According to every news, 2024 is about to pass. Looking back at the past year, against the backdrop of the ongoing AI boom, the Federal Reserve's shift to easing, and the upcoming 'Trump 2.0', the three major U.S. stock indices have continuously set historical records in 2024, with the S&P 500 nearly 60 times closing at historical highs this year, the Nasdaq surpassing 20,000 points for the first time in history, and the Dow Jones crossing 45,000 points for the first time. However, there are also warnings in the market. Bank of America believes that the biggest risk in 2025 will be a tech bubble. Dr. David Seif, Chief Economist for Developed Markets at Nomura, warned in an interview with reporters that tariffs and geopolitical shocks are the two biggest potential risks, with tariffs most likely to interrupt the U.S. bull market.