Wallstreetcn analysis indicates that the current US tech stock market is in a state of "bull-bear divergence": AI fundamentals continue to strengthen, but macro signals such as yen appreciation, rising interest rates, and widening credit spreads have all turned bearish, yet the Nasdaq 100 Index refuses to break down. Rich Privorotsky, head of Goldman Sachs' trading desk, stated that frontier AI model capabilities continue to break through, Google Cloud and AI server demand remain strong, and Broadcom even believes actual demand has exceeded its fiscal year 2027 expectation of $115 billion.

The analysis suggests that the real risk for tech stocks is not a collapse in AI demand, but rather the potential for rapid market repricing if the macro environment and systemic leverage suddenly shift. Currently, the S&P 500's six-month realized correlation has dropped to 11, SPX straddle option prices are near their annual lows, and the market's pricing for future large fluctuations remains low.