According to CoinMeta, and as reported by JPMorgan, U.S. companies had a strong earnings season, but stock prices reacted weakly to the earnings exceeding expectations. Some tech companies saw their stock prices fall after releasing their financial reports. JPMorgan believes that the market has high expectations for corporate earnings, investors have a concentrated position in the tech industry, and the market's focus has shifted to companies' future capital expenditure plans. Investors are evaluating whether large-scale investments in areas such as AI infrastructure by these companies can bring long-term returns.