Bitcoin may have already priced this in, but US stocks are a different story.

Morgan Stanley notes that the correction is primarily driven by technical factors rather than a breakdown in fundamental logic.

Curated in-depth analysis and weekly highlights to get you up to speed.

苹果、谷歌、Meta营收大涨但股价暴跌，英特尔过山车式反转，微软股价反应最正面。

Is the AI bubble trade reversing?

For anyone holding AI-related assets, this article is worth reading carefully.

The policy bottom has emerged, leverage clearing is in its late stages, and the AI demand narrative has been reconfirmed by Microsoft. However, the unresolved expectation of a Japanese rate hike and the unverified storage supply cycle mean it is far too early to declare that "the bull is back."

This "wedding gift" is too heavy...

It took only one month to go from $45 billion to a forced liquidation. "This isn't just Leopold's $100 billion. That number could be five to ten times larger."

This earnings report did not show any significant deterioration in Apple's end-user demand. iPhone, Mac, and cash flow remain strong.

Three consecutive quarters of net losses, yet a trend toward revenue diversification has emerged.

What exactly is driving Amazon's profits this quarter

Being right about the direction doesn't mean you'll survive long enough to see it play out.

The underlying driver of the decline is the forced liquidation of leveraged funds in South Korea. The bottom is not determined by how low the price falls, but by how far the deleveraging process has progressed.

I want to return to the days before stock trading.

The faster something rises, the stronger the pull of gravity.