Fidelity International's Cai Tenglun: optimistic about the long-term growth prospects of the semiconductor industry, but also need to consider the cyclicality of the industry.

Fidelity International recently stated that Chinese innovation company DeepSeek has launched a low-cost artificial intelligence model, prompting investors to consider the possibility of a reshuffling of US technology stocks. Fidelity International fund manager Cai Tenglun pointed out that they are optimistic about the long-term growth prospects of the semiconductor industry, but also aware of the cyclical nature of the industry, and the historical experience of the industry plummeting due to oversupply caused by high demand. Cai Tenglun believes that instead of trying to invest in the late-stage infrastructure development of AI, it is better to pay attention to semiconductor companies that have performed relatively poorly in the past two years but have reallocated their budget to support the development of artificial intelligence infrastructure.