Indeed, SNKD and MU pulled back last night, showing poor sustainability. On July 30, following Microsoft’s positive earnings report, a surge of capital triggered a short squeeze and sharp rally. However, the next day, as market sentiment turned cold again, these highly leveraged options positions, driven by fear, collectively reversed and sold off en masse, causing a long squeeze. After another round of sideways consolidation, further declines are likely. Capital is limited—flowing from hardware to software, companies like Microsoft and Amazon in applications and cloud software (Software & Cloud AI) remain relatively strong and may still rise, given their modest prior gains and more stable price action.