tags. We need to translate each part.
Let's translate paragraph by paragraph.
First paragraph: "Chinese hedge funds are pulling money out of Nvidia and the biggest US cloud providers, a shift that signals doubts about how long the AI rally can last. The funds have described the sector as a "super bubble" and are pushing for a wider spread of tech investments to cut risk."
Translation: "中国对冲基金正在从英伟达和美国最大的云服务提供商撤资，这一转变表明人们对AI涨势能持续多久产生了疑虑。这些基金已将这一领域描述为'超级泡沫'，并正在推动更广泛的技术投资以降低风险。"
But note: "cloud providers" - we can use "云服务提供商" or "云服务商". Also "hyperscalers" later is translated as "超大规模云服务商" but here it says "biggest US cloud providers" - we can say "美国最大的云服务提供商". Also "pulling money out" -> "撤资". "shift" -> "转变". "doubts" -> "疑虑". "rally" -> "涨势" or "行情". "last" -> "持续". "broader spread" -> "更广泛的分散" or "更广泛的布局". I'll use "推动更广泛的技术投资" to be natural.
But we need to preserve the exact meaning. Let's refine.
Original: "Chinese hedge funds are pulling money out of Nvidia and the biggest US cloud providers, a shift that signals doubts about how long the AI rally can last."
Translation: "中国对冲基金正从英伟达和美国最大的云服务商撤出资金，这一转变表明人们对AI涨势能持续多久产生了怀疑。"
Then: "The funds have described the sector as a "super bubble" and are pushing for a wider spread of tech investments to cut risk."
Translation: "这些基金将这一领域称为'超级泡沫'，并正在推动更广泛的技术投资以降低风险。"
But we need to combine? The original has two sentences. We can keep as two sentences.
Now the h2: "Why the Rotation Is Happening" -> "轮动发生的原因"
Then the paragraph: "The funds have been quietly repositioning their portfolios, moving away from Nvidia and the hyperscalers — the group that dominates cloud computing and data centers. The move is a bet that the AI trade has gotten ahead of itself. Instead of piling more into the same names that have led the market for the past two years, these managers are looking at the broader tech landscape."
Translation: "这些基金一直在悄悄调整其投资组合，从英伟达和超大规模云服务商——即主导云计算和数据中心的集团——撤出。这一举动表明他们押注AI交易已超前。他们不再将更多资金投入到过去两年引领市场的那些股票上，而是着眼于更广泛的技术领域。"
But we need to be careful: "hyperscalers" - we can use "超大规模云服务商" or "超大规模数据中心运营商". I'll use "超大规模云服务商" as it's common.
Also "the group that dominates cloud computing and data centers" - we can say "这些公司主导云计算和数据中心". So maybe: "从英伟达和超大规模云服务商（即主导云计算和数据中心的公司）撤出" but we have the dash. We can keep the dash or rephrase.
Let's write: "这些基金一直在悄然调整投资组合，将资金从英伟达和超大规模云服务商（即主导云计算和数据中心的企业）中撤出。这一举动是对AI交易已超前的押注。他们不再将更多资金投入到过去两年引领市场的同一批股票上，而是着眼于更广泛的技术领域。"
But "the same names" -> "同一批股票" or "同一批公司". "piling more into" -> "将更多资金投入". "ahead of itself" -> "超前" or "过度". I'll use "过度".
So: "这一举动是押注AI交易已超前。他们不再将更多资金投入过去两年引领市场的同一批公司，而是放眼更广泛的技术领域。"
Now the next paragraph: "It's not a wholesale exit. It's a rotation, a recalibration of how much exposure they want to the AI trade. The funds still want to be in tech, just not all in on the same handful of stocks."
Translation: "这并非全面撤离，而是一种轮动，是对AI交易风险敞口的重新调整。这些基金仍希望持有科技股，只是不想将全部筹码押在少数几只股票上。"
"wholesale exit" -> "全面退出" or "大规模退出". "exposure" -> "风险敞口" or "持仓". "handful" -> "少数". So: "这并非全面退出，而是一种轮动，重新调整他们对AI交易的风险敞口。这些基金仍希望留在科技领域，只是不愿将全部资金集中在同一小部分股票上。"
Now h2: "The "Super Bubble" Warning" -> "'超级泡沫'警告"
Paragraph: "The phrase "super bubble" isn't new to these managers. They've used it to describe a market where valuations have stretched far beyond what earnings might justify. The concentration of capital in a few names — Nvidia being the prime example — has made the sector top-heavy. Any stumble in those companies could drag the entire market down."
Translation: "'超级泡沫'这个词对这些基金经理来说并不新鲜。他们用它来描述估值远超盈利支撑的市场。资本集中在少数几只股票上——英伟达就是典型例子——使得该行业头重脚轻。这些公司中任何一家出现失误，都可能拖累整个市场。"
"valuations have stretched far beyond what earnings might justify" -> "估值远超盈利能支撑的水平". "top-heavy" -> "头重脚轻". "stumble" -> "失误" or "下跌". "drag down" -> "拖累".
Now next paragraph: "That's the risk the funds are trying to dodge. By rotating into other parts of tech — software, chips outside the AI niche, or smaller firms that benefit from the AI buildout without carrying the same valuation weight — they're aiming for a smoother ride if the bubble does burst."
Translation: "这正是这些基金试图规避的风险。通过轮动到科技领域的其他部分——软件、AI领域之外的芯片，或受益于AI建设但估值压力较小的较小公司——他们希望在泡沫破裂时能更平稳地度过。"
"dodge" -> "规避". "AI buildout" -> "AI建设" or "AI基础设施". "valuation weight" -> "估值压力". "smoother ride" -> "更平稳的旅程" but we can say "更平稳地度过".
Now h2: "What the Shift Signals" -> "这一转变意味着什么"
Paragraph: "The rotation out of Nvidia and the hyperscalers is a warning sign. It suggests that some of the biggest players in the market are no longer comfortable with the risk-reward of the AI trade. If more funds follow, selling could accelerate. That's the potential instability the shift points to."
Translation: "从英伟达和超大规模云服务商撤出是一个警告信号。这表明市场上一些最大的参与者对AI交易的风险回报不再感到安心。如果更多基金跟进，抛售可能会加速。这就是这一转变所指出的潜在不稳定因素。"
"risk-reward" -> "风险回报" or "风险收益比". "no longer comfortable" -> "不再满意" or "不再安心". "selling" -> "抛售". "potential instability" -> "潜在的不稳定性".
Next paragraph: "But it's also a vote of confidence in tech as a
