JPMorgan, Wells Fargo and Citadel are all becoming cautious, but for different reasons: Fed policy, rising yields, stretched positioning and questions over whether AI capex can keep delivering enough economic returns.

I wouldn’t abandon U.S. equities after such a strong rally. Instead, I’d shift from momentum chasing to quality and discipline.

The key catalysts are jobs, CPI and the Fed. Strong data could ironically pressure stocks by keeping rates higher, while softer data may revive the rally.

For AI, the story remains powerful—but spending eventually needs to translate into revenue, margins and productivity.

My play: stay invested, trim excessive risk, keep some dry powder, and buy meaningful pullbacks rather than chasing green candles.

September volatility may be a feature, not the end of the bull market.

@Capital_Insights [思考]