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
Why am I firmly bearish on the US stock market? There are only two main reasons: the outrageously high price-to-earnings ratio and Warren Buffett's nearly $400 billion in cash on hand.
Let's talk about the P/E ratio. Currently, the S&P 500's P/E ratio is around 27 to 29 times, and Shiller's cyclically adjusted P/E ratio is even close to 38 times, which is already at a historically extreme high level. Only during the dot-com bubble in 2000 was it higher than now. This means that, right now, buying US stocks requires paying nearly $30 for every dollar of profit. This valuation is clearly too expensive. $MSFT