Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
GateRouter
Smartly choose from 40+ AI models, with 0% extra fees
Ma Guangyuan: The current market indeed resembles the period before the burst of the 1999 bubble.
Golden Finance reports that on May 12th, economist Ma Guangyuan wrote that the current market indeed resembles the bubble burst of 1999.
Why compare it to the 1999 market? Because everyone knows that 1999 was the peak of the internet frenzy that year, with the NASDAQ index increasing about 400% from 1995 to 2000, but in just 18 months from 1999 to 2000, it surged approximately 150%.
Cisco, Yahoo, AOL, Amazon had P/E ratios generally between 100 and 300 times, with many pure concept companies going public, skyrocketing 300%–1000% immediately upon listing, with no revenue or profit.
After the internet bubble burst that year, the NASDAQ index fell extremely sharply.
In March 2000, the NASDAQ hit a peak of 5048.62 points, then plummeted to 1114.11 points by October 2002, a total decline of 78%, with the entire market capitalization evaporating over 5 trillion USD.
So today, everyone is talking about the AI narrative, everyone is discussing AI.
If you go back and look at those stories and narratives, they are almost exactly the same as today.
The market suffered a devastating blow, so when everyone is talking about the AI narrative, discussing AI, valuing AI, and telling stories about AI today, everyone will think of the internet bubble burst back then. (Dongxin News)