回调不是虚惊一场，科技股投资开始“去伪求真”

Group 1 - The article discusses a crisis of confidence in the AI narrative among global tech investors, with significant stock price declines in both US and Chinese markets [2][6] - Nvidia's CEO Jensen Huang defended the sustainability of AI infrastructure spending, which helped to temporarily restore confidence in AI-related stocks [2][19] - The article highlights that any performance below expectations can lead to severe stock price adjustments, as seen with AMD and Qualcomm [3][5] Group 2 - The performance of Chinese AI chip leader Cambricon has not met expectations, leading to a significant decline in its stock price and raising concerns about growth [7][8] - The article emphasizes that the scarcity of high-growth narratives is diminishing, with new competitors entering the market and geopolitical factors affecting the optimism around domestic chips [10][11] - The overall sentiment in the tech sector is shifting from enthusiasm to caution, with investors increasingly worried about the return on investment in AI [12][13] Group 3 - The macroeconomic environment, particularly concerns about potential tightening monetary policy under a new Federal Reserve chair, is contributing to the decline in tech stock valuations [20][21] - Recent political developments suggest that while there may be volatility, the overall direction for interest rates remains favorable for tech stocks [23][24] - Upcoming macroeconomic data releases are critical for determining the future trajectory of tech stocks, with potential implications for market stability [25][28] Group 4 - The recent market fluctuations are viewed as a rational correction rather than a full-blown collapse, with a focus on distinguishing between genuine tech companies and those lacking solid performance [30][34] - The investment strategy is shifting towards selective buying, emphasizing the importance of companies that can convert capital expenditures into actual cash flow [31][33] - The tech sector is expected to experience differentiation, with a potential "golden opportunity" for companies with real technological advantages amidst the current market correction [32][34]