Previously, the four lines of warfare, fiscal matters, policies, and technological forms outlined the factors that will influence future market trends; this week, starting now, in addition to the points above, we need to focus on a new main variable—the US earnings season. In the last earnings season, the US stock market, especially the AI sector, was particularly sensitive to capital expenditures: no matter how much you profit, no matter whether your valuation is reasonable—if capital expenditure is too high, then it’s just one word: sell!