This Friday marks the arrival of the "triple witching day" as derivative contracts linked to stocks, index options, and futures expire. The soaring U.S. stock market finally took a brief pause. The news of Jensen Huang cashing out still impacted Nvidia's performance, dragging down the entire AI sector.

Additionally, pay attention to the recent economic data trends: with core service CPI cooling down + employment/wage data remaining robust, the first half of May clearly trades on expectations of tech growth amid a soft landing.

If economic data further deteriorates—for example, retail sales have weakened for two months, and PMI is also worsening—especially if consumer-related data continues to weaken, the market's soft-landing narrative may shift toward a mild recession.