Cambricon(SH:688256) Xin Lang Cai Jing·2025-08-12 03:15Group 1 - The core viewpoint highlights the upward trend in the semiconductor cycle, with specific sectors gradually recovering from previous tariff pressures, benefiting from the leadership of companies like Nvidia [1][2] - The CSI New Generation Information Technology Index, which the ETF Morgan closely tracks, consists of 50 large-cap companies in next-generation information networks, electronic core, emerging software, and other tech sectors, reflecting the overall performance of the tech industry on the STAR Market [2] - The index's composition shows a significant focus on information technology, accounting for 89.28%, with smaller allocations to consumer discretionary (4.61%), industrials (4.07%), and communication services (2.04%) [2] Group 2 - The reduction in hallucination rates of GPT-5 is expected to enhance the model's practicality, significantly expanding AI applications across various industries, indicating a rapid commercialization of AI applications [1] - North American cloud and application vendors are experiencing sustained high growth driven by AI, showcasing the acceleration of AI application commercialization [1] - Morgan Asset Management is integrating its global technology investment products to help investors capitalize on quality tech companies amid the new wave of technological advancements driven by AI [2]