According to CoinMeta, China Merchants Securities released a research report stating that by examining the financial reports of SK Hynix and Microsoft, the following conclusions can be drawn: The AI industry still faces real supply constraints, and there has not yet been a clear overall surplus. Large technology companies are continuing to increase their investment in AI infrastructure, and customer demand for additional supplies is growing continuously. There is currently a lack of sufficient evidence from financial reports to support market concerns about a AI surplus of computing power. Looking at Microsoft's computing power utilization rate and SK Hynix's order situation, the main issues in the industry are insufficient supply of high-performance computing power, advanced storage, and data center supporting services, rather than a large amount of idle equipment. Therefore, short-term investment opportunities can still be focused on areas that can alleviate the computing power bottleneck.