Final Thoughts

I still believe that the most important observation point next week is the flow of funds.
If semiconductors start to recover and rebound, while healthcare and finance enter consolidation, it indicates that the market is still undergoing healthy rotation.
If semiconductors continue to be abandoned by funds, while software and defensive sectors continue to rise unilaterally, it means the market needs more time to complete valuation digestion.
But in either case, I have not seen the long-term logic of AI being disproven. What truly determines the market trend in the second half of the year is still corporate earnings, AI capital expenditures, and the realization of financial reports.
In the end, as I always say, for long-term investors, I will not change my judgment on the long-term trend of AI due to two or three days of volatility. The market tells new stories every day. Today it's Meta, tomorrow it might be something else, but what truly drives stock prices through cycles is still earnings and cash flow. In July, I am more focused on fund rotation and earnings verification, not how many points the index goes up or down each day. If you hold companies that you have researched and are bullish on for the long term, I think it is more important to be patient and wait for the market to refocus on performance, rather than being led by short-term emotions.
Today, I will also publish an analysis of the trends for BTC and gold from July to December, as well as my outlook for next year. If you are interested, feel free to take a look.