Svmuu reported that CICC (China International Capital Corporation) stated in a research report that, led by AI, stock markets in the US, the ChiNext Board of A-shares, as well as South Korea and Japan, have continued to strengthen since the end of March. While this is partly supported by factors such as no further deterioration in geopolitical tensions and improved market sentiment, the impressive first-quarter earnings of technology stocks have also played a significant role. AI has "dominated" recent market performance and has also "dominated" earnings and growth.
Considering discussions from the three dimensions of demand, investment intensity, and market pricing, AI has not yet reached a typical "bubble" stage. However, it is an objective fact that investment sentiment has "front-run" relative to demand and capacity. This is precisely the main reason why AI has advanced amidst twists and turns over the past few years. In fact, the AI rally since 2023 has not been a one-way upward trend. Roughly speaking, after two consecutive quarters of rapid gains, bubble concerns increase, followed by a quarter of consolidation or weakness as the market awaits new catalysts. (Jin Shi)