This Middle East situation, if it really evolves into "sustained disruptions on the energy side," the impact on semiconductors and the Nasdaq is actually beyond just sentiment levels now～

Many people are fixated on K-lines, but they're actually ignoring the deeper transmission mechanism. Once crude oil maintains elevated levels, it essentially adds an "invisible tax" to global manufacturing. For high-energy-intensive production like TSMC and Samsung, electricity costs, gas, and transportation expenses all rise simultaneously, gradually eroding profit margins. These changes won't reflect immediately, but they'll definitely show up in financial reports over time～

Moving further up the transmission chain is the demand side. High oil prices → high inflation → interest rates can't fall, so cloud providers' CAPEX naturally becomes more cautious. For core assets with high valuations like NVIDIA, once growth expectations slip slightly, the market will begin "technical revaluation."

From Dow Theory perspective, we're actually in a phase where macro variables are reasserting control over trends; from a wave structure standpoint, it looks more like reallocation in the high zone rather than directional pushing waves.

So remember this going forward:

The market doesn't necessarily have to crash immediately, but the risks are already "transmitting"～

#NVDA