US stocks experienced a rollercoaster ride in two days: the Nasdaq plunged 5.52% on November 5th, marking its worst single-day sell-off in nearly 19 months; the following day, chip stocks led a rebound, with AMD surging 11%. On the day of the crash, leveraged ETFs passively sold approximately $47 billion worth of stocks before the close, the second-largest single-day sell-off since 2006. Social media was abuzz with rumors of "hedge funds collectively going bankrupt," but data shows that hedge funds had actually begun large-scale selling in October, making this a more concentrated profit-taking event. Market sentiment is clearly divided. Some believe the sell-off has bottomed out, while others worry this is just the beginning, as medium- to long-term issues such as AI investment returns remain unresolved.