Group 1 - Private equity funds are expressing concerns over technology stocks, particularly regarding high valuations and the potential for concentrated sell-offs if market sentiment shifts [3] - Key worries include some AI concept stocks having price-to-earnings ratios exceeding 100, while their earnings growth does not keep pace, severe capital crowding, and external uncertainties such as fluctuating Federal Reserve policies and geopolitical conflicts [3] - Historical trends suggest that a return to rationality in institutional sentiment can signal a healthy market adjustment, as seen after the AI stock pullback in early 2023 [3] Group 2 - Long-term investors should not be swayed by short-term emotions and should focus on industry trends rather than short-term gains [4] - There are opportunities in undervalued hard-tech stocks, such as semiconductor equipment and innovative renewable energy companies, which have returned to reasonable valuation levels [4] - Maintaining flexible positions is advised, allowing for gradual investments during market adjustments to avoid heavy single-position risks [4] Group 3 - The cautious stance of private equity is seen as a sign of market maturity, indicating that capital is no longer blindly chasing high valuations [5] - The focus for long-term investors should remain on companies with "real technology and real demand," emphasizing the importance of aligning with industry upgrades [5]