[HTX DeepThink: AI Investment Returns Reassessed, BTC's Safe-Haven Status Unverified Amid Tech Stock Sell-Off] According to Jinse Finance, on November 6th, Chloe, a columnist for HTX DeepThink and a researcher at HTX Research, analyzed that the sharp fluctuations in global risk assets this week were mainly due to a reassessment of the investment return cycle of the AI industry chain. The Democratic Party's victory in the midterm elections, winning a majority in both the House and Senate, was initially interpreted by the market as a reduction in political uncertainty, leading to a brief rebound in US stocks and crypto assets. However, investors quickly refocused on the high-interest-rate environment and corporate earnings realization capabilities, causing a rapid reversal in risk appetite. On November 5th, the S&P 500 closed at 7,353.73 points, the Dow Jones Industrial Average fell by approximately 3.44% in a single day, the VIX rose to 28.18, and there was significant selling pressure on the Nasdaq and large-cap tech stocks. Large tech companies continue to expand their data center and computing power spending, increasingly highlighting the contradiction between free cash flow pressure and revenue monetization speed. Coupled with the 10-year US Treasury yield remaining near 5%, the valuation space for growth stocks is further narrowing, and investors are shifting their focus to earnings quality and capital efficiency. The crypto market is also under pressure. BTC briefly fell to around $76,000 this week, rebounded to over $80,000 after the election results were announced, and then fell back to around $75,700 on November 5th. ETH fell to around $2,250, with 24-hour derivatives liquidation exceeding $1 billion at one point. BTC spot ETFs have seen continuous outflows, with a net outflow of approximately $399 million on November 3rd alone, indicating that institutional funds are insufficient to absorb the selling pressure from deleveraging and position reductions. The correlation between BTC and the US tech sector has strengthened again, failing to demonstrate independent safe-haven characteristics during stock market declines. Next week, the US CPI data released on November 10th will be a key catalyst. If inflation falls short of expectations and US Treasury yields decline, tech stocks and crypto assets are likely to see a rebound after overselling; if inflation remains sticky, overvalued sectors may continue to face pressure. In the short term, the S&P 500 is expected to fluctuate between 7,200 and 7,600 points, while BTC will focus on the $75,000 support level and the $80,000-$82,000 resistance level. The overall outlook remains cautiously neutral. Whether ETF funds can resume net inflows and whether tech stocks can stabilize will determine whether the market can rebuild a sustained risk appetite. Note: This article does not constitute investment advice, nor does it constitute an offer, solicitation of an offer, or recommendation for any investment product.