Since October, market concerns over the prospects of AI investment, financing costs, and profit realization have continued to intensify. US tech stocks have undergone significant corrections, which quickly spilled over into hedge fund performance. Growth-oriented stock-picking funds such as Tiger Global and multi-strategy giants such as Millennium were unable to avoid the drawdown. Entering November, hedge funds continued to concentratedly cut their holdings in tech stocks such as semiconductors, and risk-averse sentiment rapidly intensified. Despite the pessimistic sentiment, many mainstream institutions still believe that this round of volatility is more like a "clearing out" of crowded trades than the end of the AI investment boom.