US stocks plummeted, has AI's "honeymoon period" ended?

Today's US stock market can only be described as "frustrating." The three major indices collectively stalled, with the Nasdaq being the hardest hit. Many friends are asking: what exactly happened?

In fact, this sharp decline wasn't due to a single unexpected event but rather several "cold spells" colliding:

1. AI Panic: From "mindless buying" to "starting to chicken out" 📉

Recent AI technological iterations have been too fast, even to the point of scaring the market. For example, Anthropic's automated legal tools directly and precisely disrupted the business models of the software and IT services industries.

Software stocks have been hit hard these past two days. Among the S&P 500's worst-performing companies this year, all nine are software-related, with some already down over 25%.

2. Earnings "Flash Death": Being excellent isn't enough 🚫

This earnings season, the market has become very picky.

Take $AMD(AMD.US). Despite raking in huge profits last year with soaring revenues and earnings, just a slightly conservative outlook for Q1 this year caused a 10% pre-market drop.

Then there's $Novo Nordisk AS(NVO.US). Due to forecasts of slowing US sales growth this year, its stock price plummeted nearly 15% last night.

3. "Hawkish" Rumors and Policy Fog 🦅

Rumors are circulating that the Fed's new chair nominee might be very "hardcore" (hawkish), sparking fears that the expected rate cuts might be "off the table." Coupled with the US government's recent brief shutdown affecting employment data releases, this "blind uncertainty" has sent funds rushing into gold as a safe haven.

Gold prices rebounded past the $5,000 mark, a clear safe-haven signal.

The market is now in a "transition period." Investors are no longer buying into simple AI narratives but are reevaluating: who will be the "old wave" crushed by AI? And who are the real "winners" that can monetize?

Final reminder: Volatility is the norm. Don't blindly panic-sell, nor blindly buy the dip halfway. In this "gods-fighting" start to 2026, preserving capital is more important than anything.