The current US stock market is just a policy ➕ money-printing bull run. The US government and Nvidia are simultaneously pouring resources into the AI industry chain. As long as you are in the key upstream or downstream links of AI, there are opportunities to get orders, investments, collaborations, and ecosystem support. Some say this is a bubble, and I believe there is definitely a bubble. Any industry experiencing rapid expansion will have overestimated valuations, overheated narratives, and excessive capital crowding. But at the core of this AI US stock rally, there are real orders, real revenue, real capital expenditures, companies reducing costs and increasing efficiency, and productivity being unleashed. This is the biggest difference between this and many past purely emotional bubbles. If an industry is rising on one hand, generating revenue, expanding infrastructure, and improving productivity, then it cannot be simply explained as a bubble.