The entire June was still dominated by the AI + tech giants trend. Among the three giants of AI theme in both hard and soft tech—Apple, Microsoft, and Nvidia—the gains were mainly concentrated in $Apple(AAPL.US) and $NVIDIA(NVDA.US).

From a timing perspective, the resurgence of AI was mainly driven by two major events against the backdrop of ample macro liquidity and the narrative logic of AI PC/Phone: a) Downstream software companies like Adobe reported better-than-expected earnings; b) TSMC's price hikes triggered a wave of gains, while Micron's post-earnings guidance falling short of expectations cooled expectations for smartphones and PCs.

This type of upward trend, whether viewed from high-frequency buy/sell-side grassroots research on orders and order wait times or based on guidance from companies across the supply chain, still reflects a very clear characteristic of being driven by high-frequency prosperity. In such cases, overbought conditions are not an issue—as long as the industry's earnings trend upward, stock prices may continue to rise even if they are overbought. Therefore, the key is still to focus on timing.

Starting from mid-July, the U.S. stock market will enter a broad earnings season, which will be another time to observe high-frequency data.