$Microsoft(MSFT.US) I reduced some positions last Thursday-Friday and added a small amount of index. Adjusted the structure and portfolio allocation. Mainly due to war concerns, controlling positions, and waiting for opportunities.

$NVIDIA(NVDA.US) Huang this time said the future is the AaaS era, and claw will become the operating system. Cloud providers become heavy asset stocks, the logic has changed dramatically. Business logic has a far greater impact on stock price than current financial statements, just look at Tesla's valuation.

Microsoft needs to prove itself, whether it can steer a wide range of office enterprise clients towards its own AI agent track, it needs time to prove that SaaS won't be disrupted. Otherwise, the company's profits won't be sustainable. Now AI technology is iterating rapidly, competition is fierce, and there really isn't much time left.