Affected by a variety of factors, the US stock market experienced a "Black Friday," with capital market concerns about the previously record-breaking US stock market sharply rising. Market participants generally feared the end of the bull run. However, some investors believe that external factors are unlikely to significantly alter market trends, as artificial intelligence remains the dominant factor.

It is worth noting that global central bank governors will focus on discussing stock market bubbles and potential crashes at the IMF and World Bank Autumn Meetings. IMF Managing Director Kristalina Georgieva warned that current asset valuations are approaching levels seen during the dot-com bubble 25 years ago, and a sharp market correction would drag down the global economy. The Federal Reserve, the European Central Bank, and the Bank of England have all expressed concerns about overvaluation and the risk of a correction.

Moody's recently warned that approximately 22 US states are in recession or on the verge of a recession. If economic weakness spreads from smaller, manufacturing-focused states to larger states like California or New York, the entire US economy could fall into recession.

At the same time, global stock market investors are accelerating the shift of funds from the United States to other regions to spread risk and diversify their portfolios. Statistics show that over the past month, more than $175 billion has flowed into global equity funds and ETFs that exclude U.S. stocks, while global funds that include U.S. stocks have attracted only about $100 billion. By the end of September, inflows into European equity ETFs had reached a record $71 billion.