Fu Peng: The key turning point where the free cash flow of major US internet companies collectively turns negative in Q2 2026 reflects a shift in market focus from capital expenditure narratives to an examination of true profitability and the sustainability of moats; free cash flow is a core metric for measuring a company's true financial health and shareholder return capability. Its convergence to zero, combined with the delayed explosion of AI application layers, is triggering a re-evaluation by the market regarding the risk that massive capital expenditures may turn into a "bottomless pit." $Invesco QQQ Trust(QQQ.US) $VanEck Semiconductor ETF(SMH.US)