Will the US stock market experience a pullback in June??? 1. The broader market has entered a high-level game phase.

Personally, I believe the overall trend of the US stock market has not completely deteriorated, but it has gradually shifted from the previous unilateral rise into a phase of high-level volatility, capital divergence, and enhanced risk management. The market is starting to worry about: inflation data, the Fed's interest rate policy, overvaluation in the AI sector, and profit-taking. Therefore, I think a phased pullback in June is not impossible, but it's more like a healthy adjustment rather than a trend reversal.

2. DELL's surge indicates that the logic of AI capital expenditure is still intact; DELL's big jump is not an isolated event. However, it reflects that the demand for AI servers continues to grow, data centers are expanding, and corporate AI investment is increasing, which shows that AI infrastructure construction is not over yet. It can be said that the main AI theme is still alive, but capital is starting to spread from single leaders to the entire industry chain.

3. The semiconductor sector is beginning to diverge. Previously, everyone rose together—NVDA, MU, AMD, AVGO, SNDK. My personal systematic analysis suggests it has entered a phase where the strong remain strong, and the weak diverge. The market is now paying more attention to the ability to deliver on performance, the proportion of AI revenue, HBM and storage demand, rather than simply buying the entire semiconductor sector.

4. Software stocks are experiencing a short squeeze. Software stocks have already seen significant gains, but the logic is this: short positions are heavy, earnings exceed expectations, and the AI concept provides support, forcing capital to cover short positions. Essentially, it's a rise driven by a short squeeze.

5. The space sector's popularity is declining. Previously very hot stocks like Rocket Lab and ASTS and other space-related concept stocks have started to pull back. The reasons are

excessive gains in the earlier period, capital taking profits, and a decline in market risk appetite, leading to the phenomenon of a "space fall" and an "AI return."

6. Let me share my personal views on a few recent hot stocks. MU: HBM demand is growing, AI servers are driving storage demand, fundamentals still benefit from the AI cycle, but there may be short-term volatility. SNDK: Benefits from the storage industry recovery following the AI industry chain, but its elasticity and certainty are not as good as MU.

PLTRAI: One of the representative software companies, institutions continue to pay attention, but valuations are no longer low. It belongs to the type that is good for the long term but may see volatility in the short term.

ORCL: Cloud business growth, AI computing power leasing, and data center expansion have made it an important participant in AI infrastructure.

Finally, I conclude one point: the AI bull market is not over, but the market has moved from a comprehensive frenzy to an internal rotation and high-level game phase. Dell and Orcl represent that AI infrastructure remains strong. Mu and Sndk benefit from the storage cycle, while space stocks and some high-valuation directions are beginning to face a full-scale capital withdrawal. Whether AI will end in the future is not the most important thing; what matters is how to manage positions and risk in an environment of increasing volatility.$Sandisk(SNDK.US)$Micron Tech(MU.US)$Tesla(TSLA.US)