The Federal Reserve's June interest rate meeting kept the benchmark interest rate unchanged as expected, and the dot plot showed that most officials expected the next rate cut to be in September. Affected by this, the three major U.S. stock indexes showed a volatile trend of first decline and then rise. Goldman Sachs, Microsoft, Nvidia and other heavyweight stocks have fully recovered their losses this year and are steadily attacking historical highs.

Recently, two hot spots have emerged in the U.S. technology sector: brain-computer interface and brain regeneration technology concepts surged 5 times in two trading days, and yesterday they suddenly fell back by more than 18%. Short-term violent fluctuations will test A-share related targets, and the progress of technology implementation of leading companies such as Sanbo Brain Science has attracted much attention. In sharp contrast, the stablecoin leader Circle has made a breakthrough in the U.S. stablecoin bill, and its single-day surge was 34%. If the bill is officially implemented, it will build a more standardized regulatory framework for the cryptocurrency market and promote the industry's compliance process.

The differentiation trend of these two types of assets is being transmitted to the A-share market. On the one hand, brain-computer interface technology has entered the clinical implementation stage in China, and many listed companies have disclosed the progress of cooperation with scientific research institutions; on the other hand, the Hong Kong market is accelerating the layout of stablecoins, and Internet giants such as Alibaba have taken the lead in announcing issuance plans, which is expected to drive the application and expansion of blockchain technology in cross-border payments, supply chain finance and other scenarios.

It is worth noting that market funds are showing obvious structural differentiation: leading companies with real technical reserves continue to be favored by institutions, while Hengbao shares and other previous pure concept speculation targets are facing valuation correction pressure after the realization of good news. As the Fed's policy cycle enters the observation period, the performance realization ability of the technology sector will become the focus of the market in the next stage. Investors need to maintain rational judgment during the interweaving period of policy dividends and technology implementation. #BTC