[Galaxy Securities: Industry Resilience Stands Out, Fed Rate Hikes Won't Alter AI's Long-Term Logic] Jin10 News, September 21 – A research report from Galaxy Securities states that, from a long-term perspective, the Federal Reserve's rate hikes will not change the fundamental logic of the AI technological revolution in enhancing productivity. Although the construction of AI infrastructure may temporarily drive up demand for resources such as chips and electricity, in the long run, AI will improve total factor productivity and expand supply capacity, creating a structural deflationary effect to offset inflationary pressures. The long-term growth trend of global AI capital expenditure has not been reversed, and the demand for computing power will continue to expand. Several Federal Reserve officials believe that AI will raise the neutral interest rate level, which means that even if nominal interest rates remain high, the actual policy rate may be relatively low. The resilience of the AI industry is sufficient to support its sustained development in a high-interest-rate environment. Therefore, from a medium- to long-term perspective, the fundamental logic of the AI industry remains solid. The valuation adjustments brought about by rate hikes instead provide a more reasonable valuation starting point for companies with real performance support.