Zhi Tong Cai Jing·2025-08-01 03:59Group 1 - Marko Kolanovic, former chief strategist at JPMorgan, warns that the U.S. stock market is experiencing an expanding bubble driven by the excessive influence of large tech stocks [1] - Kolanovic highlights that the significant rise in valuations distorts the true strength of the market, with some tech giants' stock prices inflating the overall market capitalization [1] - He points out that when the market capitalization of major tech companies exceeds that of entire industry groups or major country indices, it indicates a nearing bubble peak [1] Group 2 - Microsoft recently surpassed a market capitalization of $4 trillion, becoming the second company to reach this milestone after Nvidia [1] - Kolanovic cautions that the concentrated upward trend in stock prices may not be sustainable, as the market is increasingly disconnected from economic fundamentals [1] - Analysts from Seeking Alpha share similar views, indicating that the S&P 500 index is highly valued, with the Shiller P/E ratio exceeding 37, approaching levels seen during the 2000 internet bubble [2]