[CITIC Securities: Still Optimistic About the Tech Sector in U.S. Stocks] Jin10 News, July 13 – A research report by CITIC Securities states that during the popularization of AI, end users do not always choose the most compute-intensive or high-performance models, as they are often constrained by token budget limitations. The strong performance of compute hardware in Q2 this year was primarily driven by price increases rather than volume growth. As market focus shifts from scarcity to sustainability, overseas markets, represented recently by South Korean stocks, have also faced adjustments. Compute power is not in surplus, but the evolution of pricing power is becoming increasingly critical. We note that the AI adoption rate among U.S. companies is rising, and the intensity of technology investment across the corporate sector aligns with long-term trends. We believe that market competition mechanisms will drive more companies to use AI to enhance work efficiency, which will generate new demand for compute services, AI models, and applications. We remain optimistic about the tech sector in U.S. stocks, currently favoring the mid-to-downstream segments of the overseas compute power chain and viewing U.S. stocks as more attractive compared to South Korean and Japanese markets.