Sou Hu Cai Jing·2025-12-22 03:52Core Viewpoint - The U.S. stock market, particularly the AI sector, is facing significant challenges, with Oracle's disappointing earnings raising doubts about the sustainability of the AI bubble and the effectiveness of government interventions [2][4][6]. Group 1: Market Reactions - Oracle's poor performance led to a sharp decline in its stock price, with a maximum intraday drop of over 6%, while Nvidia's stock fell by approximately 4% [4]. - The Nasdaq index experienced a decline of up to 1.8%, indicating a broader downturn in tech stocks [4]. - The sentiment towards U.S. dollar assets has turned bearish, with any negative news from AI-related companies likely to trigger widespread sell-offs in the stock market [4]. Group 2: Government Proposals - U.S. Treasury Secretary Yellen proposed the creation of a "Trump Account," a new ETF fund for newborns that would hold U.S. stocks until they reach adulthood, funded by wealthy individuals [6][7]. - This proposal is seen as a way to support the stock market, but the financial market remains skeptical about its effectiveness in addressing the underlying issues [7]. Group 3: Economic Indicators - The current U.S. interest rate is between 3.5% and 3.75%, and there are discussions about a potential 100 basis point cut by 2026 to stimulate the job market [10][12]. - The focus has shifted from interest rate policies to the sustainability of the AI bubble and the cash flow of major tech companies [12]. Group 4: Safe-Haven Assets - There is a growing trend of investors seeking safe-haven assets, with increased purchases of gold and the Chinese yuan as alternatives to U.S. dollar assets [14]. - The yuan has appreciated against the dollar, reaching a high of 7.0315, reflecting a rise of over 5.3% since April [14]. - China's trade surplus has exceeded $1 trillion, with a record surplus of $1.18 trillion reported by the end of November, indicating strong economic fundamentals that attract global capital [14].