AI has faced widespread skepticism for the first time, with star stocks like SanDisk declining for two consecutive days—at least a mid-cycle correction, or even the peak of a super cycle. Those familiar with industry cycles know that semiconductors are a typical cyclical industry, except that this time, the computing power revolution—where no one wants to fall behind—has brought a swarm of competition, causing industry corporate performance to explode too violently, leading to massive short-term gains.