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JPMorgan: Despite the adjustment, the upward cycle of Asian technology stocks still has room for continued growth.
JPMorgan said that the rise of Asia's technology stocks is not over yet, and the current adjustment seems to be similar to the adjustment in the previous cycle. AI hardware spending may maintain growth in the next one to two years, while companies' expectations for the use of AI are still moderate and have not reached the level of being greatly disappointed by the market in 2025. "The recovery of cyclic non-AI technology has been quite slow, but inventory has been clearing, and most companies have finally begun to ship on demand," wrote Gokul Hariharan in the report. Overall, the valuation of Asian technology stocks is high but not excessive, or it does not indicate an impending market collapse.
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