Semiconductor fell more than 6%, pharmaceutical sector continues to rise On October 23rd Beijing time, the intraday quotes showed that the semiconductor ETF SOXX fell by about 6.5%, the Nasdaq 100 ETF QQQ fell by about 2.7%, Eli Lilly rose by about 2.9%, and Johnson&Johnson rose by about 3.7%. The market's concerns about AI investment and returns can be seen from Meta's financial report. Meta's revenue increased by 26% in the third quarter, and AI is already helping the advertising business increase revenue. However, the company's capital expenditure reached $34.91 billion in the quarter, exceeding $32.79 billion in operating cash flow. The company also raised the lower limit of its annual capital expenditure guidance from $130 billion to $135 billion. The biggest concern for investors is when they can recoup their costs with such high capital expenditures. The money for building a data center needs to be spent first, and the equipment needs to be depreciated year by year after it is put into use. Borrowing money for expansion also requires paying interest. Although the yield on 10-year US Treasury bonds fell to around 5% on that day, the cost of corporate financing remains high, and the market's demand for returns on these projects will also be higher. If giants slow down their expansion in order to retain cash, the expected order growth of chip and equipment manufacturers may also be affected. Compared to the pharmaceutical sector, Johnson&Johnson's recent financial report showed a revenue growth of 5.9% and raised its full year sales and adjusted earnings per share guidance. Today, the company released research data on atrial fibrillation treatment devices and announced that it will showcase the progress of new drug research at the Rheumatology and Immunology Academic Conference. The most direct positive news is the growth of existing business and research and development news. One @ Gate, trade more markets