From the perspective of capital flow, there is still no long-term capital flowing into the U.S. stock market. This wave of NVIDIA is a short-term capital layout game for earnings reports. Japan and South Korea are still continuously hitting new highs, including Brazil, Taiwan, and Vietnam, which have all been rising recently, indicating that capital is still accelerating its inflow into the Asia-Pacific and emerging markets. Currently, the U.S. stock market is still waiting for a more attractive narrative or more appealing low positions (in short: bullish in the long term, but short-term volatility is still possible).