Can tech stocks still lead U.S. stocks higher? Don't rush to celebrate—the real test is only just beginning!

The S&P 500 rose 2.3% and the Nasdaq gained 2.7%. That was certainly an encouraging trading day.
But I think the real question is not how much further U.S. stocks can rise, but whether tech stocks can still serve as the engine driving the market higher.
Over the past few years, AI has been one of the most important growth stories for U.S. tech stocks. Large tech companies have continued to increase capital spending, building data centers, buying chips, and expanding cloud computing capacity, benefiting the entire industry value chain.
But now the market is asking a practical question: When will the money spent start paying off?
If AI can help companies cut costs, improve efficiency, and generate new revenue, then capital spending has long-term value. Conversely, if investment keeps increasing while revenue and profits fail to catch up, the market will naturally reassess valuations.
That's why a single rebound isn't enough to prove that the AI rally has fully returned.
I remain bullish on the long-term development of the tech sector, but the future may bring a structural rally rather than gains across all tech stocks.
Tech stocks still have a chance to lead the U.S. market higher, but this time they have to deliver results—not just rely on a compelling story. $HK50

‌#标普500创7个月最大涨幅