I completely agree with what Skipping Class said. In fact, if we look at the U.S. stock market by separating technology stocks from other stocks, we can clearly see that the gains of other stocks are much weaker compared to technology stocks. I still want to use Nike as an example; $NKE has performed like a meme coin in the past two years, while technology stocks, especially those focused on AI, have been much stronger.

Therefore, I believe whether interest rate cuts are beneficial or detrimental essentially depends on their impact on the economy. However, even when there are negative effects on the economy, there will still be funds that buy "safe-haven" assets. In a certain sense, AI is now a safe-haven asset, and aside from these types of assets, everything else might be a complete mess.

It is difficult to directly determine whether interest rate cuts are beneficial or detrimental just by looking at them. This time, Powell is the best example; the expectation for a rate cut in September was 95% (although it has since decreased), yet market sentiment remains relatively pessimistic, as there are concerns that the U.S. economy may indeed face a downturn.

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