美股冰火两重天：散户热炒万亿蒸发，AI牛市到头？

Core Insights - The recent surge in U.S. tech stocks raises questions about its sustainability, especially following a significant market drop on August 1, which resulted in a loss of a trillion dollars in market value [1] - The market panic was triggered by a drastic downward revision of employment data, leading to a crisis of confidence in official statistics, compounded by political tensions involving the Labor Statistics Bureau [1] - Major tech companies are in the midst of earnings season, with substantial investments in AI infrastructure, totaling nearly $400 billion from Microsoft, Meta, Google, and Amazon [1] - The question remains whether these massive AI investments can justify the high valuations of these companies, as the differentiation among tech giants intensifies [1] - The ongoing AI capital frenzy presents both opportunities and risks, prompting a deeper analysis of the underlying investment logic and the key indicators that Wall Street will focus on moving forward [1]