Recently, the global technology sector has witnessed substantial fluctuations. Initially, the swift ascent of long-term U.S. Treasury yields exerted downward pressure on the valuations of growth stocks. Nevertheless, as bond yields have begun to recede and Nvidia's financial performance has surpassed expectations, technology sectors in both the U.S. and A-share markets have staged a rebound. Analysts highlight that although fluctuations in interest rates are a pivotal factor influencing risk appetite and the valuations of tech stocks, this current round of adjustments cannot be solely pinned on elevated U.S. Treasury yields. With the AI industry transitioning into a phase characterized by extensive capital expenditures and the verification of commercialization, market focus has shifted from the veracity of computing power demand to the potential for commercialization, technological edge, and long-term profitability. Consequently, the future trajectories of tech stocks are likely to diverge, with orders, earnings, and cash flow emerging as key benchmarks for asset evaluation.