reasoning, memory chips have taken over GPUs and become a new bottleneck in the industrial chain, while domestic semiconductor devices are driven by the explosion of profits from local storage manufacturers, or are facing poor expectations.

Recently, fluctuations in global AI hardware assets have intensified, and the increase in storage, optical modules, etc. during the year fluctuated sharply in the forward direction. Many investors' holding experience has taken a sharp turn, and voices of concern have also increased. Is this round of adjustments actually an inflection point in industrial sentiment, or is it a rebalance at the capital level? Zou Jiangyu, fund manager of SPDB AXA Fund Equity Investment Division II, gave a clear judgment in an interview with the Securities Times reporter. He believes that this round of decline is mainly due to deleveraging and emotional disturbances due to crowded transactions, and the industry trend has not been reversed. In contrast, as AI investment enters an era of reasoning, memory chips have taken over GPUs and become a new bottleneck in the industrial chain, while domestic semiconductor devices are driven by the explosion of profits from local storage manufacturers, or are facing poor expectations.