Bollcoin reported on October 22 that JPMorgan global market strategist Nikolaos Panigirtzoglou and his team believe the recent decline in the semiconductor sector indicates that most long positions have been unwound, including those held by momentum investors. Although short-term headwinds remain, this positioning adjustment may have already limited the room for further market declines. The JPMorgan team also discussed another issue that has recently worried the market: the financing risk of new cloud companies. JPMorgan believes that financing does pose a problem to some extent, but because demand for computing resources is extremely strong, the relevant companies may be able to pass the impact of rising financing costs on to end customers. Even if financing becomes unfeasible, it does not believe the time mismatch between capital expenditure and revenue will undermine the growth cycle of the entire industry.