Last night, Powell stated that U.S. stocks are overvalued from various perspectives and denied that AI is a core industry in the U.S., saying that it is too early for AI to lead a technological revolution. U.S. stock valuations are too high, AI is still in the experimental observation period, and hawkish statements continue to ferment, specifically targeting the AI zone and the Nasdaq. BTC will continue to fall, and releasing U.S. stock risks in advance will favor continuous rate cuts. After the U.S. bonds are issued at the end of September, Japan will raise interest rates in October, and liquidity will only loosen around mid-October.