According to Jinshi Data, Fu Peng pointed out that the global Black Monday on August 5 had already shown signs as early as the end of June. The huge AI asset package represented by Nvidia was too crowded, and when faced with the two major straws of "the US economy may not meet expectations" and "Japan's interest rate hike", the leverage could not be maintained in the end.

Fu Peng also mentioned that the high Japanese stock market has nothing to do with the Japanese economy. In essence, two types of assets are driving the Japanese stock market. The reason why the A-share market is independent of the global market is that the methodology under past globalization is no longer applicable, and more attention should be paid to internal factors.

The US may not be in recession, as it is still resilient. The key to when the Fed will cut interest rates is to look at the data in the next two months. Everything will follow the data. The return on investment of US stocks has been achieved in the first half of this year, and then it has entered a relatively garbage period. The same is true for Japanese stocks, which have entered a relatively volatile period.