I don’t recommend holding onto chip stocks for the long term because the market dynamics have fundamentally changed. 1. The development of AI requires terrifying investments in 'selling shovels.' These phases need returns to validate them. While the financial reports of big companies look impressive, their expenditures are even scarier. 2. The rapid growth phase of memory chips is over. In just over two years, market value has increased tenfold. Although export volumes can continue, efficiency gains will inevitably decline. It’s easy to go from scoring 30 to 80 on a test, but going from 80 to 100 is much harder. 3. On a macro level, inflation remains high, and there’s still a subtle expectation of interest rate hikes. This makes financing costs too high, and the reserve funds of big companies are running low in the short term, increasing pressure from financing and borrowing. 4. Funds that cashed out at high levels won’t re-enter the market in the short term to help everyone break even. Major players need bloodied chips and new room for growth to make a move.