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Macro pressure + 5% risk-free rate VS US stock earnings test, who has the advantage this week? This week is considered a macro vacuum period. The macro side's core focus is on the impact of Brent prices on market pricing: Above $110, energy shock worsens inflation, bearish for risk assets and US bonds; $105-110, high-risk exposure expansion range, risk markets under pressure; $100-105, high-risk pressure relief, risk markets temporarily loosen; $95-100, risk pressure relief and loosening, favorable for risk assets; $90-95, inflation shock reverses Fed rate hike trend. If Brent does not fall back to the safe range, rate hike expectations will surge, and long-term US bond yields will squeeze and absorb market liquidity, suppressing the US stock market. #SpaceX's first full quarterly earnings report after listing will be revealed. The core of this week's US stock market is META's earnings report, which is also a key test of market confidence in artificial intelligence. At the current stage, the earnings logic has officially moved from AI industry narrative validation to the second phase: AI capital expenditure → where the money comes from → ROI amount? → free cash flow → whether profit growth can cover costs. Therefore, the Q3 earnings season is not just about AI capital spending getting bigger, but about whether the AI business logic of tech companies forms a closed loop that brings effective ROI returns while investing. Reflected in corporate earnings, this means looking at four major factors: revenue growth + AI capital expenditure + free cash flow + 2027 guidance, rather than just judging by EPS alone. And continuing