I think the recent drop in the AI sector of the US stock market isn't due to the collapse of industry logic, but rather the re-pricing of high valuations. The impact brought by Changxin Technology is more about the market lowering the monopoly premium for Micron and SK Hynix in the future. However, what truly determines whether AI stocks can stabilize is whether tech giants can prove that capital expenditures can consistently translate into revenue and profits. Bitcoin is currently fluctuating between $63,000 and $65,000, essentially still being suppressed by the dollar index, interest rate expectations, and ETF fund flows. To break through $68,000, three data points need to align: a drop in the dollar index, rising expectations of rate cuts, and sustained net inflows into spot ETFs. At the same time, stablecoin market cap and on-chain activity must also recover. My take: AI is entering a valuation digestion phase, while BTC is waiting for liquidity to return. Real breakthroughs won't rely on sentiment but on capital.