Serenity summarizes executives' remarks during the AI sell-off: demand remains intact, with delays stemming only from the pace of buildout.

November 9th - This week the AI sector experienced a severe sell-off. After summarizing statements from multiple tech giants and infrastructure supplier executives, Serenity pointed out that there is a massive disconnect between market sentiment and true fundamentals. Lumentum (LITE) CEO stated bluntly that "there is a huge misalignment between demand orders and market performance"; AMD CEO emphasized that the industry is in the very early stages of the adoption cycle, with demand far exceeding supply; Arm CEO warned that if the US hesitates on data center construction, other countries around the world are ready to take over at any time, and China has not slowed down; Qualcomm (QCOM) CEO pointedly noted that "the current bottleneck is not demand, but supply constraints—wafers, substrates, assembly, all are in shortage." These statements all point to extremely optimistic business conditions for accelerator, networking, and semiconductor companies.

Regarding market concerns about political risks and construction obstacles, Serenity noted that even politicians who previously threatened during campaigns to restrict data centers have shown a cooperative attitude after winning elections. For example, Meta executives revealed that local politicians proactively sought dialogue to preserve investment and jobs, though building new data centers is indeed becoming more challenging. Data center developers, while reporting strong pricing and demand, also acknowledged increasing attention to financing costs and delivery execution risks.

Serenity concluded that there is an important distinction between "demand disappearing" and "demand delayed due to insufficient construction speed." Despite the severe sell-off, there is currently no evidence that AI demand has suffered large-scale destruction.