Actually, the U.S. stock market hasn't risen as much as imagined.

It looks like the indices hit new highs every day, with AI and storage stocks often seeing 5x or 10x gains.
But from the beginning of this year until now, only 50% of stocks have increased, with a median change of -0.005%, basically flat.
So overall, the systemic risk in the U.S. stock market isn't very high; it's still in a healthy state, just like crypto, where each bull run starts with BTC leading the rally, then rotating to ETH, mainstream coins, and finally to altcoins flying around.
For the U.S. stock market, the "Seven Sisters" are equivalent to BTC's main index; once the index rises, the growth rate will inevitably slow down.
Funds are now rotating into AI and storage, roughly comparable to ETH and DeFi sectors.
It looks like the multiples are much higher, but the capital required is much less than that of the main index.
If subsequent funds can't keep up, it's more likely not a crash but high-level consolidation in major sectors, with capital spilling over into smaller sectors, including crypto concept stocks like MSTR and CRCL, which are also potential spillover targets.
The more a market rises, the more it siphons off funds; fearing high prices is a curse.