I want to ask about Wall Street and specifically about this equity market. I do watch our competition, and I saw your interview with Andrew. Last week you said this is like October of 1999.But after that, as you pointed out, you know, the stock market doubled. We had a drop in October, like an 11% intraday drop. But then the stock market doubled to March of 2000.Are we still in line for a doubling of this market. Well, it's so funny because you had mentioned that 54% of fund managers think that we're in a b ...

Market Concerns & Analysis - The market is starting to worry about speculative stock froth, despite previous tolerance due to public demand [1] - A market downturn occurred with the Dow Jones Industrial Average (DJIA) decreasing by 172 points, the S&P 500 declining by 28%, and the NASDAQ shedding 0.33% [1] - The industry is considering which high-growth stocks have exceeded their potential future value [1] Federal Reserve Perspective - The Federal Reserve is monitoring overall financial conditions, with Chairman Jay Powell noting that equity prices are "fairly highly valued" [2][3] Valuation & Earnings - While some view data center-related stocks like Nvidia, Meta, and Alphas as expensive, their actual earnings per share are not significantly out of line [4] - The S&P 500 is trading at approximately 25 times this year's earnings and 22 times next year's earnings, which is considered high but not excessively so [5] - The industry can tolerate the S&P 500's current valuation, anticipating future earnings growth will make the market appear cheaper, particularly for stocks like Nvidia [5]

Market Assessment - Powell 指出股票价格被认为相当高估 [1]

Market Sentiment - Equity prices are fairly highly valued according to Powell [1]