US stocks have faced clear pressure recently, with all three major indexes closing lower as tech shares led the decline. Apple and Microsoft both fell by more than 4%, while Tesla plunged nearly 15% due to a drop in net profit and cash flow turning negative. The core issue is that AI optimism is being put to the test: although Google’s earnings topped expectations, it recorded negative cash flow for the first time and added $15 billion in capital expenditures, prompting the market to begin questioning whether such massive spending can be converted into profits. Meanwhile, the Middle East conflict pushed Brent crude oil above $100, and the yield on 2-year US Treasury notes surged to an intra-year high; the probability of a rate hike by the Federal Reserve in July jumped sharply to 38%, putting additional pressure on growth-stock valuations. The chip sector rose against the trend due to higher storage prices, but overall market sentiment remains fragile. Next week, earnings reports from major companies such as Microsoft and Meta will be key indicators; if capital expenditure guidance fails to meet expectations, the adjustments may continue or persist.