PostsApple fell 2.5% after leadership change, Amazon continues to bet big on AI: This was the main theme of last night's US stock market.
Envic continues to decline today, while Shenghong should have had most of its GP shares distributed, allowing it to rise slightly against the trend. It's still worth watching before the earnings report comes out.
Back to U.S. stocks, last night's bearish candlestick in the U.S. market, I think there's no need to overinterpret it as a trend reversal. The Dow fell 0.59%, the Nasdaq fell 0.59%, and the S&P fell 0.63%. It looks like all three major indices are correcting, but the more fundamental reason isn't a sudden deterioration in fundamentals; rather, the market is repricing the Middle East situation and the Federal Reserve's independence at high levels. We still need to focus on the earnings report issue mentioned yesterday. Current corporate profit expectations remain strong, with Q1 profit growth expected to be around 14%. We also need to consider that the Iran issue hasn't been fully resolved yet, suppressing risk appetite.
The market action actually needs to be broken down to look at its structure.
The energy sector rose 1.31% against the trend, the energy ETF rose 1.45%, while the semiconductor ETF was still in the green, up a slight 0.15%. Among large-cap tech stocks, Microsoft was still up 1.46%, Amazon up 0.66%, NVIDIA down 1.08%, Google down 1.52%, Tesla down 1.55%, and Apple down 2.52%. This shows that capital isn't indiscriminately fleeing tech; instead, at high levels, it's re-concentrating positions towards sectors with better realization potential and clearer cash flows.
Another noteworthy news from last night: Amazon will invest an additional up to $25 billion in Anthropic, while Anthropic has committed to investing over $100 billion in AWS-related technologies over the next decade. At the same time, Amazon already gave guidance in February this year for approximately $200 billion in capital expenditures for 2026, most of which is for AI infrastructure. This signal is very direct: the arms race in AI infrastructure isn't cooling down; it's actually accelerating. So, although the market may fluctuate due to geopolitical and policy noise, the medium-term logic of the computing power, cloud, and chip line hasn't been broken. Companies with real orders and capital expenditure realization will still be picked up by capital after corrections.
Apple's decline last night is also very representative. On the surface, it's emotional disturbance from the leadership change, but what everyone cares more about is whether Apple can truly transform its hardware advantage into AI competitiveness in the post-Cook era. Apple has entered a new stage, and the core question is whether it can integrate its deep hardware foundation with AI to maintain growth. Frankly, the market is no longer willing to pay a high premium for "stability" itself; people want to see if the new growth narrative can stand. Apple fell more significantly than Microsoft and Amazon, which is the logic behind it. I talked about this logic a long time ago, so I won't elaborate here.
Therefore, my judgment is that last night's market action was about digesting logic at high levels, not a trend shift. In the short term, the indices are likely to continue being pressured by geopolitical situations and policy uncertainty; expecting a smooth ride isn't realistic. But from a medium-term perspective, the main theme of AI infrastructure hasn't changed; it's even being validated by larger capital expenditures. Operationally, we're not yet at a point of full optimism, so it's not suitable to significantly increase positions. It's also not suitable to cut core logic positions at the sight of a correction. Positions should preferably be reserved for cloud, computing power, and semiconductor leaders after corrections, avoiding purely emotional, purely conceptual, and already overextended stocks. Market opportunities will be given to directions supported by performance, orders, and cash flow.
The above represents personal views only and does not constitute investment advice. Give Vivian a follow, and I wish everyone's buys go up and sells go down~
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