From tonight to early tomorrow morning, the market is about to face a major stress test. The Fed's interest rate decision, follow-up remarks, plus earnings reports from Microsoft and Meta, are all set to drop. Right now, everyone’s focus isn’t just on the question of “Will there be a rate cut?” The bigger question is: In a high-interest-rate environment, how much longer can this AI super narrative hold up? Over the past year, tech giants have poured massive investments into AI infrastructure. The market has been willing to grant high valuations, betting on future growth delivering results. But now, we’re entering the real test phase. With so much money thrown in, when will it translate into tangible revenue and profits? If the Fed sends a more hawkish signal, or if Microsoft and Meta’s earnings fail to reinforce AI growth expectations, tech stocks could feel the pressure first. The transmission path has always been clear: Fed impacts liquidity expectations → U.S. stock risk appetite → eventually trickles down to the crypto market. $BTC rarely escapes unscathed, especially on nights like this when both macro and tech narratives are being tested. So tonight, it’s not just about short-term price swings. The real question is whether the market will start reassessing: How much valuation premium can the AI growth story still command in a high-interest-rate environment?