Bull market? The US stock market isn’t in a full-blown bull market. Apart from semi hardware and energy, all other sectors are down. Half of the M7 giants can’t even outperform the index. This is because new giants of the AI era have emerged. Cash flow has shifted from CSP accounts to hardware companies’ accounts, turning capital expenditures into massive free cash flow for hardware companies. Essentially, we can understand the semi bull market as siphoning profits from other companies. That’s why I previously set a metric to track when capital expenditures would hit a ceiling—by looking at big companies’ indicators. My reference point is Jeff’s company. Right now, due to the AI impact, they’re laying off 10-15%. When it reaches 35-50%, capital expenditures will no longer secure financial cash investments in AI, and AI won’t be *that* strong yet. That’ll basically mark the peak of this phase.