According to CoinMeta, HSBC stated in its latest report that it continues to be optimistic about the U.S. stock market and believes that the recent sell-off in chip stocks is a rotation among investors in AI trades, rather than a full retreat. This rotation is crucial for investment positioning, indicating that investors are reallocating their funds rather than abandoning the AI theme, which may limit further declines in semiconductor stocks. HSBC emphasizes that the construction of data centers in Asia will drive long-term structural demand, supporting supply chains for chips, equipment, cooling, and power. Although the short-term sentiment of individual chip manufacturers remains volatile, HSBC's overweight position in U.S. stocks and its selective confidence in Asian AI infrastructure suggest that the current fluctuations represent a repositioning phase within the growth narrative, rather than a turning point.