Serenity: The pullback in the AI hardware sector is mainly due to short-term deleveraging, while the long-term demand logic remains unchanged.

BlockBeats reported on July 29 that Serenity stated in a post that the recent sharp correction in the AI hardware sector appears to be an overshoot caused by short-term deleveraging rather than a deterioration in fundamentals. It pointed out that the latest financial reports of companies such as Bloom Energy and Teradyne both show significant growth in revenue and profit, and earnings forecasts by Chinese optical module manufacturers are also strong. It is expected that the upcoming financial reports of companies such as Lumentum, SanDisk, and SK hynix will continue to validate the acceleration of AI demand.

Alphabet has raised its 2026 capital expenditure to $195 billion to $205 billion, which is one of the most important signals of massive-scale cloud operators’ AI demand. At the same time, market concerns over the Federal Reserve further significantly raising interest rates this year and overcapacity in Chinese storage chip production are clearly exaggerated. Long-term procurement agreements (LTAs) of cloud companies like Meta and Google, as well as collaboration among storage manufacturers such as Samsung, SK hynix, and Micron Technology, also reflect a structural growth trend in AI storage demand such as HBM.

Serenity stated that as long as AI industry chain companies’ revenue and EPS continue to accelerate, the long-term investment logic still holds. It also expects that the AI theme will gradually recover in the future but cannot determine the specific timing.