On October 13, Yin Zhiyao, chairman and general manager of Zhongwei Company, delivered a keynote speech warning about the current AI investment frenzy. Known as the father of China's etching machines, Yin stated that while AI is a hot topic and discussed in almost every conference, there is a possibility of a bubble forming around it, which requires careful attention. He pointed out that capital expenditure in the semiconductor industry is directly linked to equipment procurement, with 70% to 80% of companies' capital expenditure allocated for equipment purchases. Industry capital expenditure can increase by as much as 100% in one year, but it can also decline by 30% in another year, leading to significant volatility. Yin analyzed two reasons for these dramatic fluctuations. First, each economic peak is often driven by a single product, and while the next peak may be driven by AI, it has not fully materialized yet. Second, the global macroeconomic environment plays a role; if an economic crisis occurs, the pressure will transmit upstream along the supply chain. Regarding the industry landscape, Yin predicts that consolidation is an inevitable trend. Compared to the United States, which has only a few dozen domestic semiconductor equipment companies after multiple rounds of consolidation, China has a large number of such companies, conservatively estimated to be at least 500 and possibly close to 1,000. If this pattern holds, only a few dozen domestic equipment suppliers are likely to survive, meaning that 90% of manufacturers could be eliminated.