The current pullback in the US stock market is different from the sharp drop caused by the tariff war in April. This time, there’s no single trigger event. Instead, it stems from the AI bubble, which has amplified factors like high unemployment, inflationary pressure, high leverage, and the possibility that the Fed might not cut interest rates, leading to a tech stock crash. Although Nvidia's earnings report exceeded expectations, it failed to ease concerns about the AI bubble. The tech sector in the US stock market led the decline, with institutions selling off in droves. Bridgewater founder Ray Dalio publicly stated that there is indeed a bubble in the market. The US stock market is seeing short bear cycles and long bull cycles, but in the short term, it may continue to face pressure until earnings catch up with market expectations.