Arthur Hayes: Currently, the market capitalization of the US stock market accounts for 230% of GDP, far higher than the 175% during the dot-com bubble and the 130% before the Great Depression.

PANews reported on January 28th that Arthur Hayes expressed doubts about the innovative model of the AI project DeepSeek on social media. In addition, Hayes extended this to express concerns about the overvaluation of the US stock market. He mentioned that the current Market Cap of the US stock market accounts for 230% of GDP, much higher than the 175% during the 2000 Internet bubble and the 130% before the 1929 Great Depression. He pointed out that if investors withdraw capital from the US stock market, it will lead to a reduction in capital gains tax revenue, and the US fiscal deficit may further expand to 7%-10%, far exceeding the previous expectation of 3%.