According to CoinMeta, CITIC Securities stated that short-term uncertainties coexist with long-term opportunities, and only after the interest rate hikes are implemented will there be a glimmer of light. If this round of interest rate hikes is missed, U.S. stock valuations will face pressure in the short term, regardless of whether the Federal Reserve raises rates in September or not. However, in the medium to long term, the implementation of rate hikes is expected to relieve valuation pressures. Coupled with the "Productivity and Employment Working Group's" positive stance towards AI, the U.S. stock AI narrative is expected to continue in the long term. On July 29th, FOMC remained unchanged for the fifth consecutive time, with three voting members supporting a 25-basis-point rate hike. Disagreements within the Fed became public, leading to a market reaction of "doves at the short end and hawks at the long end." Rising inflation expectations pressured the dollar and provided an opportunity for Japan's Finance Ministry to intervene in the foreign exchange market. The high growth rate of CSP cloud services has alleviated concerns about the sustainability of AI's triple capital expenditures to some extent. Industries sensitive to short-term interest rates, sectors with high valuations and low growth, and small-cap stocks are under pressure. The next window for liquidity expectations to shift will be focused on the Jackson Hole meeting at the end of August or the September interest rate decision meeting.