According to online reports, according to every report, 2024 is about to pass. Looking back on the past year, against the background of the continued AI boom, the Federal Reserve's shift to easing, and the upcoming "Trump 2.0", the three major U.S. stock indexes continued to set historical records in 2024. The index closed at record highs nearly 60 times during the year. For the first time in history, the Nasdaq exceeded 20,000 points, and the Dow stood above 45,000 points for the first time. But the market also sounded warnings. Bank of America believes that the biggest risk in 2025 will be the technology bubble. Dr. David Seif, chief economist of Nomura Developed Markets, warned in an interview with reporters that tariffs and geopolitical shocks are the two biggest potential risks, of which tariffs are most likely to interrupt the U.S. bull market.