[Bank of America: Seven Persistent Risks in AI and Semiconductor Industry Stocks] BlockBeats News, July 30, Bank of America released a report stating that AI and semiconductor industry stocks face seven persistent risks, as follows: 1. Hardware has become a "tourist trade," with even medical tour groups discussing SNDK. Late buyers of MU may still face shakeouts, while sharp daily fluctuations are forcing steadfast bulls to sell. 2. Good news is no longer effective. TSM, ASML, and INTC have declined even after delivering strong earnings, with intraday rebounds consistently sold off. Reduced capital expenditures by hyperscale manufacturers could hurt AI suppliers, while increases would pressure free cash flow. Financing has also raised concerns about funding. Ordinary beats may no longer suffice. 3. Investors are bearish on AI labs but remain bullish on their infrastructure. Spending by OpenAI and Anthropic has already been embedded in suppliers' backlog orders and financial data. Open-source weighted models may eventually increase computing power demand, but the transition process is unlikely to be smooth. 4. Token deflation is a double-edged sword. Cheaper tokens may accelerate adoption but could compress lab profits and exacerbate hardware and power optimization challenges. More computing power does not automatically mean every supplier will gain more profit. 5. Memory forecasts may need to be revised downward. Simply lowering valuation multiples may not be enough. Stocks that appear cheap based on unrevised estimates may not actually be inexpensive. 6. Credit has entered the stock debate. Financing the entire ecosystem has become a "trillion-dollar game of chicken." 7. The continued adjustment of stocks in this sector may stem from portfolio and factor adjustments rather than a single fundamental breakdown. Investors may later apply narratives around open-source models, ROI, financing, and optimization to price movements.