An analysis by Wall Street Journal points out that the Philadelphia Semiconductor Index (SOX) is approaching a key short-term support level of 11,200 points. From a technical perspective, the 21-day moving average has crossed below the 50-day moving average, signaling a short-term bearish trend. At the same time, market concerns over the cyclical nature of AI capital expenditures and the quality of AI demand have resurfaced, further dampening investor confidence. Analysts believe that if the 11,200-point support level is breached, the index could face a significant correction. Although institutional holdings have normalized and seasonal factors have turned favorable, technical fragility and fundamental uncertainty have led the market to adopt a cautious stance regarding whether the SOX can stabilize and rebound.