The US-Iran negotiations have concluded, and both sides have confirmed that no agreement was reached. In fact, this can be considered the first round of talks between the US and Iran. As we've been discussing over the past couple of days, there are likely to be plenty of twists and turns during the negotiations, with the possibility of back-and-forth developments or even an escalation in tensions. Check out what was mentioned here on the 8th: https://(x.com)/qinbafrank/status/2041686828366098588?s=46&t=k6rimWsEbo2D2tXolYcM-A. If the negotiations hit a deadlock (which seems highly likely), the US and Israel might resort to using force to push for talks again, causing another wave of market panic. Looking at Vance's statement, the US has clearly outlined its "red lines" and the conditions it finds acceptable or unacceptable, while Iran has "chosen not to accept these terms." Vance stated that the core reason for the failure of the US-Iran negotiations is Iran's lack of a clear commitment to abandoning the development of nuclear weapons. The US demands that Iran not only refrain from developing nuclear weapons now but also commit to not acquiring related capabilities and technologies in the long term. However, "such a clear willingness has yet to be seen." The nuclear issue might just be one of the key points of contention between the two sides: there are also significant differences on troop withdrawal, compensation, control of the strait, and missile issues. During the negotiations from last night to this morning, we've seen various reports from the media, such as "face-to-face meetings," "handshakes between the two sides," and "entering technical discussions," all stirring up market sentiment. From a personal perspective, it's still best to wait for official confirmation. This post is sponsored by @bitget_zh: "Bitget - Trade US stocks: lightning-fast entry, seamless transactions."