From liquidity to fundamentals: Markets are becoming more discerning.

The market is shifting from an "expectation-driven AI bull market" to a phase of "earnings realization and structural differentiation." Macroeconomically, the Federal Reserve's hawkish stance has prolonged high interest rates, suppressing the valuation expansion of overvalued tech stocks and causing funds to no longer indiscriminately chase growth stocks.

At the industry level, the AI ​​theme is entering a period of differentiation: companies with strong commercialization capabilities and clear cash flow (such as Alphabet) are gaining investor favor, while leading companies with large capital expenditures and short-term profit pressure (such as NVIDIA and Meta Platforms) are experiencing increased volatility.

In terms of fund behavior, there is a rotation from overvalued tech stocks to sectors with stable earnings, such as industrials and energy, to reduce portfolio volatility.

Overall conclusion: The index remains resilient, but the market has entered a "structural market," and the core of trading has shifted from judging direction to screening for companies that can consistently deliver profits.