The market rose too fast previously, especially AI and tech stocks accumulated a large amount of profit-taking positions;

Fed rate cut expectations have become volatile, and capital is starting to worry that high interest rates will persist for longer;

CPI, Treasury yields, and the US dollar's movement are once again affecting market risk appetite;

Many institutions are starting to increase Put protection, indicating that large capital has entered a defensive state;

While the main trend for the semiconductor and AI sectors remains unchanged, they have entered a phase of high-level volatility in the short term;

The biggest characteristic of the market now is: it's not that no one is bullish, but that people are starting to get scared as prices rise.

In fact, the AI bull market is not over, but the market has shifted from the previous frenzy of optimism to a phase of high-level gaming and risk re-pricing. Simply put, the market used to focus only on growth and AI potential, but now it wants to make money while also fearing a high-level correction. Therefore, many of the recent declines are essentially more like a repositioning of high-level capital and a cooling of sentiment.$Tesla(TSLA.US)$NVIDIA(NVDA.US)$Intel(INTC.US)$Sandisk(SNDK.US)