After increasing the cash position, I re-evaluated the operation strategy for the AI theme.

Recently, because I made some reductions at high levels earlier and continued to deposit funds, the cash position in my account has increased significantly compared to before.

When you have more cash, it's easy to want to buy.

But the more this happens, the more you shouldn't act rashly just because you have cash on hand. So I simply reorganized my operational thinking regarding the US stock market's 'Magnificent Seven' and the AI theme to avoid making emotional decisions when the market fluctuates later.

My overall judgment is:

The current US stock market hasn't clearly turned bearish, and the AI theme isn't broken. Especially core tech companies like NVIDIA, Microsoft, Google, and Meta, their fundamentals remain strong.

The problem is, the overall market position is no longer low, and many good companies can't be considered cheap in the short term.

So the most important thing now isn't rushing to judge whether it will rise or fall tomorrow, but thinking through three questions in advance:

If it keeps rising, what do I do?
If there's a pullback, what do I buy?
How much does it need to fall before it's truly worth buying into?

My current thinking mainly has a few points.

1. Hold onto core positions, don't sell recklessly due to high-level volatility.

For AI theme companies I'm truly bullish on, there's no need to churn the core position due to short-term fluctuations.

When the market is strong, it seems like everyone wants to chase; but real big money often comes from holding core assets long-term, not from guessing daily price movements.

So my first principle is:

Don't easily sell core assets.

Unless valuations are clearly overheated, or the fundamental logic is disproven, there's no need to churn the core position due to short-term volatility.

For me, the meaning of a core position isn't for making daily spreads, but for capturing money from long-term industry trends and company growth.

2. Don't chase at highs, buy in layers only on pullbacks.

Now many quality tech stocks are no longer cheap.

A good company doesn't equal being worth buying at any price.

My idea is, rather than chasing when I see a rise, it's better to set several accumulation ranges in advance and act when the market truly gives an opportunity.

The general idea is:

NVIDIA:
As the most core company in the AI theme, the long-term logic is still very strong. The current price isn't even expensive, but if you already have a certain position, there's no need to chase at the current level. It's more suitable to wait for a clear pullback, or for valuations to become more comfortable again before considering adding to the position.

Microsoft:
The logic of AI and cloud business is still clear, with relatively strong certainty. The current price isn't expensive, but it's weak in the short term. If there's a pullback later, consider using a layered approach to accumulate slowly, not all at once.

Google:
The company's quality is fine, and AI and the search ecosystem still have strong competitiveness. But good companies also need to be looked at price-wise. Currently, Google is on the expensive side with limited upside potential, making it more suitable to wait for the market to give a more comfortable position.

Meta:
High elasticity, also high volatility. AI investment and the advertising business both have potential, but it's not suitable for chasing highs. It's more suitable for small position participation during clear undervaluation or excessive market pessimism.

The benefit of doing this is:

If it rises, you have a position; if it falls, you have a plan.

You won't completely miss out because the market continues to rise, nor will you be flustered because the market suddenly falls.

3. Pyramid orders are more suitable for the current market than going all-in.

In this kind of market, you can't be too timid, nor too reckless.

If you wait completely for a super golden opportunity, you might never get it;

But if you chase every time you see a rise, you easily buy at a stage high.

So for some high-quality core assets, I prefer to use a 'pyramid order' approach to accumulate slowly.

A slight pullback, buy a little;
A moderate pullback, buy more;
A deep pullback, increase the intensity.

The benefits of doing this are:

If it only falls a little, you still buy some;
If it really falls deep, you won't be too afraid to act due to panic;
If the market gives no chance for a pullback, your original core positions can still make money.

I think this way is much more comfortable than making snap decisions on the spot.

Because when a real drop happens, people's emotions easily get distorted.

Writing the plan clearly in advance and leaving part of the execution to discipline is actually more stable.

4. Cash isn't a drag, it's part of discipline.

Often, having more cash makes people anxious.

Especially in a bull market, seeing the market keep rising makes you feel like you have too much cash, as if you're missing out every day.

But from another perspective, cash is actually an option.

Its role isn't to make you go all-in every day, but to have ammunition and confidence when the market truly gives an opportunity.

So what I value more now is:

Cash should have rules, not buying randomly just because you have cash.

Having a lot of cash isn't scary.

What's truly scary is, as soon as you have more cash, you get itchy and want to buy everything, eventually turning your original initiative into passive bagholding.

For me, the cash position isn't to prove I'm conservative, but to be able to take the initiative at key moments.

5. If the market rises directly, that's fine too.

This point is important.

Setting an accumulation plan in advance doesn't mean I necessarily think the market will fall.

It just tells me:

If the market pulls back, I know what to do.

If the market gives no chance and just keeps rising, that's fine too.

Because I already have core positions.

So the ideal state is:

If it rises, the core positions make money;
If it falls, accumulate according to plan;
If it doesn't move, wait patiently.

This is much easier than agonizing daily over 'will it rise tomorrow or not'.

Investing often isn't about who predicts most accurately, but about who can maintain discipline in different situations.