What the market is worried about now is not just inflation, but whether the AI investment boom can continue 1. The rise in oil prices cannot push up US bond yields anymore. Last night, US bond yields continued to decline, but technology stocks plummeted, and funds in the stock market began to calculate returns and reallocate. In the past, the transaction logic was that the rising oil price, fear of rising inflation, triggered the Federal Reserve to further raise interest rates, thus selling stocks and treasury bond bonds. This is also the reason why the yield of US Treasury bonds has been slow to decline recently. The current logic is to worry about the rate of return on investment in AI infrastructure, the decline in the rate of return and default, which will have a greater impact on economic growth, and then lead to a massive purchase of US treasury bond bonds. The 10-year US Treasury yield falling below 5% is essentially a reconfiguration of risk 2. The crisis of technology stocks has not yet fully evolved into a indiscriminate global sell-off. Last night, semiconductor technology experienced a sell-off, but the defense sector and defense stocks with low P/E ratios continued to rise, and the market began to switch styles. 3. Next week, Microsoft, Amazon, and Alphabet, the three major cloud companies, will release their financial reports. After the Meta financial report, Wall Street's criteria for judging financial reports have changed. It is highly probable that all three major cloud financial reports will exceed expectations, but it does not necessarily mean that AI stocks will rebound. Investment will erode free cash flow, and even require bond financing, which will further raise concerns in the market. At the same time, the Federal Reserve will announce its interest rate decision. The good news is that the timing of the Federal Reserve's next interest rate hike has been postponed from December to January next year (due to the decline in the stock market, the urgency of raising interest rates has decreased).