The overall market trend likely hasn’t gone beyond what was discussed in Monday morning’s tweet: we need to wait for the first signal from the macro level. For a true reversal at this stage, it’s highly likely we’ll need to see a 'stop-the-bleeding signal' from the macro side first. The market needs to see the denominator stop deteriorating further. Yesterday morning’s tweet mentioned the sequence of macro stop-the-bleeding signals: at the very least, CPI can’t blow up (especially core CPI, as discussed last Friday). Only when the pressure on the denominator eases will the market return to the AI molecule side, resuming trades around compute power shortages, storage price hikes, AI capex, and accelerated commercialization.