1. Market ReviewIn August, after the pressure from crowded trades was relieved, the U.S. stock market saw a wave of gains, but there was a growing structural divergence.AI-driven hopefuls like ServiceNow, Meta, and Apple reached or approached new highs, while Microsoft’s performance was relatively moderate. In the sportswear sector, ONON reached a new high, while LULU’s rebound was weak, following a drop of more than half this year. In e-commerce, Latin American leader Mercado Libre hit a new high, whereas PDD gave a poor outlook, leading to a sharp decline. Although NVIDIA (NVDA) initially showed strong growth, information revealed in its earnings report and subtle changes in supply and demand within the industry increased market concerns over sustained demand, resulting in heightened vol