According to CoinMeta, in a report, JPMorgan warns that the stock momentum driven by AI is echoing the extreme conditions of the internet bubble era, with the market becoming increasingly fragile and facing the risk of a sharp reversal. The report points out that earnings are concentrated in a few AI-related stocks, and the disconnect between momentum and traditional fundamentals (such as valuation and quality) indicates that investors are chasing price movements rather than fundamental strength. JPMorgan also mentions that recent volatility in Korean domestic stocks has exacerbated this risk, suggesting that investors should shift to value stocks and diversify geographically to hedge against potential rapid capital losses. Nevertheless, JPMorgan remains optimistic about corporate earnings prospects, expecting the S&P 500 index's earnings per share to grow by about 38% year-over-year.