BlockBeats News, July 23, Renowned economist Hong Hao recently expressed his views, stating that the current AI sector stock pullback is a continuation adjustment (not the end). Observing the South Korean KOSPI index, the overall sector adjustment is far from complete. Stock prices have already excessively reflected the fundamentals in advance, and technical adjustments will continue. Short-term volatility is significant, with the trend temporarily leaning towards a downturn.

Hong Hao believes that market funds are rotating from the overheated AI/semiconductor and other new technology sectors to the previously neglected old economy/old technology sectors (such as Tencent, Alibaba, Meituan, and other Internet giants have seen significant gains). Logically, if one is optimistic about AI's contribution to productivity improvement, one should be optimistic about the old economy (as economic growth will ultimately drive consumption), expecting a broad-based rise rather than localized speculation.