\HALO\交易：拥抱AI基建，不被取代

Group 1 - The recent decline in US stock indices, particularly the Nasdaq, is attributed to concerns over AI's potential disruption of the software industry, with significant valuation drops observed in North American software companies [2][5][14] - The narrative that AI will "consume" software has led to a more severe impact on the software sector compared to hardware, as the market fears that non-public AI model companies will bring about disruptive innovations [5][14][22] - Despite the current concerns, the relationship between AI large models and software is viewed as collaborative rather than disruptive, with long-term prospects for software companies to improve market perceptions due to their deep vertical industry expertise [6][7][43] Group 2 - The report suggests focusing on AI hardware sectors that benefit from ongoing capital expenditures (CapEx) by major cloud service providers (CSPs), which are building data center infrastructure and AI chips, leading to sustained high demand in related hardware sectors [8][44] - Attention is also directed towards assets with "HALO" characteristics—heavy assets with low obsolescence—such as industrial metals, semiconductor equipment, and passive electronic components, which are less likely to be disrupted by AI advancements [8][44] - The report draws parallels between the current AI revolution and the dot-com bubble of 1998, indicating that the AI industry is in a phase of rapid growth and potential overvaluation, with a focus on sectors experiencing significant supply-demand gaps [8][50][51]