[Next Week's Macro Outlook: 'Hawkish Test' During Super Central Bank Week, Apple, Microsoft, Meta, Amazon, Qualcomm to Announce Earnings] Driven by the triple impact of surging energy prices, new U.S. tariffs, and skyrocketing AI capital expenditures, global investors' inflation fears are being reignited. This week, the Nasdaq led the decline in U.S. stocks, with tech stocks facing dual pressures from macroeconomic and fundamental factors throughout the week. The Philadelphia Semiconductor Index plummeted 5% on Friday, with memory chips bearing the brunt. Investors remain cautious ahead of next week's Federal Reserve policy meeting, with many believing it could deliver a hawkish surprise.