During this round of the U.S. stock market decline, I haven’t made any moves yet. I’m not indifferent to my account’s losses, but right now, I haven’t found a strong enough reason to either add or reduce positions. Last Thursday, the Nasdaq dropped 5.5%. At this level, dismissing it with “the AI bubble has burst” feels too simplistic. Interest rates, earnings expectations, and the prior concentration of positions in tech stocks may all be contributing. This week, I’m watching the CPI. If inflation doesn’t come down, the market will struggle to justify high valuations for tech stocks. Just because a company is still growing doesn’t mean its stock price should rise. If you bought too expensively, you still have to work through that overpayment. I’ll also review CoreWeave’s earnings report. But more than how big new orders are, I want to know how much profit those orders will actually leave behind. Data centers need to be built, equipment needs to be purchased, and interest payments must be made. Strong AI demand and the true value of this business are two different things. So I’m not rushing to buy the dip. A drop doesn’t automatically mean cheap—what matters is whether future earnings are also shrinking. If only the valuation has declined but earnings remain intact, I’d be more inclined to consider adding positions. But if even the profit outlook has changed, it’s no longer enough to just wait for a rebound. #USearningsseason