How dare you say that! Tom Lee directly exposed the underlying evolutionary logic of US stocks and risk assets in the second half of the year. In his latest interview, he bluntly stated that the S&P 7300 point was once just a luxury, but now that the market has broken through strongly, it means that the bullish fuel has not been burned out at all. But he immediately issued a callback warning that cannot be ignored in the second half of the year, and two major macro black swans are about to strangle the market. Firstly, the core game of the Federal Reserve changing its leadership! The new Federal Reserve chairman has a completely different understanding of the underlying mechanisms of inflation. The capital market will never be soft hearted and will inevitably use the most extreme fluctuations to test the policy bottom line of the new Federal Reserve, which is bound to trigger severe fluctuations in all risk assets. Secondly, there is the fragile geopolitical dead end. As the strait blockade continues, an epic oil supply crisis is brewing every day. Once energy prices spiral out of control and backfire on inflation, the liquidity expectations of the entire macro market will face a huge test. But in the face of these macro storms, he played an absolutely cold-blooded long card: the absolute scarcity of AI! And the United States is the sole hegemon of this scarce resource. Relying solely on the core narrative of dimensionality reduction and impact, it is sufficient to hedge all macro negative factors and support the market to directly hit the historical peak of 7700 points or even higher. To withstand the volatility of the Federal Reserve's policy testing period and hold onto truly scarce assets is the correct posture for facing the market in the second half of the year.