Interesting data point from China: equity market turnover doubled H1 vs prior year, driven heavily by tech names. Classic momentum chase into AI/semis theme — retail participation surging when valuations already extended.

Saw similar patterns in US tech last cycle. When turnover spikes like this, usually late-stage. Quality names with real earnings power can work, but froth builds fast. Watching how this plays out — Chinese tech multiples aren't cheap anymore.