2、 Is this sharp decline a panic or an opportunity? First, explain clearly why it fell this time, don't be scared by the word 'collapse'. The core of this decline is not recession panic, but killing valuation. The Nasdaq -4.18% was much higher than the Dow Jones Industrial Average -1.35%, and gold also fell by 3.35% simultaneously. This indicates that high multiple technology stocks sensitive to interest rates have been repriced, not that fundamentals have collapsed. Several superimposed factors: 1. Broadcom's financial report triggers semiconductor chain sell-off 2. The conflict between the US and Iran has pushed up oil prices, reigniting the inflation narrative. The probability of a rate hike at the end of the year has increased from nearly zero to about 70%. The attitude of the new Federal Reserve Chairman is unclear, as he was a hawkish before taking office. 3. S&P just hit a new historical high, with a large number of profit taking positions emerging Note that this correction is a compression of valuations, not the end of the AI bull market. The real demand for cloud computing power investment and enterprise AI deployment is still growing. What cools down is the foam part of "high premium will be given only by AI concept". For long-term investors, this is actually a time when core assets are discounted. Buffett's old saying is timeless: Others fear my greed. A high-quality company doesn't lose its quality just because it drops by 3%, it just becomes cheaper. Next, how to buy and what to buy?