Following the previous post, for the pessimists who emphasize macro risks, I think they are close to agnostics. For $Taiwan Semiconductor(TSM.US), they would think that the Taiwan Strait is becoming increasingly unstable, and even in the U.S., it would be hollowed out, coupled with declining gross margins due to antitrust or supply chain issues, and on top of that, the bursting of the AI bubble. For $Alphabet(GOOGL.US)/$Meta Platforms(META.US), they believe that internally, Trump will target them, and externally, most of the countries with trade surpluses with the U.S. are service deficit countries, so Japan and the EU will definitely make them bleed. As advertising platforms, trade-related advertisers account for a large share, and this will also be a huge blow, further compounded by the debuff of the AI bubble bursting. In any case, the current drop is far from enough to cover it. This logic can almost be applied to many stocks, after all, this is a time when even treasury bonds are facing problems.