I would lean towards option ②. The rebound looks more like short covering and bargain hunting than a confirmed return of bullish sentiment.
Markets initially priced in tighter AI regulation, data-center restrictions and political uncertainty. However, a change in congressional control does not mean immediate policy changes. Legislative hurdles and presidential veto powers could delay implementation.
More importantly, AI demand has not disappeared. AMD's strong results reinforce the underlying demand for computing infrastructure, although strong earnings cannot justify every valuation.
The real test is whether institutional buying returns to AI leaders and Treasury yields stabilize.
Until then, I would treat this rebound as a relief rally, not a confirmed trend reversal.
@Tiger_comments [真香]
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