Why did the US and Taiwan stock markets plummet this Friday? In addition to employment data, expectations of interest rate hikes, and overheated AI stocks, the market is actually reflecting a very important thing: SpaceX IPO is coming. This is not a typical IPO. SpaceX may be one of the largest IPOs in history, raising up to $75 billion and valuing it at nearly $1.8 trillion. The key is not whether individual investors will want to buy. The real focus is: Legal entities may also want to buy. But the problem arises: It's impossible for a legal entity to suddenly have billions of dollars in cash on hand, so how can it buy it? The answer is simple: Sell stocks. What stocks will the corporation sell? It is unlikely to sell those bad stocks that have already lost money, have no liquidity, and no one is taking them at this time. It is more likely to sell: The stock with the highest increase, highest profit on the books, best liquidity, and easiest to sell in the past year. That is to say, AI concept stocks, semiconductors, computing power, and technology leaders. That's why we're seeing AI stocks hit particularly hard this Friday. It's not because the AI story suddenly disappeared. But it's because the market needs cash. When a super beast level IPO is about to emerge, the market will first undergo a "capital reallocation": Sell the profitable parts first Release cash Waiting for SpaceX to be allocated or listed for trading Decide where the next round of funds will go again Another way is that the legal entity may not sell stocks, but instead use their holdings as collateral, financing, or borrowing money to participate. But regardless of which one, the essence is the same: The market is freeing up capital space for new mega assets. So I think the sharp drop this Friday is not completely unreasonable. It looks more like: After the AI boom surged too much, the market began a liquidity reallocation when faced with mega IPOs like SpaceX. Will it continue to decline next week? be on the cards. Because if SpaceX's subscription heat continues to rise, short-term financial pressure in the market may also continue to exist. More importantly, SpaceX may just be the first. In Q3 and Q4, the market will continue to look forward to the listing of super AI companies such as Anthropic and OpenAI. That is to say, the most important theme for the market in the second half of 2026 may not only be AI, but also: Hot money will gradually flow from old AI stocks to the IPOs of the new generation of super private equity giants. This does not mean that AI stocks are over. But it represents one thing: When the new thing that the market wants to buy the most appears, old positions will be exchanged for cash first. This is the most realistic place in the capital market.