Key Events for US Stocks Next Week: Increased Market Volatility, Risk Management Precautions Next week is a crucial week for US stocks in November: tech giants' earnings reports, the US midterm elections, and non-farm payroll data will all be released. The market has just experienced a correction in tech stocks, and investors are reassessing the return on AI capital expenditures. ① Last Week's Recap The S&P 500 fell approximately 1.8%, and the Nasdaq fell approximately 2.9%. Google Cloud revenue doubled, but concerns arose about massive AI spending and cash flow pressure. The market narrative shifted from "Who dares to invest heavily in AI?" to "When will this money be recouped?" ② A flurry of tech earnings reports • Apple (AAPL) November 2nd after-hours: Focus on iPhone sales, services business, gross margin, and holiday season guidance. • Palantir (PLTR) November 2nd after-hours: Focus on AI commercialization progress, US commercial business growth, government orders, and guidance. • AMD November 3rd after-hours: Focus on data center GPU orders, AI accelerators, customer demand, and next quarter guidance. • AMD (SMCI) After Market Close (November 3rd): Focus on AI server orders, deliveries, gross margin, and working capital. • Qualcomm (QCOM) After Market Close (November 4th): Focus on mobile chip demand, automotive/IoT business, and growth expectations. ③ US Midterm Elections (November 3rd): The market is focused on the impact of the election results on fiscal policy, AI regulation, energy policy, and capital market expectations. There is no simple correlation between elections and stock market fluctuations; it needs to be considered in conjunction with yields and corporate earnings. ④ Non-Farm Payrolls (November 6th, 21:30 Beijing Time): The October non-farm payrolls may influence the Fed's policy path in December. Overall, the AI industry chain continues to be tested by reality; the combination of macroeconomic and policy variables may increase volatility.