Tech Monthly Wrap Up • Market : From “Sizzling” ➜ “Unwind” ➜ “Consolidation.” • After SOX and tech names corrected, valuations have reset with likely stabilized volatility, shifting the market from “unwind” to “consolidation.” • QTD, market is rotating out of 2Q outperformers (ie memory, MLCCs, PCB upstream). • Near-term events: TSMC & ASML earnings likely mild positive ones. Investors focus more on CSPs on AI/capex. • We continue to expect AI spending to accelerate. Top-5 CSP capex could reach ~$1.2T by 2027 (+43% YoY). Top-5 Neoclouds could double YoY in 2027 • Open-source models are gaining traction, but Third-party data still points to strong ARR by Anthropic suggesting sustained spending shares. • For price hike theme, we prefer CPU, ABF substrates, mature-node foundries, OSAT, and wafers, as market could focus on “rate”. #tech# #SOX# #AI#