#美股市场动态 Looking back at the history of the U.S. stock market over the past 30 years, the recent pump in AI-related stocks indeed reminds me of the internet bubble at the end of the 1990s. However, after carefully considering the views of Fed Vice Chairman Jefferson, I find that he makes a valid point. Most AI companies today have actual earnings support, unlike those internet companies back then that had only concepts without performance.

In the late 1990s, I personally experienced that bubble, watching many friends bet all their savings on internet stocks, only to lose everything. In contrast, the current market environment is indeed more rational. The practical applications of AI technology have already emerged in multiple fields and are no longer castles in the air.

However, history tells us to never say "this time is different." The impact of AI on the economy has just begun, and no one can predict how it will develop in the future. As investors, we must recognize the potential of AI while also staying vigilant to avoid making the same mistakes. After all, the market always oscillates between greed and fear, and cyclical changes are a timeless theme.