Last night, U.S. stocks fell without hesitation from the opening to the close. The S&P 500 dropped 1.16%, and the Nasdaq fell 1.81%. Stocks like Dazi, Google, Oracle, Broadcom, and TSMC were hit even harder.

The trigger for the sharp decline was Oracle, as its $10 billion data center financing fell through. Then, Google's small essay about potentially making Gemini Ultra free intensified the sell-off. Oracle represents the revenue side of AI, while Google represents the investment side. These two messages combined—huge investments in data centers and free AI applications—raise questions about when profitability will ever materialize. The market collapsed just like that...

The current market logic is reasonable because the market is always right. However, as retail investors, we still need to distinguish between short-term sentiment and long-term logic. Claims that OpenAI is doomed or Oracle is going bankrupt are illogical, especially for Oracle, whose debt ratio is far from the warning line and has no default risk.

AI is now the new productivity, and this no longer needs proof. The OAI chain is the infrastructure of this new productivity, which is the long-term logic.

Short-term sentiment suggests the market needs a pullback or repricing. If you look closely at the late trading session, funds accelerated into Nvidia, Oracle, and Broadcom. The narrative of small essays + technical sell-offs leading to repricing rebalancing is short-term sentiment. For U.S. stocks, we must believe in the market's ability to reprice and recover after turnover. Pessimists see pullbacks, while optimists see opportunities to buy quality assets at a discount. U.S. market sentiment remains relatively optimistic, and history shows that every pullback is the beginning of a new high.

Currently, caution is warranted for Bitcoin, which is heading toward its fourth annual decline in history. Unlike the previous three times, this year, Bitcoin has seen strong institutional participation, favorable monetary policies, and regulatory clarity—making it the best macro environment for Bitcoin yet. However, an annual decline without historical precedent or reference raises questions: Is this an independent Bitcoin cycle or a shift in Bitcoin's narrative logic? Frankly, I don't know.