Core Viewpoint - The semiconductor chip sector is experiencing significant growth, leading major indices to new highs despite market fluctuations and differing policy interpretations [1][3]. Semiconductor Industry - The semiconductor chip sector is currently highly valued, but it shows strong potential for future growth, particularly in chip manufacturing and AI computing server segments [1]. - Companies like SMIC represent the chip manufacturing sector, while sectors related to AI computing, such as CPO, HBM, and semiconductor equipment, are also highlighted [2]. Market Sentiment - There is a recognized bubble in semiconductor stocks, yet prices continue to rise due to widespread optimism about a future dominated by AI, which is expected to enhance human productivity [3]. - The current AI trend is compared to the internet boom 25 years ago, suggesting that while a bubble may exist, it does not signify the end of AI development but rather a new beginning [4]. Investment Landscape - The uncertainty surrounding AI algorithm companies is noted, with a focus on the more stable demand for computing power chips, which are essential for advanced AI [6]. - The two main lines of computing power chips are identified: suppliers of NVIDIA and key enterprises needed for China's AI computing autonomy [7][8]. - These sectors are expected to drive a structural bull market, potentially moving independently of broader market indices [9]. Risks and Opportunities - There are risks associated with investing in semiconductor stocks, particularly for new entrants, while existing investors may choose to hold their positions [12]. - For those with substantial resources willing to take high risks, there may still be opportunities in the semiconductor sector, as the market has not yet reached its peak [13]. Regulatory Environment - Recent restrictions on online brokerage accounts for mainland investors indicate a shift in investment channels, potentially leading to increased activity in Hong Kong stocks and QDII funds [14][15]. - The future flow of capital from mainland investors back into the stock market remains uncertain, dependent on clear policy signals from the capital market [16][17].