[Morgan Stanley's Latest Assessment: AI Investment Enters 'Halftime Adjustment,' Focus on Two New Main Themes] Morgan Stanley's Chief China Economist, Xing Ziqiang, recently shared his latest insights during a media briefing. Xing Ziqiang believes that the recent volatility in the AI sector is not due to a deterioration in fundamentals but rather a result of crowded trades, capital draining by major firms, and the resonance of rising oil prices with heightened interest rate expectations. He suggests that AI investment has entered a 'halftime adjustment,' with the focus shifting from the upstream pursuit of computing power chips to two new main themes: the application side of AI (cost reduction and revenue realization) and HALO resource support (energy, energy storage, and raw materials).