$MU $SKHY bitcoin:native

U.S. stocks are up today, which doesn’t mean risk appetite has fully returned.
An easy-to-miss signal is this: the Nasdaq is rising, but the SOX is weakening. Micron and the AI storage supply chain are pulling back in sync, while BTC remains strong.
I think the market is starting to price in three things:
1, AI capital expenditures haven’t ended.
2, HBM demand hasn’t ended.
3, but valuations have already priced in short-term growth in advance.
So funds are starting to cash out on AI hardware, while continuing to allocate to assets that benefit from liquidity.
The real change isn’t in the industry—it’s that capital is beginning to reprice expectations.
The market always kills valuation first, then verifies fundamentals.