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Today, I reviewed my recent holdings and market trends. The overall feeling is that emotional fluctuations are obvious, but fundamental changes are not significant. Over the past period, the market has been trading more on expectations rather than delivering on performance, which made me rethink my investment pace. Some positions wavered due to short-term pullbacks, but after calming down, I found that the original logic for buying still holds. What really needs adjustment is not the direction, but position management and patience. The biggest takeaway from this period is realizing that "certainty" is often more important than "imagination." I used to be more easily attracted by hot topics and stories...

Continue to observe changes in market volume and sector rotation. If high-quality investment targets pull back to reasonable ranges, we will consider building positions in batches.

Seeing the continuous breakdown of my positions, I instinctively wanted to reduce positions to cut losses, and even had the impulse to liquidate and wait on the sidelines. However, after calming down and reviewing, this sharp decline is not due to a sudden change in a single company's fundamentals, but rather a systematic valuation squeeze caused by shifting macro expectations combined with tightening liquidity.

Significant oil price increases have sparked inflation concerns, coupled with the Federal Reserve's continued cautious stance on the interest rate cut path, leading to a broad decline in risk assets, with the technology growth sector bearing the brunt. The market has raised fresh doubts about the sustainability of massive AI capital expenditures in a high-interest-rate environment, prompting short-term capital to cash in on profits.

Microsoft's biggest investment mistake was not in choosing the wrong company, but in failing to manage its position size and timing. After seeing the AI concept continue to gain momentum, it was driven by emotion to increase its position, ignoring the fact that valuations had already entered a high range.

Today, I reviewed the current portfolio holdings and the overall market trend. Index fluctuations were evident, and sentiment was cautious. The overall volatility of the portfolio is within an acceptable range, and no significant rebalancing has been conducted for now.

The current optimism towards Micron is primarily based on the memory industry cycle entering a recovery phase. DRAM and NAND prices are gradually rebounding. AI servers are driving rapid growth in demand for HBM and high-end memory. The company's profit elasticity is expected to be significantly released in the coming quarters. Meanwhile, the industry is highly concentrated. Leading manufacturers' capital expenditures are becoming more rational. This helps maintain the upward price cycle.

War shocks typically amplify the volatility of U.S. stocks in the short term. The market's initial reaction is to rising uncertainty, not an immediate deterioration in fundamentals. Geopolitical risks tend to push up the energy and defense sectors, while pressuring high-valuation assets like technology and consumer stocks. Safe-haven funds often flow into the U.S. dollar, U.S. Treasuries, and gold, thereby causing a periodic drain on stock market liquidity.

Shared after making up for the missed sign-in. Recently started focusing on and allocating to Micron Technology. AI brings long-term structural demand. AI servers are driving a significant increase in the usage of high-bandwidth memory (HBM) and data center DRAM. Storage is transitioning from a traditional cyclical product towards a "cyclical + growth" model.

Looking at the glaring red, my mood is very complicated. I originally thought that a company of Microsoft's caliber, with solid fundamentals, a strong cloud business, and a compelling AI story, would at least not make me feel this bad even if the stock price didn't skyrocket. But the market just didn't follow the script.

Currently still hold a Tesla position. Have not conducted any position increase or decrease operations. The overall strategy is primarily observation. Market sentiment fluctuations are evident. Short-term price movements are more influenced by the macro environment and capital flows, rather than substantial changes in the company's fundamentals.

Currently holding a Microsoft position, but the inner uncertainty is gradually increasing.

Added to Microsoft position today. The main reason is continued optimism about the long-term development of AI. Microsoft's advantages in the AI field are relatively clear. On one hand, it has the Azure cloud platform as computing power and infrastructure, and on the other hand, it is deeply involved in the AI ecosystem and continuously integrates AI capabilities into Office and various enterprise products. This kind of platform advantage is difficult to replicate in the short term. AI is more like a long-term technological revolution, not a short-term trend. Microsoft has a high probability of becoming a long-term beneficiary.

【Day 1】My investment diary operation: Continued adding to my positions in NVDA and MSFT today, while keeping my TESLA holdings unchanged. I'm mainly bullish on the long-term growth certainty of AI and cloud computing, and the pullback actually provides a better opportunity to position. Insight: Geopolitical uncertainty has increased significantly recently, and market sentiment has also been somewhat volatile. Short-term fluctuations can indeed be a bit worrying, but from a long-term perspective, I prefer to focus on corporate fundamentals and long-term competitiveness. As long as the core logic hasn't changed, I will continue to hold quality assets for the long term, rather than being swayed by short-term noise...