According to the latest survey conducted by Bank of America, the strategy of “longing semiconductors” has risen to prominence as one of the most crowded trades in global markets. Concurrently, prominent Wall Street investors, including Michael Burry and Cathie Wood, the founder of ARK Invest, have sequentially adopted a bearish outlook on leading semiconductor stocks such as Nvidia. This has further intensified market skepticism regarding the longevity of the AI boom. The A-share semiconductor sector is also grappling with pressure stemming from concentrated holdings by public funds. Industry experts posit that the sustainability of AI-related capital expenditures and the ability of downstream demand to create a closed-loop investment return are pivotal factors in determining the market's turning point. Against this backdrop, institutions advise against blindly adopting a bullish or bearish stance. Instead, they recommend exploring alpha opportunities within niche segments of the crowded semiconductor sector, such as memory chips, semiconductor equipment, and the undervalued PCB sector.