The recent resurgence in the technology sector has captured market attention. A significant geopolitical announcement triggered a sharp rally in global equities, with US, Japanese, and South Korean markets surging. Chinese A-shares and Hong Kong stocks also rebounded strongly. Notably, the previously underperforming chip and semiconductor sectors staged a powerful comeback, boosting overall market sentiment. Concurrently, international oil prices fell sharply, while gold prices rebounded from their lows. This sequence of events suggests the current technology bull run is not over; the earlier decline was merely a profit-taking adjustment within a broader uptrend. This view, consistently held during last week's market correction, has now been validated.

During a recent trip to the US for a major investment conference, discussions with domestic and international investors revealed significant divergence in views on the US tech stock rally. The AI technological revolution is undoubtedly the primary driver of this tech bull market. The recent successful public listing of a major space exploration company, with its stock soaring 60% and its founder's wealth increasing by a staggering amount in a single day, underscores the immense market imagination ignited by this AI revolution. It has directly fueled the rise of global tech stocks. A key indicator for gauging the longevity of this tech rally is the performance of US markets, which are leading this cycle. Monitoring overnight US market performance, particularly the Nasdaq, remains crucial. If the Nasdaq falls by more than 5% in a day, adjusting positions may be prudent. A single-day drop exceeding 10% or a cumulative decline over 20% could signal a potential bubble burst. While the tech rally continues, its steep gains have made some investors hesitant. A relatively balanced allocation strategy is now more reasonable—holding both tech stocks and foundational "HALO" assets. This approach offers both offensive and defensive potential. HALO assets represent the infrastructure of the AI era, including non-ferrous metals, rare earths, power, grid equipment, and new energy sectors like wind, solar, and storage. Demand for these is not replaced but amplified in the AI age. Within the tech sector, focus remains on six key themes identified earlier: chips & semiconductors, computing power & algorithm infrastructure, humanoid robots, commercial aerospace, solid-state batteries, and biopharma. These themes are expected to perform in rotation. Over the past year, chips/semiconductors and computing power have been standout performers, particularly sub-sectors like optical communication and advanced cooling technologies, validating the tech investment thesis.

This year, lithium carbonate prices have shown a volatile upward trend, with cumulative gains exceeding 60% year-to-date. The combined demand from new energy vehicles and energy storage, coupled with supply-side disruptions, suggests the lithium industry may maintain a tight supply-demand balance in the medium to long term, highlighting the sector's investment value. Long-term, the global lithium resource landscape will likely feature integrated supply chains alongside regionalized supply. Leading companies are accelerating the construction of closed-loop systems from mining to recycling, while also increasing localized processing investments in resource-rich countries. The core of industry competition is shifting from reserve scale to cost advantage and ESG compliance capabilities. Minor metals like lithium and tungsten are beginning to attract investor attention. Industrial metals like copper are also AI-era infrastructure, essential for building data centers. The copper usage in a new energy vehicle is about four times that of a conventional car. The non-ferrous metals sector was last year's top performer. After some profit-taking this year, high-quality companies within the sector are becoming attractive again for allocation.

The ongoing FIFA World Cup is undoubtedly a major global event. Some worry about a "World Cup curse," where market turnover shrinks and adjustments persist as fans stay up late watching matches. This time, the impact may be less pronounced. Although it's the first tournament hosted across three nations with a 39-day schedule, the nationwide frenzy seems more subdued than before, with many fans opting for next-day replays or simply checking results. The "curse" concept stems from several factors: first, a calendar effect, as the tournament usually falls in June-July, a period in A-shares historically associated with weakness, coinciding with an earnings vacuum and tightened liquidity due to corporate tax payments and bank assessments. Second, attention diversion, though historical data is inconclusive—A-share trading activity during past World Cups has both decreased and increased. Third, and most importantly, the market's own cyclical position. Market movements are ultimately determined by the macroeconomic environment and market performance, not football. Notably, this World Cup is filled with Chinese elements, from advertisements of major Chinese companies to tournament balls, electric shuttle buses, and jerseys produced by Chinese firms, showcasing the country's cultural influence.

The current AI revolution is expanding demand by gradually realizing various AI applications. Humanoid robots represent one of the best real-world scenarios for "AI + consumption," characterized by a long and promising growth trajectory. Anticipation around a potential public listing for a leading robotics company has boosted its industrial chain. Tesla Motors' (TSLA) next-generation humanoid robot is also expected to debut soon, featuring advanced dexterous hands, which may spark another wave of interest in the sector. While the humanoid robot sector saw significant gains in May and has experienced some volatility since, its long-term prospects remain compelling. The main constraint on robot development has been the "intelligent brain." As large language models advance, the level of intelligence will gradually improve. The development path for robots is expected to progress from industrial settings (easier due to controlled environments), where they are already deployed, to commercial services (hotels, restaurants, malls), and finally, as they become more intelligent, into households as companions or caregivers. Investment in robotics should focus on the medium to long term, avoiding short-term speculation. Given the uncertainty over which manufacturer will ultimately succeed in a competitive field, a prudent investment strategy is to focus on the "picks and shovels" suppliers—companies providing critical components like sensors, joints, and reducers to major players like Tesla Motors. These companies are likely beneficiaries regardless of which robot maker wins, similar to how chip and computing power providers were key beneficiaries in the broader AI theme. Focusing on these foundational suppliers offers greater investment certainty.