Zhang Yidong from Haitong International: After further downward pressure is released, the AI market is expected to resume its upward trend.

```htmlGolden Ten Data reported on July 8 that Zhang Yidong, Chief Economist at Haitong International, stated on July 8 that after the US Federal Reserve's policy meeting in late June, expectations for interest rate hikes have risen, the US dollar has continued to strengthen, and the end-of-half-year rebalancing around performance benchmarks has taken place. These factors, combined with concerns over AI demand triggered by the META compute event, ultimately led to a significant shakeout and adjustment of global AI technology stocks at the beginning of July. Zhang Yidong believes that the correction in the AI market has not lasted long enough and still requires more time to fully release risks. At present, the major global stock markets have not fully priced in the impact of a strong US dollar, the persistence of high inflation, and expectations for the Fed’s rate hikes. Additionally, on a micro liquidity level, the excessive crowding in AI-related trades, as well as the pressure from equity and debt financing, also need time to ease. In terms of adjustment space, after a sharp short-term decline, the three risks of dollar, oil price inflation, and micro-level crowding have been preliminarily released, but remain not entirely digested. Subsequently, the AI market is expected to shift from rapid falls to turbulent, fluctuating declines and differentiated slow drops, while consumer and dividend assets, as safe-haven assets, may see short-term strength. However, once pressures are further released, the AI market still has the potential to resume its upward trajectory.```