Many people have not yet realized that this year's US stock market has switched to a difficult mode. The current trading trend in the US stock market is interest rate cuts. The original script of the market was: economic slowdown, inflation decline, Federal Reserve interest rate cuts, loose liquidity, and then everything rises. But reality has changed - inflation has not completely come down, and the economy has not clearly declined. So the market began to accept a fact: high interest rates may last longer. What does this mean? It's not the kind of comprehensive collapse in 2022, nor is it the sudden disappearance of liquidity, but rather: it will be particularly difficult to do this year. The environment in the past, where buying anything would go up, telling an AI story would fly, and losing companies would be pursued by people, is slowly coming to an end. The market is entering a stage of competing for real skills. Who truly makes money, who experiences order growth, who has stable cash flow, and who is more likely to obtain funds and valuation premiums. So you will see an increasingly obvious phenomenon: Core AI assets may continue to be strong, but many software stocks with high valuations and supported by long-term stories will become increasingly difficult. The biggest change in the market this year is not a general increase, but extreme differentiation. You did it right, it's very profitable; It's hard to feel wrong.