Today's trend is indeed a bit complicated. In the morning, it was believed that the H-1B policy was the main influencing factor, but after observing in the evening, the rebound in the US stock market is more due to favourable information from technology stocks, including the TikTok incident, and the expectations surrounding Apple, TSL, and Nvidia. Among the seven sisters, three are rising, while four are slightly falling. In contrast, Crypto Assets continue to fall, but there are no new unfavourable information emerging, therefore the judgment of systemic risk does not hold.

The short-term risk lies in the liquidity and investor sentiment during the Asian trading session, but from the perspective of the chip structure, most of the turnover is concentrated in the short-term funds that entered before and after the Federal Reserve meeting, while long-term holders remain stable, making the overall risk controllable. Although the remarks of Federal Reserve officials and Trump's silence are somewhat unusual, the market's reaction has been lukewarm, and further observation is needed.
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