Per a client letter, hedge fund Walleye will return part of investors' capital.

【從“量價齊升”到“現貨連跌”，市場開始爲AI投資回報定價】美國中期選舉後，AI數據中心投資萎縮擔憂加劇，通用DRAM現貨價格連續兩天下跌。緊接着美國半導體股創下6年多最大單日跌幅，韓國股市亦暴跌，靠價格上漲撐起來的存儲繁榮是否終結——"AI高點論"再度擡頭。Trend Force數據顯示，5日亞洲現貨市場通用DRAM現貨價格全線下跌。市場對現貨價格敏感，是因爲本輪存儲繁榮是靠價格堆出來的。據Counterpoint Research，三季度全球DRAM市場銷售額同比增長369%，但出貨量增速僅4%。通用DRAM銷售額增速快於HBM——一旦DDR5等價格轉跌，存儲廠商的營業利潤率將立刻動搖。業界認爲，到明年爲止量價變動基本由合同鎖定，業績影響有限；但現貨弱勢持續，情況就會變。現貨價被視爲合同價的先行指標，歷史上存儲下行週期中，現貨價先跌、幾個月後合同價跟跌的先例很多。DRAM現貨價持續下跌、與合同價差距收窄後，客戶要求降價或推遲採購的餘地就會變大。存儲業界人士也承認，現在判斷爲短期波動爲時過早，但如果下跌演變爲長期趨勢，確實會有影響。

Taiwan's weighted index closed down 3.2% at 41,574.72, its lowest level in over three months, dragged by losses among major chipmakers. Democrats' strong showing in the US midterms increased uncertainty over AI regulation, prompting investor concern that near-term AI-related capex could be affected and that tech profit forecasts may be overly optimistic, BNP Paribas analyst William Bratton said. Taiwanese semiconductor firms' investment cycles are tightly linked to US tech giants, heightening their sensitivity to such risks. TSMC -0.9%, Foxconn -2.1%, MediaTek -6.9%, Unimicron -9.9%.