David Eiswert, portfolio manager of the T. Rowe Price Global Focused Growth Equity Strategy, said that investors need to pay attention to three key areas when analyzing the current market environment: competitive markets, high-frequency wide storage, and the Fed's rate-cutting approach. Eiswert pointed out that with major technological changes occurring, major quasi-monopoly companies are concerned about potential threats to their profit pools. These companies are forced to make urgent investments to defend their position in potentially competitive markets that are emerging. This means that the current investment cycle may be longer and stronger than previous cycles. More importantly, free cash flow and strong balance sheets will support this cycle rather than debt. Eiswert also highlighted the crucial importance of high-frequency wide storage in the development of artificial intelligence, as it can process data faster and support larger models. The process of manufacturing high-frequency wide storage is more complex, and companies with a competitive advantage are expected to create higher gross margins. These companies can also invest in innovation and unique equipment. Identifying investment opportunities in this area will be key. Given the strength of the investment cycle and the robust US economy, the way the Fed cuts rates this year could delay market expectations of a Fed put until 2025. This will benefit risk assets, but prudent risk management remains crucial.