The current US stock market is a bull run fueled by policy and massive spending. The US government and Nvidia are simultaneously pouring resources into the AI industry chain. Anyone involved in a key link in the AI upstream or downstream has the opportunity to secure orders, investment, partnerships, and ecosystem support. Some call it a bubble, and I think there's definitely a bubble. Any industry experiencing rapid expansion will see valuations overextended, narratives overheated, and excessive capital crowding. But the underlying foundation of this round of AI-driven US stocks is real orders, real revenue, real capital expenditure, cost reduction and efficiency improvement by companies, and the release of productivity. This is the biggest difference between it and many past purely emotional bubbles. If an industry is simultaneously rising in value, generating revenue, expanding infrastructure, and improving production efficiency, then it cannot be simply explained by the word "bubble."