In addition to geopolitical macro events, the vastly different performances of Meta and Microsoft tonight also affected the overall market: Meta's financial report exceeded expectations, Meta's future guidance page exceeded expectations, especially in terms of cost control and revenue outlook, despite the significant increase in AI infrastructure spending (expected to reach $115-135 billion in capital expenditure in 2026), market interpretation will support long-term growth, and the only major technology that can still rise tonight. Although Microsoft also exceeded its revenue and profit expectations (with its cloud business quarterly revenue exceeding $50 billion for the first time), the Azure cloud platform's revenue growth slowed down, only slightly exceeding expectations (dropping from a higher growth rate in the previous quarter to near the analyst bottom line), causing concerns. The company's capital expenditure increased by 66% year-on-year, mainly used for AI and data center construction. Although the demand backlog has doubled to $625 billion, it is highly dependent on a few clients such as OpenAI (about 45%), and the combination of computing power and capacity limitations may continue until the end of the fiscal year. Investors question the return on investment, leading to a sharp drop at the opening What does this mean? 1) The market is very picky about financial reports, and once the growth rate slows down, even a slight decrease is problematic; 2) Not only looking at the overall situation, but also examining the structure, key business sectors, and dependence on major clients? 3) For Microsoft, the deeper impact lies in the market's concern that if Agent becomes widely popular, its impact on office software may become increasingly significant. Especially this year, various major models are focusing on AI agents, and Microsoft's current reliance on OpenAI is the most questioned among several major models.