Last week, U.S. June non-farm payrolls added only 57,000 new jobs, significantly weaker than expected, with the previous two months revised down by 74,000 jobs in total and labor force participation falling from 61.8% to 61.5%. The employment data weakened the need for a short-term rate hike, leading funds to rotate from high-growth AI sectors to interest-rate-sensitive traditional industries, causing the Dow to hit another record high and “Old Economy” Chinese stocks to see a notable recovery. In the AI sector, market focus has been on rising storage prices and Meta’s plan to lease idle computing power, reflecting a new phase of AI capital expenditure emphasizing efficiency and returns. This week, attention is on Samsung’s Q2 earnings preview and SK Hynix’s ADR listing as tests for the storage industry trend, while the next phase of the rally depends on U.S. June CPI over the next two weeks and earnings results of TSMC and ASML as proof points for computing power demand and equipment orders.