US tech stocks hit new highs, but Bitcoin reversed course and fell below $80,000. What exactly is money buying during Trump's visit to China? On one hand, the three giants of US tech stocks continue to be chased. Apple surpassed $300, Nvidia surged to $227 with a market capitalization exceeding $5.5 trillion, and Google also hit a new high. Why? Because tech stocks are currently riding the most certain wave: AI earnings realization + cash flow support + expectations of easing US-China tensions. After Trump's visit to China, the market's first thought wasn't about crypto, but rather whether chip, supply chain, and AI capital expenditures would continue to loosen and expand. Therefore, money rushed into US tech stocks. But BTC doesn't follow this logic. BTC relies more on liquidity, interest rate expectations, and risk appetite. Unfortunately, US inflationary pressures persist these past few days, interest rate cut expectations have retreated, and ETF funds are flowing out. As a result, tech stocks are being bought as "certain assets," while BTC is being sold off as a "high-volatility asset." In other words: This round isn't about a full-blown return of risk appetite, but rather that funds are only willing to chase more certain AI assets, and are unwilling to simultaneously push up high-volatility cryptocurrencies. The real issue isn't why BTC didn't follow suit, but rather that global funds are increasingly separating "growth with solid performance" from "elasticity based on liquidity." This divergence may only be the beginning.