---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43134884.md"
description: "The biggest change in this year's earnings season isn't performance, but valuation.Hynix's profits surged by 557%, yet its stock price plummeted; Microsoft and Meta soared, while Apple, Amazon, Qualcomm, and Arm face stricter scrutiny.The market has entered the **“AI 2.0 era”**:In the past, growth was enough; now, growth must consistently exceed expectations.Stock prices are no longer trading on today's profits, but on the growth slope of the next two to three years.Therefore, good earnings ≠ rising stock prices; beating expectations may not be enough either.When everyone believes in AI, what truly determines stock prices is no longer performance, but who can continue to raise market expectations."
datetime: "2026-07-31T20:28:19.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43134884.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43134884.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43134884.md)
author: "[兔子不吃肉](https://longbridge.com/en/profiles/16917034.md)"
---

# The biggest change in this year's earnings season …


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