Following the US midterm elections, a global asset reckoning has only just begun. What should traders focus on? Eight chain reactions of this upheaval: 1️⃣ Trump becomes a "lame duck": Losing both houses of Congress, his legislative agenda will be stalled. 2️⃣ Family faces comprehensive purge: Democrats hold subpoena power, and investigations into his business empire and taxes will be rolled out across the board. 3️⃣ Internal party division: Vance publicly blames the "Iran war," and MAGA begins to divide its power within the party in preparation for a 2028 power grab. 4️⃣ War power suppressed: Funding for a large-scale war against Iran will not pass Congress, but small-scale conflicts will not stop. 5️⃣ Tariff weapon disarmed: Democrats are extremely opposed to tariff wars, making it difficult for Trump to arbitrarily raise tariffs. 6️⃣ Dollar credibility weakens: With fiscal expansion blocked, global capital's trust in the dollar is diminished. 7️⃣ AI computing power lifeline cut off: Texas turns blue, blocking data center approvals. 8️⃣ Semiconductor faith collapses: Philadelphia Semiconductor plunges 12%, Nvidia falls over 9%. But for traders, the first six points are all macroeconomic noise; only the last two are truly fatal: First, the cracks in the dollar's credibility are shaking the pricing anchor of global assets. The fiscal expansion channel is locked; if inflation forces the Federal Reserve to maintain high interest rates, the government will lose the ability to dilute debt through massive quantitative easing. Long-term US Treasury yields remain high; for overvalued tech stocks and cryptocurrencies, the rising risk-free rate is a sword hanging over their heads. Second, the physical lifeline of AI computing power is cut off, directly puncturing the biggest valuation bubble. Texas's new governor blocks data center approvals. Without server rooms and electricity, who will buy GPUs? The Philadelphia Semiconductor market plunged 12% in one day; this is not a normal correction, but the market repricing the false logic of "unlimited AI expansion." The market surged on the first day of the election, only to record a massive single-day market capitalization loss on the second day. This wasn't celebration; it was capital voting with its feet: the two core pillars supporting the US stock market and the cryptocurrency sector—the abundant US dollar and unlimited computing power—had simultaneously cracked. And Bitcoin was standing directly beneath these two fissures.