On May 11, Jin10 reported that a research note from China International Capital Corporation (CICC) highlighted the recent strength in global stock markets, including U.S. stocks, China's ChiNext, and markets in South Korea and Japan, driven by advancements in AI. According to Jin10, while geopolitical tensions have not worsened and market sentiment has improved, the impressive performance of tech stocks in the first quarter has significantly contributed to these gains. AI has played a leading role in recent market trends, influencing both profitability and growth. The report discusses AI from three perspectives: demand, investment intensity, and market pricing, concluding that AI has not yet reached a typical "bubble" stage. However, the investment pace relative to demand and capability has been notably aggressive, which has been a key factor in AI's turbulent progress over the past few years. Since 2023, AI-related market movements have not been consistently upward; typically, there is rapid growth over two quarters, followed by increased bubble concerns, leading to volatility or weakening for a quarter while awaiting new catalysts.