On the eve of the FOMC, funds in the US stock market continue to exit AI hardware, with semiconductors, storage, and optical communications facing a new round of 'valuation liquidation.' The Philadelphia Semiconductor Index dropped 4.49%, and SanDisk plunged over 14%. Meanwhile, software, consumer, financial, and industrial stocks saw a return of capital, with Apple's market cap surpassing $5 trillion for the first time. The market's focus has shifted from AI demand to capital expenditures, free cash flow, and the sustainability of financing. Next up, whether the Fed surprises with a rate hike will determine if this round of capital rotation expands further.