This week, Microsoft, Amazon, Google (Alphabet), and Oracle are scheduled to release their earnings reports. The market will closely monitor whether these hyperscale technology companies can translate AI capital expenditures into actual profits, alleviating ongoing concerns about AI financing costs. Current market sentiment is cautious, with defensive rotations accelerating. The S&P 500 Equal Weight Index's outperformance relative to the market-cap-weighted index this month marks its sixth largest since 1990. Valuations in the semiconductor sector have fallen to approximately 17 times forward earnings, nearing historical lows.