[Core Logic of Tech Stocks Shows Anomaly: Stronger Fundamentals, Heavier Selling Pressure, Market Reassesses AI Capital Expenditure] BlockBeats News, July 17 — According to BIT (bit.com) market data, the robust Q2 earnings of TSMC (Taiwan Semiconductor Manufacturing Company) before yesterday's U.S. stock market opening failed to boost the chip sector. Instead, higher capital expenditure guidance triggered a market reassessment of the timeline for AI investment returns, leading to an anomaly in the core logic of tech stocks: the stronger the fundamentals, the heavier the selling pressure. TSMC reported a gross margin of 67.7% and raised its capital expenditure guidance to $60–64 billion, which should have been strong evidence supporting the AI capital expenditure narrative. However, the market interpreted it as "expenditure inflation." Most U.S. tech stocks closed lower this morning, including: - Tesla down 0.86% - Amazon down 1.99% - Nvidia down 2.40% - Meta down 2.46% - Google A down 4.44%