Long-end U.S. Treasury yields remain elevated. Institutions debate the future direction of global tech stocks.

Against the backdrop of intertwining interest rates and AI profitability, market focus is shifting from a single narrative to a race between the two. Industry insiders said this year's Q2 reports show that several large cloud providers in the US market posted large negative cash flows, and to make up for insufficient free cash flow, companies began issuing debt on a large scale. In an optimistic scenario, if the AI narrative continues to advance and tech companies' profitability remains strong, it may help offset the pressure of higher interest rates.