On Monday, markets witnessed significant turbulence, with Goldman Sachs noting a widespread sell-off. Leveraged ETFs exacerbated market volatility, and sector rotations were pronounced. Notably, the semiconductor sector experienced sharp declines initially, but these narrowed to 5%, suggesting a gradual easing of selling pressure. As the market stabilized, buyers began to re-emerge. The market has gradually absorbed the sentiment and narrative shifts spurred by the Deepseek incident, with the pro-AI argument steadily gaining prominence. Concurrently, the earnings reports from META and MSFT had a positive impact on the market, especially META's release, which piqued market interest in ASICs. Nonetheless, discussions around NVIDIA's competitive advantages and the chip ban continue to heat up. In the long term, the open-source approach could render GPU clusters more resilient and provide an edge over ASICs. Furthermore, the expert summary of Groq TPU revealed no substantial market shifts. Morgan Stanley revised its capex spending forecast upward and conducted an in-depth analysis of META. It is imperative to acknowledge that market risks persist, necessitating cautious decision-making by investors.