JPMorgan Chase's latest research report indicates that the current downturn in AI infrastructure stocks is significantly worse than the adjustment seen last July. The report suggests that the lack of "buy the dip" behavior from retail investors so far, coupled with a looming cliff in buyback flows, thin short positions, and high leverage in leveraged ETFs, makes the technical support for this rebound much more fragile than the last. The report also noted that the combined $40 billion buyback plans from two major South Korean memory companies concluded in mid-October, and cyclical stocks have not yet entered oversold territory, indicating considerable downside risk.