Speaking of which, Micron from the US has always been more resilient than SK Hynix from Korea, but today, after Samsung released its earnings report, Hynix didn’t break yesterday’s low, while Micron took a big hit instead. The main reason probably lies in the FOMC voting pattern and Waller’s post-meeting remarks. The market has shifted rapidly over the past few months—from initially thinking Waller was aligned with Trump and would cut rates immediately, to believing he would raise rates just to maintain his independent image. But now it seems he hasn’t really gone against Trump (at least not openly). In an environment where the Fed is so heavily inclined toward rate hikes, the fact that he’s holding off on raising rates is already impressive. Expecting him to cut rates is simply asking too much. In his latest remarks, he reiterated the 2% inflation target, completely dispelling the market’s earlier expectation that 2.9% could still be considered “close enough to 2%” to justify a rate cut. This wiped out any ambiguity and left no room for speculation. On top of that, there’s now division within the Korean camp. Previously, Samsung fell behind because its HBM3E failed NVIDIA’s quality validation, causing it to miss out on the top-tier AI boom. But now, with HBM4 mass production leading the way and samples of HBM4E already sent out, Samsung’s competitiveness in HBM is making a comeback. So, Samsung’s earnings report sends two signals simultaneously: demand is still growing, but competition is intensifying. Meanwhile, Microsoft’s earnings report showed no significant increase in capital expenditures, delivering another blow. It’s no surprise that US giants like Micron and SanDisk are seeing additional declines. Overall, hoping for a rebound driven by FOMC holding off on rate hikes is overly optimistic. A V-shaped recovery seems unlikely right now. Without exceptionally strong policy incentives, we’ll probably have to wait for all the bearish factors to be fully priced in and for the market to stop falling before we see a U-shaped or W-shaped bottom. @BITstocks_CN Buy US stocks on BIT—10,000+ US stocks and ETFs, real holdings, enjoy dividend payouts.