泡沫，快破了！

Group 1 - The article discusses warnings from major financial institutions about a potential technology bubble, with notable figures like Jamie Dimon of JPMorgan Chase expressing concerns about asset valuations entering bubble territory [3][4]. - Various financial entities, including Goldman Sachs and the Bank of England, have echoed these sentiments, indicating that current technology stock valuations are excessively high compared to fundamentals [4][5]. - The article highlights that the value of technology companies related to AI has surged over $10 trillion in three years, with significant increases in stock prices for companies like Nvidia and OpenAI [8]. Group 2 - The author compares the current situation to the late 1990s internet bubble, noting that while there are signs of overvaluation, a critical catalyst for a bubble burst—such as a liquidity reversal—has not yet occurred [9][16]. - Historical precedents, such as the 2000 internet bubble burst, are examined, emphasizing that previous bubbles often followed a pattern of loose monetary policy followed by sudden tightening [10][14]. - The current financial environment shows low credit spreads, suggesting that liquidity is still supportive of technology stocks, which may delay any potential market correction [17][18]. Group 3 - The article posits that two unexpected events could trigger a technology bubble burst: a sudden rise in inflation leading to interest rate hikes, or a lack of buyers for overvalued technology stocks [20][21]. - The concept of valuation is discussed, indicating that as long as there are buyers willing to invest, high valuations can persist without immediate risk [23][24]. - The author concludes that the current supportive monetary and fiscal policies for technology suggest a prolonged period of growth, akin to the late stages of the 1990s bubble [25][27].