When capital withdraws, who is swimming naked?

American investors are pulling out of risk assets, causing the AI sector to fluctuate. Some are beginning to wonder if this is a sign of a bubble burst.
Humorously speaking, during a capital retreat, you can indeed see who is swimming naked. But that doesn't mean the entire pool is closing.
The AI industry has expanded rapidly over the past few years, with valuations soaring. The growth expectations of some companies have been exaggerated to nearly perfection. When the macro environment tightens, the market will naturally reprice.
The real issue is not whether "faith is collapsing," but whether "valuations are reasonable." When expectations return to reality, companies need to prove themselves with profitability.
From an industry perspective, AI's penetration is still deepening. Intelligent solutions continue to be applied in healthcare, finance, manufacturing, education, and other fields. Demand has not disappeared; only capital has become more cautious.
A decline in risk appetite is often a cyclical behavior. After economic conditions improve, funds may flow back into growth sectors.
Market sentiment fluctuations do not necessarily indicate a change in industry trends. As a foundational technology upgrade, AI still has long-term logic.
The retreat makes the market more sober. Companies with technological barriers and cash flow will be reevaluated.
So, instead of worrying, it's better to observe the differentiation.
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