[CICC: AI Has Not Yet Reached the Typical 'Bubble' Stage] Odaily Planet Daily News - A research report from China International Capital Corporation (CICC) states that since the end of March, under the leadership of AI, U.S. stocks, China's A-share Growth Enterprise Market, and stock markets in South Korea and Japan have continued to strengthen. While this is partly driven by factors such as the lack of further deterioration in geopolitical tensions and improved market sentiment, the impressive performance of tech stocks in the first quarter has also played a significant role. AI has 'dominated' recent market performance and has also 'dominated' profitability and growth. Based on discussions from three dimensions—demand, investment intensity, and market pricing—AI has not yet reached the typical 'bubble' stage. However, the phenomenon of 'front-running' investment relative to demand and capability objectively exists, which is also the main reason AI has progressed amidst ups and downs over the past few years. In fact, the AI market trend since 2023 has not been a unilateral upward trajectory. Generally speaking, it has seen rapid growth for two quarters, followed by increased bubble concerns, leading to fluctuations or weakening for one quarter while waiting for new catalysts. (Jin10)