About the market these past two days , the key point is still what was discussed last night before the U.S. stock market opened here: https://(x.com)/qinbafrank/status/2080282133600620724?s=46&t=k6rimWsEbo2D2tXolYcM-A. The market is facing triple macro pressures and has recently entered a phase dominated by macro factors—it’s no longer just about capital expenditure and return on investment. Of course, the core reason behind the triple macro pressures is still oil prices. The resolution of macro risks ultimately depends on when the U.S. and Iran move toward easing tensions and negotiations. This afternoon’s tweet includes some thoughts on what’s next. Tonight’s thought: The U.S. has escalation power, Iran has deterrence power. This time, Iran’s initiative is actually slightly stronger than before—not just concessions from Europe, but Iran also needs to feel the pain for taco to be effective.