Global risk assets are undergoing a sharp adjustment, with Goldman Sachs analysts characterizing the current market conditions as a "tech stock disaster." This correction does not stem from an AI bubble bursting but rather from AI technology being "too successful," causing a disruptive impact on traditional software and data services companies. In this structural shake-up, Bitcoin has experienced the most significant pullback, with its price halving from its all-time high at one point and plummeting more than 20% year-to-date. Concurrently, the US tech sector is under notable pressure: the S&P 500 has retreated nearly 3% from its recent peak, while the tech-heavy Nasdaq Composite Index has fallen by 6%.

This round of adjustment signals the end of a multi-year period of broad-based gains for risk assets. The market is now undergoing a brutal process of survival of the fittest, based on the actual beneficiary logic of AI technological advancements. Investors must acknowledge the arrival of a new era: against the backdrop of AI's disruptive power becoming fully apparent, companies that fail to adapt to technological change will be mercilessly abandoned by the market.

**AI Progress Triggers Industry Reshuffle** The core root of the market turbulence lies in the disruptive efficiency demonstrated by artificial intelligence technology exceeding expectations. Investors are reassessing the impact of AI on the existing industrial landscape. Recently, productivity tools launched by AI company Anthropic have heightened market anxieties. Their technological approach suggests a potential existential threat to many traditional companies reliant on analytical capabilities and software businesses. Goldman Sachs analyst Bell pointed out that sectors including software, data services, financial information, and gaming have already faced large-scale sell-offs as a result. Year-to-date, the US software sector has plunged 16%, while the Europe Stoxx 600 Index, dominated by traditional industries like commodities and utilities, has conversely risen by 4%. Deutsche Bank analyst Jim Reid believes the market has shifted from a "euphoric phase" of broad tech stock gains to a harsh "structural differentiation." The technology industry itself is experiencing a "self-cannibalizing" survival of the fittest. This adjustment indicates the market has begun rigorously distinguishing winners from losers based on the actual disruptive capabilities of AI technology.

**Challenge to "American Exceptionalism" Model** The current structural adjustment in the tech stock market is posing a substantive challenge to the long-dominant "American Exceptionalism" investment paradigm in global capital allocation. The lack of continuity in geopolitical and economic policies from the Trump administration has significantly weakened international investors' certainty regarding US assets as a core part of their portfolios. Unlike other corrections in recent years, the core driver of this adjustment comes from the industrial disruption caused by AI technology itself, which lies beyond the scope of administrative intervention. Despite potential interest rate cut support from the Federal Reserve and possible fiscal stimulus in the form of tax rebates, the market has still experienced a deep correction, highlighting its endogenous, structural nature. In fact, several large asset management institutions had already warned that market leadership would gradually shift from AI technology producers (like chipmakers and cloud giants) to end-application companies that can truly leverage AI to achieve productivity gains. This week's market movements indicate that the initiation of this rotation process is happening more rapidly than most predictions.

**Cryptocurrency Bubble Faces Reckoning** Bitcoin's sharp decline once again reveals the fundamental driver of its price volatility: overall market risk appetite, particularly the trajectory of tech stocks. Long-standing narratives about its inflation-hedge, safe-haven properties, or status as an alternative monetary system appear feeble when tested against reality. The liquidity easing of the past two years had supported various speculative assets, including cryptocurrencies. A typical case is Bitcoin-holding company Strategy, which recently disclosed a single-quarter operating loss as high as $17 billion. Its stock price has fallen approximately 80% from its peak after Trump's re-election. This company, once close to being included in the S&P 500, now faces severe challenges. For investors heavily concentrated in Bitcoin, this decline is undoubtedly brutal. However, market warning signals have always been present; participants' decisions are essentially conscious risk-taking. The current period of market sobriety triggered by the "tech stock disaster" might prompt capital long-sedimented in non-productive areas to be reallocated.