[Perspective: AI Correction Highly Resembles Four Rounds of Pullbacks in 2000, Current Stabilization Requires Relief from Three Major Pressures] According to research by CICC, starting from mid-to-late June, the global AI chain has experienced a significant correction, with South Korea—characterized by 'high leverage, high crowding, and high retail participation'—being the most severe. Behind this are factors such as the amplification effects of high crowding and high leverage, macroeconomic disturbances (e.g., rising expectations of Fed rate hikes, the re-blockade of the Hormuz Strait driving up oil prices), and renewed market concerns about an AI bubble at this stage (e.g., Meta renting out computing power, declining token expenditures, etc.). In fact, before the final burst of the bubble in March 2000, the dot-com market had undergone at least four rounds of large-scale, prolonged corrections. The triggers for the declines were highly similar to the current adjustment: short-term disruptions in industry trends, macroeconomic 'headwinds,' and overheated valuation sentiment. Ultimately, the rebound of tech stocks was also due to the alleviation of these three pressures.