<p>➀ Investors are realizing the upcycle isn't as strong as stocks indicate.</p><p>➁ Industry bifurcation between AI and the rest of the industry continues.</p><p>➂ China's spending risk/overhang is now impacting the market.</p><p>➃ ASML's order decline indicates a more gradual recovery in the semiconductor industry.</p><p>➄ The AI sector remains strong while the majority of the chip industry is weak.</p><p>➅ Many investors mistakenly take AI's success as an indicator of the entire chip market.</p><p>➆ The chip industry is bifurcating into AI and non-AI sectors.</p><p>➇ China's spending is unsustainable and could lead to sanctions.</p><p>➈ The chip equipment industry is likely to follow ASML's downward trend.</p><p>➉ Investors should be more selective in chip stock investments.</p>