中国半导体-非 AI 交易机会：市场情绪极度悲观 + 短期数据走强-Greater China Semi - Non-AI trading opportunity__ Extremely bearish market sentiment + stronger near-term datapoints

Greater China Semi Global Markets Research EQUITY: TECHNOLOGY Non-AI trading opportunity? Extremely bearish market sentiment + stronger near-term datapoints Inventory replenishment drives stronger-than-expected 1Q26 outlook for non-AI applications; Realtek establishes presence in nVidia's Quantum-X InfiniBand Photonics Switch Over the past several days, the share prices of non-cloud AI-focused companies have outperformed the TAIEX (see Fig. 1 ), likely due to flow-driven sector rotation dynamics. From a dem ...