To be blunt: people who have been trading US stocks recently, most likely have felt something like this:

The index doesn’t look like it’s crashing, but the stocks you hold are quietly losing money.

Overnight, US stocks overall closed down across the board under pressure again—no resistance at all:
The Dow edged lower, the S&P continued to adjust, and the Nasdaq plunged 1.47%.

The most important thing isn’t how much it fell in a single day, but that this week’s tech stocks have been pulling back continuously.
The Nasdaq fell nearly 3 percentage points on the week alone—its strongest round of “washout” in about a month.

A lot of people still think the AI trade is still in a bull market.
I’ll be direct with everyone: the era of “AI going up across the board” is completely over.

Right now, the market is already torn to the extreme. I’ll lay out the true situation for you clearly:

First: Mid-to-small chips, memory, and AI hardware have officially entered a technical bear market

This week’s biggest selling pressure is focused on the semiconductor sector that was hottest earlier on.

Nvidia and Intel are pulling back across the board; memory, AI chips, and mid-to-small-cap chip-related stocks have all been drifting lower persistently.
The logic is very simple—let me spell it out in plain terms:

All the good news has been priced in, and the story is over.

Previously, people traded AI orders, HBM price hikes, and supply shortages for growth.
All expectations have now landed, and all earnings have been delivered.

In capital markets, it’s always: good news landing is the biggest negative.

At high levels, an enormous amount of profit has piled up.
Now, funds are coordinating their exit—crushing valuations and cutting positions.
For the chip sector now, this isn’t a pullback—it’s the tide going out.
Never randomly bottom-fish; if you bottom-fish now, you’re just catching a falling knife.

Second: The AI trade isn’t dead, but it’s now “only the leaders”

Many people are wondering: if chips are dropping hard, does that mean AI is completely cooling off?

No.

What the market is doing now is an extreme structural rotation:
“Junk AI,” random tech, and mid-to-small chips are being continuously abandoned by capital;
but the real core leaders are still resilient, and in some cases are even stabilizing against the trend.

In one sentence:
AI has changed from “buy anything and it goes up” to “only the strongest can survive.”

In the next stretch of time,
90% of AI small caps will keep grinding lower to form a base,
and only the 10%—the core computing power and core AI-main-business leaders—can keep the market in a choppy, sideways rhythm.

Third: Why is making money so hard lately?

Because the market style has completely changed.

Earlier:
Funds dared to chase higher prices, to speculate, and to trade themes—pullbacks were seen as opportunities.

Now:
Risks from overseas are disturbing the market, oil prices are fluctuating, and risk-off sentiment is heating up.
The main money is now extremely conservative:
No theme trades, no expectation trades—only trading earnings, only holding leaders.

As for US stocks now:
There’s no risk of a systemic market crash—you don’t need to panic that a bear market is here;
but a “bear market for themes” has already arrived.

If you buy the right leaders, you’ll likely just see sideways consolidation;
if you buy high-position junk, you’ll keep getting trapped.

Fourth: The most correct way to act right now (ordinary people can directly copy this)

1、Completely give up on high-level chip, memory, and AI hardware small-cap stocks
The downtrend’s continuation signal is clear.
Don’t average down, don’t try to bottom-fish, and don’t have any wishful thinking.

2、No more blindly going long on AI
AI is no longer the mainline tailwind.
It’s now a high-risk, choppy trading range.

3、The market has entered a phase of “dump the highs, keep the best”
Only look at the top core names with the strongest earnings certainty—don’t touch any high-priced follow-the-crowd stocks.

4、Overall strategy: watch more, do less, and reduce position size
This is a period of consolidation and washout—not a new leg of a major upswing.
Holding your hand is how you win.

Finally, one last blunt summary

The US stock AI binge has officially ended.
The “mindlessly make money while lying back” trade is over.
A high-difficulty, strongly differentiated, and carefully selected market is now beginning.

Next up, it won’t be about bravery—it’s about understanding, stock-picking, and patience.

Our fans are about to break into the three-digit mark.
Wait a few days once the base is bigger—on the fan list we’ll draw红包 and gifts.
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