Core Viewpoint - The A-share market demonstrated resilience and a V-shaped recovery despite significant declines in the US stock market, attributed to intervention by domestic institutional investors, particularly the "national team" [1][11][15]. Market Reaction - The S&P 500 index fell approximately 1%, while the Nasdaq dropped nearly 2%, marking the largest single-day decline in recent months [3]. - Asian markets, including Japan and South Korea, experienced sharp declines of nearly 4% [3]. Triggering Factors - Michael Burry, known for his role in "The Big Short," publicly disclosed a large position in put options, warning that the tech boom led by AI is a bubble [5]. - His comments instigated fear across global markets, leading to a sell-off [5]. A-share Market Dynamics - Initially, the A-share market mirrored global trends with a quick drop at the opening, but a sudden influx of "mysterious funds" reversed the trend, particularly targeting semiconductor and AI sectors [7][9]. - The recovery was not due to foreign investment but rather the actions of domestic institutional investors, suggesting a strategic intervention to stabilize the market [11][13]. Strategic Implications - The "national team" is not merely acting out of excess liquidity but is strategically intervening to prevent a collapse in market confidence, especially given the current high valuations in the US [15]. - The focus on semiconductor and AI sectors indicates a dual purpose of market stabilization and support for critical industries, reflecting a broader national strategy [18].