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In the next four days, there's more excitement to watch. Judging from the recent earnings releases, it really is a case of whoever sells falls as well. Let's see if the next few can stop the decline. A slew of major news has all come together: the Federal Reserve's interest rate decision, Microsoft and Meta's earnings, GDP, PCE inflation, and Amazon and Apple earnings all appear in turn. Google, Tesla, and Nvidia have basically delivered their papers ahead of schedule. Google's free cash flow turned negative, and Tesla's profits were cut in half. Don't be fooled by Nvidia's impressive billion-yuan unrealized gains on the books—the absurd valuation and high concentration of customers are obvious risks. Upon closer inspection, it's truly unsettling. Wednesday will be the main event: interest rates are likely to remain unchanged, with the focus on Powell's stance. In my view, I still speak hawkishly, but I dare not truly tighten liquidity. Now, a bunch of tech companies are frantically investing in AI, forcibly taking back their money, and the entire computing power sector is under pressure. Microsoft is closely watching Azure's growth; if it falls below 38%, I will choose to reduce my position. Meta's market has been sluggish for most of the past six months. If Zuckerberg announces another large-scale investment in AI, the funds will most likely flee immediately. On Thursday, the pressure was even greater, with GDP and PCE data released before the market opened. Right now, the market fears stagflation the most; while the economy is slowing, inflation remains high. If inflation remains stuck around 2.5%, high-valuation tech stocks will inevitably remain under pressure. Bank of America estimates Amazon's AWS growth rate at 33%. If the data meets the target, the computing power storage chain of Nvidia, SK Hynix, and Micron still has opportunities; If it doesn't reach that level, the entire sector will fluctuate. Apple doesn't listen much to Cook's empty promises, focusing only on the real sales figures in the Chinese market. A couple of years ago, the market was willing to pay for AI stories, but now investors are much more realistic and focus only on solid cash flow. The next few days will be a thorough investigation. I plan to avoid those targets that only burn money, struggle to realize returns, or have a single client structure. Back to today's market $BTC Currently, the price is oscillating around 65,200-65,400, with 65,700 above serving as a rebound after a breakout, and 66,200-66,500 has become a new resistance zone. $ETH is also climbing slowly, from around 1850 to around 1880. Overall, although the uptrend line has support, the rebound is very weak, and the bulls simply lack momentum. Additionally, although ETF funds occasionally flow in, the overall "price does not follow" indicates that existing funds are fleeing rather than entering increments. #财报观察员: Who can truly understand the real answer sheet from Google and Tesla this time?