The AI theme is not over yet, but the market has already entered a stage of risk gaming after high-level acceleration.

Currently, the broader market (especially the Nasdaq) still maintains a strong upward structure, with the overall trend not truly broken. Capital remains highly concentrated in the AI industry chain. The strongest sectors in the market are still: AI, semiconductors, HBM memory, computing power-related, and high-beta growth stocks, indicating that risk appetite is still quite high. In many sectors now, AI-related directions are significantly stronger than the overall performance of the S&P 500. This means the market is no longer in a broad-based rally, but increasingly focused on directions with certain growth. Space economy-related sectors have also become active recently. Essentially, this reflects that capital is starting to spread from pure AI to future tech narratives. Technically, the current index has entered a stage of high-level consolidation and trend continuation. In the short term, it can still continue to rise, but the higher it goes, the greater the volatility may be. This is because there are more and more profit-taking positions; market expectations are becoming increasingly aligned; institutions are starting to both go long and defend. The AI bull market is not over, but the market has slowly transitioned from a mindless rally to a stage of rising with fear, high-level gaming, and enhanced risk control. In short, the strongest directions in the market are still AI and high-growth tech, but the closer to the highs, the more attention should be paid to volatility and pullback risks after overheated sentiment. This is some analysis I did pre-market. You can all take a look. $Sandisk(SNDK.US)$Circle(CRCL.US)$AMD(AMD.US)$Intel(INTC.US)$Tesla(TSLA.US)$Micron Tech(MU.US)