Ali: Bitcoin is once again testing the 200-day SMA, a critical level for confirming the bull run

Bank of America chief strategist Hartnett has identified the US election as a historic turning point marking the peak concentration of “AI stocks”: the market cap of the top ten AI giants has reached a high of 41%, equal to that of the internet bubble era. Wall Street's four major bull market beliefs—“the Fed not raising rates, Democrats not sweeping, no reduction in AI capital expenditure, and no economic recession”—are falling one by one. Looking ahead, gold is expected to outperform oil, tech bonds to outperform tech stocks, and there is optimism for technology stocks in Europe and China.