According to CoinMeta, a research report by CITIC Securities states that changes in the management of technology leaders may exacerbate short-term market volatility, but the pressure from systematic selling may be relatively limited. The departure of Jensen Huang, combined with changes in the U.S. political landscape, could trigger a revaluation of the AI industry chain and a rebalancing of the U.S. stock market style. However, the impact on the medium-term trend of the U.S. stock market still depends on the evolution of corporate earnings fundamentals. In the short term, the market may reprice due to the slowdown in AI capital spending and downward revisions to semiconductor companies' profit forecasts, but the risk of inventory buildup in the industry chain is relatively limited, and the adjustment in the hardware sector may be more controllable. The slowdown in the growth rate of AI capital spending should help improve the free cash flow situation of CSP, and coupled with the potential decline in long-term interest rates, the SaaS sector is expected to benefit. The mid-term U.S. elections and changes in the management of technology leaders may intensify short-term market volatility, but the pressure from systematic selling may be relatively limited. As political risks are gradually resolved, the pricing logic of the U.S. stock market is likely to shift from being dominated by short-term risk sentiment back to corporate earnings fundamentals. Growth in earnings and upward revisions to earnings forecasts are expected to continue to support the market's medium-term performance.