Xin Lang Cai Jing·2025-09-30 10:27Group 1 - The Nasdaq 100 index has experienced a composite increase of approximately +17% in the first nine months of 2025, marking the third consecutive year of growth [1] - Despite high valuations, the performance of major tech companies and advancements in AI technology continue to attract investor interest [1][3] - The current high valuations do not necessarily indicate that stocks are overpriced if the underlying companies' fundamentals are stronger than historical averages [4][5] Group 2 - The market is currently in a state where investors can rationalize both entry and exit decisions, reflecting a balance of optimism and caution [1] - The Federal Reserve's potential for future interest rate cuts could lead to a more active macroeconomic environment and stock market [10] - Recent developments in AI applications, such as Google's Nano Banana and OpenAI's integration of advertising in ChatGPT, demonstrate significant technological progress that may alleviate investor concerns [7][9] Group 3 - The upcoming U.S. fiscal year-end on September 30 poses a risk of government shutdown if budget agreements are not reached, although historical shutdowns have had limited impact on broader economic stability [10][11] - Concerns regarding OpenAI's new features affecting Google and Amazon's revenue streams are seen as unfounded, as similar fears have not materialized in the past [12] - The demand for Nasdaq ETFs in the domestic market has surged, reflecting a shift in investor behavior due to regulatory changes affecting overseas brokerage accounts [13]