$Alphabet(GOOGL.US)$Taiwan Semiconductor(TSM.US)$NVIDIA(NVDA.US) all reported strong earnings. The recent poor performance of these large-cap stocks is mainly due to changes in liquidity expectations. It's the same story as the cryptocurrency dropping to 70,000. This has led to many inherently contradictory phenomena: on one hand, there's excessive expectation in the SaaS sector about AI's value and its potential to disrupt SaaS, while on the other hand, there's waning confidence in upstream capex investments. There's growing conservatism about the incremental growth potential of major semiconductor manufacturers, yet excessive enthusiasm for niche players (like optical module companies) in certain hot segments.