The recent AMD news is a bit confusing. What's with the 15% "tariff" that the US government directly allows you to export AI chips to China? Tell me, how is this different from the rare earth quotas in the past? It's not purely a technical blockade at all. It's completely a mix of geopolitics and business tactics. It feels like the US itself has uneven supply and demand and is just putting on a show. The bill says the harshest clause was excluded, seemingly loosening up, but the marginal "blockage" is still there. The downstream demand for AI is driving up memory HBM like crazy (up by about $20/$40), and the consumer market is also being dragged down. This has already been transmitted, it's just that it hasn't exploded in the short term. The US isn't trying to kill China's AI now, it's more like dragging, probing, forcing you to start from scratch? It's a bit like the macro mismatch in 2019, where the market moved half a year early. To put it bluntly, patches are applied to corporate behavior, creating policy suspense, cutting a wave of premiums, and then waiting for inventory problems to bring a second wave of news. It's all the same old script...