According to every story, 2024 is about to pass. Looking back at the past year, in the context of the continued AI boom, the Federal Reserve's turn to easing, and the imminent arrival of "Trump 2.0", the three major US stock indexes have continued to break historical records in 2024. The index has closed at a record high nearly 60 times during the year. For the first time in history, the Nasdaq broke through 20,000 points, and the Dow stood at 45,000 points for the first time. But there are also warnings in the market. Bank of America believes that the biggest risk in 2025 will be a technology bubble. In an interview with reporters, Dr. David Seif, chief economist of Nomura's developed markets, reminded that tariffs and geopolitical shocks are the two biggest latent risks, of which tariffs are most likely to interrupt the US bull market.