[The adjustment of technology stocks is not driven by U.S. debt alone. AI forward pricing has become the core game thread] August 28th. Recently, the global technology sector has been experiencing intensified volatility. The rapid rise in U.S. long-term Treasury bond yields once significantly suppressed the valuation of growth stocks; as bond yields fell in stages and Nvidia delivered better-than-expected financial reports, U.S. stocks and the A-share technology sector rebounded again. Analysts believe that changes in interest rates are an important factor affecting the risk appetite and valuation levels of technology stocks, but this round of adjustments cannot simply be attributed to high U.S. bond yields. As the AI ​​industry enters the stage of large-scale capital expenditure and commercialization verification, the core of the market game is shifting from the authenticity of computing power demand to the commercialization space, technological leadership and long-term profitability. The subsequent technology market may turn from a general rise to a divergence, and orders, performance and cash flow will become important basis for selecting assets. (China Securities Journal)