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#EarningsObserver: Who can understand the real results from Google and Tesla this time? Let me start with my view: The AI money-burning model is backfiring on the entire industry chain. No one is spared, from platforms to hardware. Last night's earnings reports are the best proof. Google's revenue exceeded expectations by 24%, Tesla's deliveries were 74,000 units above expectations, yet both stocks plunged after hours—Google down 4%, Tesla down as much as 5%. The market logic is also changing now: it no longer cares about how much you earn, only how much you burn and whether the investment can break even. Google's capital expenditure was 44.9 billion, marking the first time in history that free cash flow turned negative. Tesla is even worse, with profits plummeting 57%, gross margin down to only 16.8%, and free cash flow also turning negative. Simply put, this wave of AI spending is making shareholders nervous, and the market is starting to vote with its feet. What’s even more alarming is that after the earnings were released, SK Hynix $SKHYNIX fell 3%, SanDisk $SNDK dropped 2.5%, Micron $MU also fell nearly 2%, and Nvidia and spcx followed the trend, all dropping together. The once lively market has plunged back into a freeze. Logically, with big companies buying AI hardware like crazy, these memory chip manufacturers should be beneficiaries, so why are they also falling? My preliminary judgment: sentiment is transmitting from platforms to hardware, then to chips. The market is starting to worry—if big clients like Google and Tesla are getting hammered because of excessive spending, will capital expenditures shrink afterward? If they do, the first to get hurt will be these suppliers. In the short term, this drop is a chain reaction of panic, not a fundamental problem. In the long term, as long as AI demand is real, these memory manufacturers will eventually recover. But at this point, chasing highs definitely requires caution. What do you think? Is this a chance to get on board or a signal to run away? #CXMTMemoryIPO #FOMCRateWatch #AIEarningsWatch