The 2025 US stock market's "Big Seven" earnings reports show divergence: Microsoft (Azure cloud revenue up 40%), Meta (ad revenue up 21%), and Apple (iPhone sales rebound) performed steadily, with net profits increasing by 12%, 36%, and 7% respectively; Amazon (AWS growth 19%) and Alphabet (cloud business growth slowed to 30%) faced market skepticism due to a surge in capital expenditures (totaling over $300 billion); Tesla's net profit plummeted 71% year-over-year, making it the only company with declining revenue and profit. Industry-wide challenges become more apparent: AI infrastructure investments are surging (Microsoft and Meta's capital expenditures are expected to reach $80 billion and $70 billion in 2026), but short-term returns are limited. Coupled with DeepSeek's low-cost technology impact and geopolitical trade frictions, the valuation logic of tech stocks is shifting from "growth narrative" to "profit validation."