GLOBAL IDEA 全球理念 Asia Technology 亚洲科技 Cycle Playbook – Not Quite There Yet 周期剧本 – 还未完全到位 February 14, 2025 09:59 PM GMT 2025 年 2 月 14 日 09:59 PM GMT Shawn Kim, Duan Liu, Michelle Kim 肖恩·金，端刘，米歇尔·金 This AI trade is in year three and opportunities are shifting to the AI application layer as well as China AI. The cyclical bottom is not quite there yet but close enough for early cycle parts in traditional tech, and ISM inflecting higher means better earnings ahead. 這個 AI 交易已進入第三年，機會正在轉移到 AI 應用層面以及中國 AI。循環低點尚未到達 ...