Rich Privorotsky, head of the Goldman Sachs One-Delta trading desk, noted that the recent sell-off in tech stocks (such as NVIDIA's seven consecutive trading days of decline) is not the end of the AI narrative, but rather a restructuring of market pricing logic. He believes that concerns in the credit market regarding the sustainability of AI infrastructure investment (widening CDS spreads for NVIDIA and Broadcom), hidden worries about inventory accumulation in the semiconductor supply chain, and power bottlenecks and policy resistance faced by data center construction, collectively constitute the current pressure. Privorotsky emphasized that the 24-month forward P/E ratio of the Philadelphia Semiconductor Index has compressed from 21-22x to approximately 15x, and the core question has shifted from "what can AI do" to "who will pay for its operation." He expects AI valuations to undergo a phased compression, followed by a renewed market pursuit as earnings forecasts roll into fiscal years 2027-2028.