According to CoinMeta, JPMorgan Chase stated that the recent sector rotation in the U.S. stock market is more driven by market position adjustments rather than fundamental changes. On Thursday, there was a divergence in the performance of U.S. stock index futures, and the trend of investors withdrawing funds from semiconductor stocks continued into the second trading day. The market began to assess the potential impact of Democrats taking control of Congress, with concerns that this could lead to increased regulation of U.S. data centers, which in turn could drag down demand for semiconductors. Chip manufacturers and memory chip stocks continued to face pressure. In addition, the market reaction following the earnings reports of arm and Qualcomm were disappointing, exacerbating the selling pressure. JPMorgan Chase's report pointed out that so far, there has been no significant shift among clients towards bullish positions in other sectors; the areas where actual capital rotation has occurred are limited to the technology, media, and telecommunications industries.