I just watched a movie called 'Sanctuary'. It was a bit underwhelming, purely watched it for the bald guy.

For those playing with semiconductors and storage, I suggest you think carefully after breaking even this time.

Just speaking from a macro perspective, over 95% of the SPX's gains this year were contributed by the other 493 companies. Among the M7, only Apple and Google contributed to the index; the others didn't.

Apple rose because it doesn't have AI, and Google rose because the market believes it has figured out AI monetization.

Whether it's future chips, storage, or semiconductor manufacturing; no matter how strong these hardware companies are, they will eventually face a cyclical turning point. I'm not bearish on these companies; in fact, I think they haven't reached the turning point yet. Buying can still be profitable, and the market is still strong.

But anyone with logical thinking ability understands that once cloud providers' procurement growth slows, the previously surging stock prices will be liquidated.

Therefore, the earnings reports of cloud providers this quarter, or next/next-next quarter, might be the turning point. There will always be a report showing a slowdown in capital expenditure, and that's when the tables will turn, and victory in the later stages will still belong to the cloud providers. I hope the market hammers the cloud providers hard, so we can get cheap chips.

Besides focusing on micro-level entry points (I will talk about these), long-term investing requires paying attention to market logic/valuation/sentiment to start eating from the lows to the highs and earn easy money.

Good night.