BlackRock stated in a post that in the short term, a few winners in artificial intelligence will bring investment returns, so they continue to maintain an overweight view on the technology and AI themes in terms of tactical allocation. Due to a preference for risks, compared to fixed-income assets, BlackRock also prefers equity assets but also favors the returns from short-term bonds. BlackRock believes that central banks in developed markets are forced to keep interest rates at high levels before the pandemic to control inflation. In the new macro environment, both inflation and interest rates are high, with limited supply leading to low growth, and this unprecedented macro environment may continue. In addition, economies are also adapting to challenges such as aging populations, global supply chain restructuring, and low-carbon transitions, which limit production and increase capital investment. Artificial intelligence, as a technology that can enhance productivity in the long term to alleviate inflation pressures, was a focal point in BlackRock's seminar. The benefits brought by artificial intelligence are still achievable but may require more time. Some fund managers at BlackRock believe that the initial capital expenditure for artificial intelligence may lead to inflation. Capital expenditures in AI data centers have increased significantly since the popularity of ChatGPT last year, and are expected to further escalate in the coming years. The surge in capital expenditures and demand for resources may create bottlenecks, meaning that artificial intelligence could potentially exacerbate short-term inflation before delivering long-term benefits. Market and central banks in developed markets have not yet taken this complex situation into account. Where will the market go in the second half of the year? BlackRock believes that in the next 6 to 12 months, winners in the AI field will continue to drive investment returns, so they maintain an overweight view on opportunities related to the technology and AI themes. The rise of AI is supported by corporate profits and still has room for growth in the future. Currently, there is no bubble in the AI sector, and large tech companies have strong profitability, unlike those companies that caused the internet bubble in the past. The robust balance sheets and profit potential of large technology companies also support BlackRock's preference for risks. Even in a high-interest rate environment, the matured debt of investment-grade companies in the coming years remains manageable, and profitability continues to improve. Due to a preference for risks, compared to fixed-income assets, BlackRock leans towards equities. However, due to the expectation of high-interest rates for a longer period, they also prefer short-term bonds for returns.