Business adjustment impact likely taking time to be digested Fixed Income Daily Market Update Positive on shipment recovery and upgrade trend; Maintain Hold on fair valuation Technology (Hardware/Semi):Thematic investment and megatrend: Riding the AI wave into the next phase Opportunities from tender offer and repurchases Expect steady 3Q23 despite macro uncertainty An inline 3Q23 and strong FY24E guidance 3Q23 beat and raise; Our sector top pick China Technology: Implications of the US’s updated chip restrictions to global/domestic SPE and GPU companies Technology (Hardware/Semi): Quick note on newly announced restrictions on advanced AI chips