Farewell to blind surges! The earnings season for U.S. stocks is showcasing extreme divergence, with Wall Street consensus: AI investments have entered the "verification period," and only profitability can withstand the fluctuations.

According to Zhichun Finance APP, as we approach the end of the second quarter earnings season for 2026, global investors are undergoing a cognitive reshaping: the narrative around artificial intelligence (AI) is far from over, but the broadly bullish market reminiscent of "flying pigs" is no longer present. In light of companies' substantial monetary investments, the market has started to vote with its feet, strictly differentiating between "cash burners" and "rent collectors." Nonetheless, some major Wall Street firms, led by Goldman Sachs, believe that the current volatility in the AI sector does not signify the beginning of a market collapse; rather, it is a normal consolidation underpinned by strong profits in a long-term bull market.