Latest macro direction: Rate cut expectations are strengthening, but not fully realized yet. Overall leaning bullish, but volatility will increase. Several Fed officials have publicly stated: Current policy is tight, supporting further rate cuts. Market expectations: Another 25bp rate cut possible in December. The long-term trend still favors tech, but the pace won’t be straight up—patience is needed to 'buy the dip.' Capital's attitude toward tech is crucial: QQQ net inflow (strong) TQQQ net inflow (strong) SMH continuous net inflow (strong) The market is still buying AI, not selling AI. Funds haven’t retreated, and the AI megatrend hasn’t reached a turning point.