"White-haired Stock God" Serenity posted on the X platform that during the transition period of new technological architecture, retail investors tend to be the first to deploy, while institutional funds gradually take over and lead market pricing in later stages. Taking stocks like SIVE, NBIS, and RKLB as examples, these targets had low institutional holdings in the early stages, but as institutions continued to increase their holdings, the stock prices eventually hit all-time highs.

Currently, the decline in the U.S. stock market and negative voices targeting certain listed companies may be related to some institutions needing liquidity and accumulating shares at low levels. In recent years, when some sell-side institutions release negative research reports or the market experiences concentrated negative news, it often coincides with the institutional accumulation phase. Investors need to conduct independent research and establish their own investment logic, and should not be easily influenced by market noise. The modern liquidity cycle of the U.S. capital market essentially manifests as retail holdings transferring to institutions, and this process may not align with the interests of retail investors.