A few of my thoughts

1. I don't believe there will be an immediate second wave of hard AI rally to free up the trapped chips since June.

2. I don't believe the market will initiate a rotation mechanism for "high-low switching" (i.e., non-AI sector rallies).

3. I don't believe institutions have significantly fled the AI sector, but they may not necessarily have the momentum to hit new highs. Valuation repair is possible, but hitting new highs is impossible.

4. I don't believe there is a 1987-style crash here; at least the time and conditions are insufficient.

5. Attempting to suppress inflation through rate hikes and using the US dollar to suppress inflation are two sides of the same coin. However, while the institutional faction favors the latter (strong dollar), the market faction supports the former (rate hikes).

6. A sharp decline in the style of 1987 does not require a new reason; in other words, the reasons are already sufficient now.

7. Don't expect a single hammer blow to determine whether it's long or short. After a quarter with excess performance in Q2, having a relatively calm Q3 is normal. Rushing to short or go long is immature behavior.

8. Self-reinforcement is the enemy of smart people.