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[JPMorgan: AI Sector Crowding Remains High, Suggests Waiting for Mid-August Window] JPMorgan's July 16 quantitative report noted that the Philadelphia Semiconductor Index has fallen approximately 19% from its June 22 peak, but the crowding in AI-related sectors has not yet been fully digested. The AI bubble interest score tracked by the model remains in a historically high range, with a probability of over 50% for the SOX to decline by more than 8% in the short term. JPMorgan advises investors to wait for the mid-August window or adopt defensive strategies, while A-share investors can wait for clearer right-side signals.