I suspect many people feel the same way I do, constantly worried that AI might trigger a crash in the U.S. stock market.

Today, the BIS came out with a statement, directly pointing out that the AI frenzy could lead to a sell-off. This isn't just an ordinary analyst—it's the central bank of central banks. Warnings at this level won't be completely ignored by the market.

To put it bluntly, AI valuations are no longer supported by earnings—they're being driven by narrative and capital inertia. Once people start to feel that even regulators are worried about a bubble, the money chasing high prices will hesitate. Hesitation marks the beginning of sell-offs, especially for positions built on leverage.

For the crypto space, the AI narrative has been a bellwether for risk appetite in this cycle. If AI stocks in the U.S. start to weaken, the sentiment will inevitably spill over. It may not drop immediately, but defensive positions should be raised in advance.

For now, it's just a verbal warning, not yet a policy tightening. But with this kind of voice emerging, blindly chasing AI has already changed the odds. Don't wait until liquidity is actually withdrawn to react.