(I) The biggest hidden danger in macro liquidity: high interest rates persist longer. The Nasdaq 100 is a highly interest rate-sensitive asset. Current U.S. Treasury yields remain high, expectations for Fed rate cuts have been repeatedly delayed, and there is even the possibility of resuming rate hikes. Once inflation rebounds and monetary policy tightens again, high-valuation tech stocks will quickly see their valuations slashed, and the sharp pullback of 2022 may repeat.

(II) Valuation bubble + extreme herd investing, extremely low margin for error.
1. The index's PE ratio is at a high of over 80% in the past 10 years, with valuations severely overextending future earnings. As long as profit growth slows, valuations will fall back toward the historical median.
2. Market gains are highly concentrated in the "Big Seven Tech Giants," with the top ten stocks accounting for nearly 60% of the index. If any of these giants reports disappointing earnings or faces antitrust sanctions, the entire index will be directly dragged down. Market breadth is extremely weak — gains depend entirely on weight stocks, while a decline pulls everything down.