Fidelity Fund stated in a document that as the market's expectations for US economic growth, interest rates, and earnings of large technology companies continue to change, coupled with the closing of yen arbitrage trades in Japan, it has shaken investors' confidence and triggered more market volatility. Crowded trade closures, risk reduction by hedge funds, and some passive actions have also exacerbated market volatility. Looking closely at the technology sector, caution is needed when evaluating earnings, as earnings may currently be a lagging indicator. Nevertheless, although traditional information technology spending has been weak, most large companies that have reported earnings so far have been impressive, with high year-over-year growth rates. Areas such as super large-scale cloud computing have stood out due to strong demand. In contrast, the recovery of cyclical stocks (such as semiconductor stocks) has not met market expectations. Many semiconductor companies have been overvalued due to the artificial intelligence boom, but cyclical and geopolitical risks have been overlooked, and stock prices have subsequently adjusted. Overall, the fundamental factors have not deteriorated. In fact, the widespread selling by market participants has provided active investors who adhere to discipline and have a long-term view with investment opportunities. While most investors focus on the rotation and short-term earnings impact caused by macro factors, long-term investors can seize opportunities to invest in companies with lasting long-term profit potential. These companies offer opportunities, such as mid-sized software companies with reduced valuations and semiconductor companies that have already gone through large inventory cycles. Although the market expects large-scale artificial intelligence infrastructure construction to remain unaffected, Fidelity believes that the risks associated with the extent and speed of adoption of generative artificial intelligence are underestimated. Therefore, avoiding overvalued semiconductor stocks and preferring more diversified stocks and value stocks within the sector is recommended. In the old economy category, companies that lead in digitalization also offer hidden value. Overall, investors should be optimistic about the prospects of artificial intelligence, but also fully evaluate the risks, returns, and value creation stages involved. In the future, the technology theme is likely to expand beyond artificial intelligence to other areas, such as cloud infrastructure and the software industry, which are supported by strong positive factors, and the valuation of analog semiconductor companies, information technology services, and communication equipment industries is also attractive.