Overview of Major Overnight Developments on May 15

UBS pointed out that the investment logic for AI is shifting from competition in models towards infrastructure development, with power supply, data center capacity, and financing capability becoming critical factors affecting industry expansion. As demand remains resilient, the importance of project delivery speed, supply chain security, and the provision of key raw materials is rising further. Companies that control scarce resources and infrastructure bottlenecks are expected to attract more market attention.

Investor Michael Burry, known for accurately identifying major flaws in the U.S. subprime mortgage market and predicting the 2008 financial crisis, has concentrated most of his bearish bets on put options for the Nasdaq 100 Index (NDX) and the VanEck Semiconductor ETF (SMH).