If tomorrow we can still continue to slump a bit, then small- and mid-cap tech is likely at a relatively good point. But in the medium- to long-term, the trend won’t change. Recently, there’s been a lot of bullish talk about storage. Still, we believe in logic, not stories. People talk about what servers and compute power sound cutting-edge, but they haven’t even managed to form a normal commercial closed loop.

Capital expenditures are getting larger and larger. Today, the European Central Bank even raised rates. Next, Japan will probably start as well.

As for the consumer side, Apple 18 is out. But because hardware prices have risen, once the specific batch of consumption data comes out, we may not even need to wait for the rate decision—just the consumption figures for consumer electronics (computers and phones) would be enough to be a real blow.

As for themes, recently El Niño has been developing pretty strongly, which also adds some certainty to inflation. But this wave of themes is mainly because funds flowing out of large-cap tech are being absorbed. When the main storyline isn’t clear, people go after hotspots instead. But it seems a bit too hot right now.

Wait for the inflation data tomorrow evening. Good night, brothers. #美国8月PPI涨幅低于预期 #欧洲央行二次加息至2.5%