MU SKHY bitcoin:native Today’s rally in the U.S. stock market doesn’t mean risk appetite is fully back. One signal that’s easy to overlook: The Nasdaq is up, but SOX is weakening. Micron and the AI storage chain are pulling back simultaneously, while $BTC remains strong. I think the market is starting to trade around three key points: 1. AI capital expenditure isn’t over yet. 2. HBM demand isn’t over yet. 3. But valuations have already priced in short-term growth. So funds are beginning to cash out on AI hardware while continuing to allocate to liquidity-driven assets. The real shift isn’t in the industry—it’s in how capital is starting to reprice expectations. The market always kills valuations first, then verifies the fundamentals.