Amid a backdrop where AI investments are increasingly prioritizing performance certainty and risk management, public funds are gradually reallocating towards Hong Kong-listed internet assets. Fund professionals highlight that the growing divergence in long-short positions on heavily concentrated stocks often serves as an indicator of escalating equity market risks. Presently, the investment rationale surrounding AI is transitioning from speculative fervor to a focus on authentic performance, with capital starting to steer clear of overly crowded sectors. Instead, there's a growing emphasis on certain AI-related assets that boast reasonable valuations and exhibit lower levels of market exuberance. Industry experts posit that the rebound in Hong Kong-listed technology and internet stocks is intricately linked to the valuation rebound within the AI application sector of the U.S. stock market. Since the conclusion of last year, the AI application sector in the U.S. stock market has been at the forefront of valuation corrections, with several prominent QDII-listed stocks, including Salesforce and Adobe, witnessing substantial declines. Some individual stocks even plummeted by over 50% in a single trading day. The valuation correction cycle of the U.S. AI sector has largely coincided with the downward trajectory of the Hang Seng Tech Index. Beyond the impetus from overseas markets, the quest for reliable investment opportunities and the overcrowding of trades in emerging tech firms also stand as significant factors driving funds back towards core internet assets.