A J.P. Morgan strategist said that the market's concerns about the supply of AI infrastructure capital are excessive. As investors have drastically reduced their positions, the recent decline in AI-related stocks may be weak. The team led by Nikolaos Panigirtzoglou said that most of them, including hedge funds and trend-tracking investors, have settled their previously heavy semiconductor positions. Their broad stock holdings index also declined significantly from the mid-September high, which may limit subsequent declines. According to the report, the technology industry's cash flow this year is about 400 billion US dollars higher than its capital expenditure. The report mentioned that listed technology companies plan to invest a total of about 1.8 trillion US dollars in investment and research and development this year, of which small AI infrastructure manufacturers only account for 80 billion US dollars; if financing difficulties force small enterprises to reduce investment, large enterprises can bear this part of the expenses.

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