This week, my market observation was straightforward: chip stocks are still falling, while energy stocks are rising. But this doesn’t mean AI as a theme is dead. Money is still flowing along the AI pipeline—it’s just shifting from one segment to another. → → → Let’s start with U.S. stocks. Chips have risen too much over the past two years—NVIDIA, SK Hynix, data center names—everyone piled in. Now, with even a slight trigger, investors who’ve made profits are starting to sell. That’s normal—it’s not a crash, just a pause after a big run-up. Meanwhile, energy stocks are rising. Tensions in the Middle East have pushed oil prices higher, lifting shares of oil companies accordingly. Tech down, energy up—this combination has been common lately. → → → Now, let’s look at Hong Kong stocks. In early July, Hong Kong’s tech sector saw a rally: Alibaba jumped 12% in a single day, and the Hang Seng Tech Index rose nearly 5%. Why? Several reasons: these stocks were already cheap, China’s AI initiatives are progressing, and the anticipated flood of lock-up expirations never materialized. But the question is: Can this rally continue? I think it depends on three things: If U.S. chip stocks keep falling, sentiment in Hong Kong tech will suffer. Will mainland capital continue buying Hong Kong tech stocks? And ultimately, earnings reports will tell us how much AI is actually contributing to profits. Right now, this looks more like a bounce after a steep decline—not the start of a new bull market. → → → Next week, I’ll be watching: ► Earnings reports from major tech firms ► Inflation data and what new Fed Chair Warsh says—if he signals further rate hikes, tech stocks will face continued pressure ► Whether mainland capital keeps flowing into Hong Kong stocks—money inflow supports prices; outflow leaves them vulnerable Overall, the AI theme hasn’t changed— money has just shifted within it: out of hardware, into applications and cheaper names. These are my personal observations. Always refer to official data for accuracy—this is not investment advice. #USStocks #SKHynix #HongKongStocks