The newly released economic data in the past two days—from slightly lower-than-expected continuing jobless claims to persistently sluggish existing home sales—all imply a continued cooling of the economy. Under ample liquidity support, the market continues to trade on expectations of a soft landing.

So even though last night, $Micron Tech(MU.US) dragged down the semiconductor big three—Nvidia, TSMC, and Broadcom—due to weaker-than-expected guidance, leading to a sector-wide pullback. However, in terms of market structure, capital seems to be shifting downstream.

Whether it's the continued rise of internet information and content or application software, in a favorable macro and liquidity environment, capital is rotating rather than simply locking in profits.