Core Viewpoint - The narrative around AI has shifted from "AI Bubble" to "AI Disruption" and "HALO," indicating a transition from systemic bubble pricing to structural differentiation pricing in the market [1][2]. Group 1: Market Transition - The core logic of the initial phase of AI narrative was driven by computing power expansion and AI capital expenditure, characterized by a highly concentrated structure dominated by Mega Cap companies in the US [3][8]. - As of 2026, the market is reassessing which entities will benefit from resource bottlenecks, which will face substitution risks, and which possess survival certainty, leading to a differentiation into Winners, Survivors, and Losers [3][8]. Group 2: Winners, Survivors, and Losers - Within the US market, before the outbreak of the US-Iran conflict in 2026, sectors such as AI infrastructure, energy, and semiconductor equipment are expected to strengthen, becoming Winners; while software assets with high substitution risks are under pressure, becoming Losers [3][8]. - On a country level, driven by a surge in demand for storage chips, the South Korean stock market is expected to outperform other major markets, becoming a Winner; the European market is viewed as a phase Survivor (HALO) due to its industry structure; while the Indian market, characterized by labor-intensive services and outsourcing, has recently lagged, becoming a phase Loser [3][8]. Group 3: HALO Concept - HALO represents a one-time survival premium revaluation for low substitution risk assets, emerging after Losers have been priced in; it is not equivalent to structural winners [4][9]. - The HALO trade is seen as a reflection of phase-style rotation rather than a new long-term growth paradigm; true assets with sustained excess return potential should be closely tied to key nodes in the AI expansion path and resource bottlenecks or technological upgrades [4][9].