Last week's sell-off put the AI narrative on pause; this week, the focus is on whether it can restart. The S&P closed last week at 7376.86, down 2.7%; the Nasdaq closed at 24579, down 3.4%; the Dow fell 0.9%. The Nasdaq has closed down for four consecutive weeks, entering a technical correction, with a pullback of over 10% from the October high. Thursday's big bearish candle almost erased all the post-election gains, mainly because the market repriced regulatory risks for data centers and AI infrastructure after the Democrats took control of both houses of Congress. Chip stocks rebounded on Friday, with AMD up over 11% and Nvidia up nearly 3%, but overall it was just a recovery, not a reversal. In earnings, CoreWeave, a typical AI cloud stock, was the most watched after Tuesday's close. It has recently been hit hard by concerns over data center financing and construction pace. Cisco and Applied Materials will report after Thursday's close, which will directly reflect whether AI capital expenditures are loosening. On Monday, Constellation Energy and KKR will report; the former can reveal the real strength of data center power demand. The market is still trading two overlapping issues: whether AI infrastructure will be substantially slowed by local and congressional actions post-election, and whether these expenditures can convert into cash flow in a higher interest rate environment. The chip stock rebound on Friday was more of a bounce from oversold levels; semiconductors still fell deeply for the week. Futures opened slightly higher in Sunday night trading, with Nasdaq futures up about 0.3%. But the VIX remains significantly higher than at the start of the week, and volatility persists. The election brought regulatory risks to the forefront, and strong employment pinned down rate hike expectations. $ETH $BTC $ZEC #USA1

The total market capitalization of the global crypto market is approximately $2.50 trillion, down about 5% in the past 24 hours (different data sources fluctuate between $2.48–2.54 trillion). Bitcoin accounts for about 60.1%, Ethereum about 10.4%. The Crypto Fear & Greed Index is at 28 (Fear), slightly up from 25 (Extreme Fear) the previous day, but still in the fear zone.  Major coin prices (reference around 7 AM Beijing time) Bitcoin (BTC): about $74,700, down about 1.5% in 24 hours. Ethereum (ETH): about $2,130, down about 4.5% in 24 hours. Solana (SOL): about $86.7, down about 2.8% in 24 hours. BNB: about $684, down about 1.6% in 24 hours. XRP: about $1.12, down about 3.7% in 24 hours. Dogecoin (DOGE): about $0.0693, down about 2.9% in 24 hours. Zcash (ZEC) has shown relative resilience, priced around $1,210, with a 24-hour decline smaller than most major coins, partly related to privacy demand and large on-chain exchanges; Hyperliquid (HYPE) about $74.7, down about 3%. Overall, altcoins are weaker than Bitcoin, and the market remains defensive.  Overnight highlights From the close of the US stock market to the early Asian session, the crypto market continued last week's