Based on public data estimates, the actual market value of top speculative funds' holdings after the New Year is in the range of 3 to 5 billion. They have focused on 7 to 8 individual stocks, all pointing towards the two major sectors of commercial aerospace and AI applications. This allocation somewhat reflects the market's top trend detectors' sense of direction. However, a turning point occurred last Wednesday when the market began to warm up and adjust. The related stocks have since declined for four consecutive trading days, with some individual stocks experiencing a maximum drop of over 40%. The localized damage has approached the level of the "530" crash years ago. Interestingly, during this wave of market activity, the operations of speculative funds have generally not been very smooth. The elevator-like fluctuations left many with minimal gains and also subjected them to public criticism. The transition from holdings to actual returns is clearly not that simple.