The U.S.-led trade war has seen tariff hikes exceed expectations, raising concerns about economic slowdown and political uncertainty. This has caused significant corrections in both U.S. and Chinese equities. However, sustained high tariffs between the two countries are unlikely due to implementation challenges. Negotiations are expected to gradually reduce tariffs and normalize trade relations, driving market rebounds. Corporate earnings confirm AI as a strong secular trend, with rapid advancements in computing power and applications. The recent market pullback offers an opportunity to invest in high-quality AI companies. While U.S.-China tensions persist, impacting global growth, we will monitor tariff developments and China's stimulus measures. Importantly, AI development remains largely independent of trade conflicts, with adoption expected to accelerate this year, making it the most compelling investment theme.