Withdrawing is about risk, not necessarily the future

Recently, U.S. investors have been massively withdrawing from risk assets, with the tech sector leading the way, and the AI sector also experiencing a "sneeze." Many are beginning to wonder: Has the faith in AI collapsed?
Let's stay calm. The withdrawal of funds from risk assets is often driven by macroeconomic variables—interest rate expectations, inflation pressures, and concerns about economic slowdown. When the cost of capital rises, high-valuation sectors naturally come under pressure. It’s not surprising that AI, as a high-growth representative, is being reduced first.
Humorously speaking, this is more like a "valuation check-up." Previously, the market was running too fast, giving excessive premiums; now, the doctors say: slow down first and check the indicators. A stock price correction does not mean a technical halt.
A true "faith collapse" would be demand disappearing, technology being hindered, and applications retreating. But in reality, companies' demand for automation and intelligence continues to expand. Investments in computing power, data center construction, and software integration are still ongoing.
In the past few years, AI has been given too much imagination. Capital has discounted ten years of growth in advance. When sentiment cools, valuations naturally revert. This correction can actually help filter out companies with real profitability.
A decline in risk appetite does not mean a trend reversal. Historically, every wave of technological innovation has experienced intense turbulence. After the bubble bursts, what remains is a more solid industrial foundation.
So, rather than asking whether faith has collapsed, it’s better to ask if the market is "cooling down." After the emotional tide recedes, the truly competitive companies become clearer.
What is withdrawing is short-term hot money, not necessarily long-term capital. Future AI may no longer hit daily涨停, but it will be more stable.