Golance Research Report: This AI ​​pullback is highly similar to the four rounds of retracement in 2000, and stabilization requires relief of three major pressures

BlockBeats News, August 2nd. According to CICC Research, starting in mid-to-late June, the global AI chain saw a significant pullback, with South Korea, known for its "high leverage, high crowding, and high retail participation," being the most affected. This pullback was attributed to the amplification effect of high crowding and high leverage, macroeconomic disturbances (such as the Fed's interest rate hike expectations, the renewed blockade of the Strait of Hormuz pushing up oil prices, etc.), and market concerns about the rekindling of a bubble as AI reached this stage again (Meta renting out computing power, decrease in Token spending, etc.).

In fact, before the bursting of the Internet bubble in March 2000, the tech sector also experienced at least four large-scale and prolonged pullbacks. The triggering factors for the decline were highly similar to the current adjustment: short-term turbulence in the industry trend, macroeconomic headwinds, and overheated valuation sentiment. The ultimate rebound of tech stocks was also due to the easing of these three pressures. Therefore, looking at the current situation, for the market to stabilize and possibly embark on a new round of uptrend, it will require the digestion of high crowding and high leverage, the easing or implementation of the Fed's interest rate hike expectations, and most importantly, new catalysts from financial reports and the industry (Q3-Q4 earnings season).