HSBC said the recent sharp sell-off in global equities and technology stocks may have gone too far, and concerns about tighter AI regulation have been overstated. According to Sina Finance, the bank believes regulation may slow the pace of AI infrastructure development but will not fundamentally halt related capital spending, and it recommends buying technology stocks on dips. HSBC said passive selling by leveraged exchange-traded funds (ETFs) intensified the market decline. The bank estimated that forced selling totaled about $48 billion on November 5, indicating that recent technology-stock declines were driven not only by fundamental concerns but also by technical factors such as the unwinding of leveraged trades. HSBC also said a recent decline in international oil prices could ease cost pressures on companies and support cyclical stocks.