Last week, economist Hong posted two long articles, starting to go bearish on tech. I read the original text and summarized it as follows: 1. The U.S. stock market and the economy are experiencing the largest historical divergence—a classic definition of a bubble. 2. The Fed's rate hikes could lead to a crash similar to the Nasdaq collapse in 2000. 3. Global liquidity indicators hit a turning point in May, typically leading asset prices by about 3 months. This means a major cyclical adjustment could happen in 2-3 months. 4. Compared NVIDIA to Cisco, arguing both rely on investments to create "fake demand." Low PE ratios in storage indicate a peak, not a bottom. 5. Chinese assets are undervalued, and both the total market cap and indices of A-shares will hit new highs. I agree with about 30% of the points made.