CITIC Securities says in a research note that with macro tail risks easing, AI is again the key variable for U.S. tech stocks in H2. Recent sharp market moves have been noisy, but investor views on AI are normalizing and near-term ROI focus is intensifying. Into H2, AI monetization pace, sustainability of big-tech AI CAPEX and AI value-chain allocation will dominate market debate; elevated volatility is likely to persist. Market emphasis should be on hyperscalers and application software/interne

CITIC Securities says in a research note that with macro tail risks easing, AI is again the key variable for U.S. tech stocks in H2. Recent sharp market moves have been noisy, but investor views on AI are normalizing and near-term ROI focus is intensifying. Into H2, AI monetization pace, sustainability of big-tech AI CAPEX and AI value-chain allocation will dominate market debate; elevated volatility is likely to persist. Market emphasis should be on hyperscalers and application software/internet names where revenue growth has troughed and is rebounding; exercise caution on cybersecurity and foundational software stocks with high expectations. Hardware semiconductor trading should narrow toward short-term, high-certainty opportunities.