The market's response to the US Iran conflict shifted from panic to immunity in just one or two months, with US stocks hitting new highs, oil prices falling, and gold falling instead of rising. No one cares about a stalemate that cannot be fought or negotiated anymore! Trump's extreme pressure has become a routine, repeatedly threatening, negotiating, and threatening again. The market has seen through it, and both sides cannot afford a full-scale war. The worst-case scenario is already priced, and the rest is just noise. The main market trend is not in the Middle East, but rather in the expectation of a Federal Reserve interest rate cut, the AI boom, and the profitability of tech giants. Giants such as Apple and Nvidia rely on endogenous growth, while the Middle East friction only affects the oil and military industry, and cannot shake the overall market. Oil prices are difficult to explode, inflation is controllable, the United States has sufficient oil production, combined with global reserves and OPEC idle production capacity, even if the Strait of Hormuz is turbulent, oil prices are difficult to get out of control. Inflation pressure is controllable, and expectations of interest rate hikes cannot be disrupted. It has become a normal practice to negotiate while fighting, with confrontations, friction between agents, and negotiations only after the ceasefire expires. There has been no full-scale war or complete collapse of negotiations. The crisis has evolved into a daily backdrop, and funds have already become numb.