Recommended reading. After reading it, I suddenly remembered @ qinbafrank Wu's article, 'What does the war of AI technology capital expenditure mean?' It made my hair stand on end. Why? Combined, I see that after the midterm elections, there may be a recession in the US economy, or there may be a bottleneck in the return on AI's massive capital expenditures, although there are currently no major issues. That means we can look forward to the second half of the year. Then, starting from 27 years ago, we need to be cautious of major problems in the comprehensive risk market. Mainly, Ni Da shared this picture. Simply put, since 2023, institutional cash has been slowly depleting, and bullets have been fired, including gold and US stocks, BTC。 If there are no big moths. There may be another trend. Then you may face the possibility I mentioned earlier. To put it more directly, the market value of the US stock market and gold may not increase much in the future. I am referring to the overall market value of the US stock market. Why? Because the institution doesn't have much cash left. As for the low market value of BTC, it may not be difficult to pull it up. Of course, there may not be a comprehensive risk market issue at present. Because the decline is not yet possible, and as mentioned in Brother Wu's article. The ROI of expenditure is also in the process of being suspected and verified, which requires time. At present, those are the few issues. one ️⃣ The US economy is doing well, 2 ️⃣ The profitability of AI technology is stable, remember this morning when Nvidia's financial report, Lao Huang, gave an unexpected revenue for the first quarter of 2026. The explanation is acceptable. three ️⃣ Reducing interest rates is not a problem. Wait for these aspects, the details are that the impact of tariffs is not significant anymore, and the Federal Reserve has no excuse, which is conducive to future interest rate cuts. I don't know if the encryption bill can be anticipated, but its release can boost encryption. All of the above are developing in the direction we expected, so we can really look forward to the second half of the year. However, in the second half of the year, the risk market (US stock market+cryptocurrency) will still face these three issues even if new trends emerge. Especially the first two. The above only represents my personal thoughts, just for communication and learning. I can't say for sure now