This wave has taken quite a few pullbacks, and many people have been asking for opinions via private messages these past two days. The judgment that AI is a major opportunity on a ten-year scale has not wavered at all. A significant part of the intense pain from this wave of pullbacks is because many people added leverage during the rally, and secondly, it might be due to buying at the peak. If you hold positions with a slightly longer duration, like $Alphabet(GOOGL.US), $AMD(AMD.US), $Taiwan Semiconductor(TSM.US), or DRAM, the returns for this year are still decent, not painful. To summarize the lessons learned, we should focus on these two points, not say AI is over just because the stock price fell. Finally, some believe value will shift downstream in AI, for example, to cloud computing, or to model and application companies (the two are also in a game of their own). I think it will inevitably happen in the long term, but it's not clear enough in the short term at the moment.