GF Securities' Liu Chenming team's report points out that while US Treasury yields and the Nasdaq Composite have both hit new highs, the tech stock rally has become "desensitized" to interest rates. This is primarily because the global semiconductor cycle is still in an "accelerated upward" or "high-speed fluctuation" phase. The team believes that interest rate changes mostly affect short-term valuations, while industry prosperity is the key determinant of mid-term market direction. As long as AI-driven demand and earnings growth are sustained, tech stock performance will be supported. The report also anticipates a dense schedule of AI catalysts in Q4, which will further strengthen demand expectations.