Microsoft barely moved yesterday at negative 0.52% but Trade Overview on moomoo shows something subtle and bullish. Net inflow of $117.81M with a fascinating order size breakdown. XL orders were actually net negative — $16.31M in versus $44.12M out — but large orders were dead even at $374M each way, and small orders drove the positive flow with $683M in versus $555M out. The donut chart makes this distribution immediately visible with th...

Software stocks plunged yesterday, and the tech sector continued to lead losses in the U.S. market today.

Some are starting to waver: Did we get it wrong?
Hold on—let’s review the data once more.
🔍 What dropped today?
- The Nasdaq led the declines, with the tech sector posting the steepest losses among all U.S. market segments today
- Software and AI infrastructure stocks faced broad pressure
- Stocks that had rallied sharply earlier saw deeper pullbacks
But notably, there was no new sector-specific negative news today—no earnings blowups from major players, nor any reversal in the AI investment narrative.

📌 The three reasons mentioned yesterday still apply today
1. Profit-taking after gains: Software stocks rose 21% in May, and short-term funds continue to exit
2. Quant-driven selling: Mizuho's referenced 'illogical selling' may still be ongoing
3. IPO sentiment disruption: Concerns over massive IPOs like SpaceX haven’t fully dissipated yet
None of the above three points are related to the long-term fundamentals of the software sector.

🧠 Has yesterday’s core thesis been overturned today?
Yesterday we outlined three key points:
- AI is expanding the software market, not shrinking it ✅ Still holds true today
- Market leaders are evolving—Adobe now charges based on outcomes ✅ Still holds true today
- AI won’t fully replace software until at least after 2028 ✅ Still holds true today
A sharp one-day drop can shake sentiment, but it won't shake logic.

🎯 Conclusion
Two consecutive days of steep declines are indeed uncomfortable.
But if you...

The quarter was not weak. The proof standard has simply moved higher because the spending base is now enormous. Let us take a closer look.
Key Financial Highlights
Revenue was $56.31 billion, up 33% year-over-year, ahead of the $55.45 billion consensus. On a constant-currency basis, revenue grew 29%, which means FX helped, but did not fully explain the acceleration.
The ad engine remained very strong, but the drivers were mixed. Meta delivere...