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The current US stock market is like a multi-sided seesaw of light, cloud, soft, hard Light, cloud, storage, software, money has not really left AI, but has been moving back and forth between these directions. The most typical is these two days. 12 After Lumentum's financial report, optical communication became the center of the market again. $LITE's latest quarterly revenue was $1.01 billion, a year-on-year increase of 109%. The median revenue guidance for the next quarter is around $1.25 billion, and management continues to emphasize the demand for high-speed optical connections in AI data centers. On the same day, CRWV's second-quarter revenue was $2.575 billion, more than doubling compared to the same period last year. The revenue backlog has reached approximately $104 billion, and this does not include the more than $25 billion new customer commitments at the beginning of the third quarter. NBIS's second-quarter revenue reached $582.3 million, a year-on-year increase of 454%, and the demand for AI Cloud continues to expand rapidly. So the logic of that day was very clear: Light is rising, and the cloud is rising, and AI infrastructure is once again occupying the center. But at the same time, the software is falling. Palantir and Microsoft fell about 2.2% and 2.3% respectively on the day, and the market retraced a long-standing issue: Is the stronger AI a benefit or a substitute for traditional software? Only a day later, the seesaw changed sides again. 13 Yesterday, $SNDK Investor Day presented a new long-term financial model: The company expects revenue from FY2028 to FY2030 to maintain a mid-to-high ten-digit growth, with a non-GAAP gross profit margin of approximately 80% and an adjusted free cash flow rate of approximately 50%. More importantly, Sandisk has signed new long-term business model agreements with eight customers, which are expected to cover approximately 50% of FY2027's bits and approximately two-thirds of FY2028's bits. One of the things the market disliked about storage in the past was that it was too cyclical. $XAU