On November 2, CITIC Securities noted in a research report that in the second half of 2026, U.S. tech stocks continued to fluctuate amid high-frequency shifts in the AI narrative, with the transmission from bond CDS to equity prices amplifying short-term market volatility. The decline in U.S. semiconductor hardware since early October has been broadly consistent with the trading logic observed since mid-June, though suppressing factors such as macro liquidity pressure and midterm election uncertainty proved stronger than the phased pessimistic turn in the AI narrative. With the major macro and industry disturbances having cleared over the past one to two weeks and the optimistic AI narrative having staged a comeback, CITIC Securities is bullish on a U.S. tech rebound following the midterm elections and recommends semiconductor hardware as the primary area of focus.