Last night I was totally confused. The index looked like it hadn’t crashed, but my positions were all in the green😂. The Dow Jones could still set new highs, and the S&P showed no obvious drop, but AI and the semiconductor sector were heavily concentrated in selling. This indicates that the funds are not completely leaving the stock market—they’re pulling back from the most crowded, highest-expectation direction. On Day 21 of learning U.S. stocks, I understand this drop as a “valuation compression within the AI supply chain,” rather than demand suddenly dropping to zero$MU .

SPX-2.35%
MU12.25%
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