Since November, the technology sector has been at the forefront of the downturn in U.S. stocks, experiencing ongoing adjustments. The third-quarter holding reports released earlier reveal that several renowned institutions have substantially cut their positions in NVIDIA. This move has heightened market worries about a potential tech valuation bubble driven by AI. Following the release of its earnings report, NVIDIA's stock price jumped by over 5% in after-hours trading, providing some relief to market concerns regarding an 'AI bubble.' Financial giants like JPMorgan Chase and Goldman Sachs maintain that, when considering industry fundamentals, the demand for AI continues to surge exponentially. Moreover, they suggest that key hardware supply constraints are unlikely to be resolved in the near future, and the industry's boom cycle has not yet turned. While the 'AI bubble theory' still awaits further validation, the transition in Wall Street's holdings from concentrated bets to a more balanced portfolio suggests that the rationale behind AI investments is entering a new phase of diversification.