According to CoinMeta, Gabriela Santos from JPMorgan Asset Management warned that the concentration risk associated with the AI factor has spread from the stock market to the fixed-income market. Although the investment logic of the artificial intelligence supercycle still holds true, investors need to remain cautious. Santos noted that the adjustment in tech stocks in July highlighted the risks associated with overly crowded positions; during that month, the Philadelphia Semiconductor Index plummeted by 21%, marking the largest monthly decline since 2008, and the South Korean Composite Index also tumbled by 22%. She emphasized the importance of controlling position sizes, using leverage wisely, and diversifying investments beyond AI.