Sou Hu Cai Jing·2026-01-20 23:36Group 1 - The financial storm brewing in the U.S. stock market is driven by a short-selling wave, rising bond yields, and increasing market risk aversion, indicating challenges to market stability [1][22][30] - The crisis began with the sudden decline of AI concept stocks, particularly AppLovin, which faced allegations of operational data issues and potential illegal funding, leading to a significant drop in its stock price [3][5][9] - The AI sector, previously viewed as a transformative force, is now under scrutiny as investors question its monetization potential, especially for companies relying on advertising revenue [5][8][30] Group 2 - U.S. Treasury yields have been rising, with the 10-year yield approaching 4.5%, reflecting growing market concerns about the long-term fiscal health of the U.S. [11][13] - The traditional view of U.S. Treasuries as safe assets is being challenged, as recent trends show simultaneous declines in stocks and bonds, indicating a shift in investor sentiment [13][15] - The rising interest payments on U.S. debt are straining the federal budget, leading to concerns about the sustainability of the dollar's status as a global reserve currency [15][22] Group 3 - There is a notable divergence between the U.S. Treasury and the Federal Reserve regarding economic stimulus measures, complicating the response to market pressures [17][19] - The lack of a coordinated rescue plan, unlike during the 2008 financial crisis, has led to increased market anxiety, as both the government and the Fed operate independently [21][30] - BlackRock's CEO has warned that the current debt structure poses a significant threat to the economy, emphasizing the need for fundamental adjustments to avoid long-term stagnation [22][24][26] Group 4 - The current financial crisis reflects a profound adjustment in the U.S. financial structure, as reliance on capital market growth is being questioned amid rising debt and deficits [28][30] - Investors are reassessing risks and reallocating assets, indicating a broader "repricing" of the financial system rather than a temporary disruption [31][33] - The market's shift from viewing tech growth prospects to questioning the safety of U.S. Treasuries signifies a critical turning point in investor confidence and economic outlook [31][33]