美股反弹，苹果涨超3%

Group 1 - The core viewpoint of the article highlights that the U.S. stock market is currently facing a situation where the fundamentals are strong, but the technical indicators are weak, leading to a lack of upward momentum in major indices like the S&P 500, which has been unable to break through the 7000-point level despite positive economic data [3][8] - The technology sector has seen a decline of 6% in the S&P 500 this year, contrasting with gains in other sectors such as energy (+21%), materials (+16%), and consumer staples (+16%), indicating a shift in investor focus towards more reasonably valued sectors [5][9] - Concerns over excessive capital expenditures in AI by major tech companies, with commitments exceeding $500 billion by 2026 from firms like Google, Amazon, and Meta, are causing market anxiety and leading to sell-offs in tech stocks [3][5][6] Group 2 - Amazon's recent earnings report revealed a significant drop in free cash flow by 71%, which, combined with a projected capital expenditure of up to $200 billion for AI infrastructure, has led to a post-earnings stock price drop of over 11% [6][5] - The market is increasingly focused on the sustainability of profits rather than short-term earnings, as evidenced by the software sector's decline of approximately 24% over the past three months, despite a 5% increase in profit forecasts for the next two years [9][8] - The overall capital expenditure for major cloud service providers in the U.S. is projected to reach $660 billion by 2026, significantly impacting investor confidence as this growth is expected to come at the expense of share buybacks, which have already seen a 7% year-over-year decline in the S&P 500 [9][10]