Cathie Wood stated that the US fiscal deficit accounts for 5.6% of GDP, and if productivity and technology adoption accelerate, this proportion may approach 5% by the end of the year. The greater risk in the future is deflation, especially for companies that have not adopted AI and productivity tools. After the United Arab Emirates withdrew from OPEC in May, production rose to a historic high, and oil prices may fall, driving deflation. Capital expenditure has exceeded the range of the past 30 years, and the market's concern about AI foam has been exaggerated. The performance of Bitcoin relative to gold is stabilizing again, and Bitcoin and stablecoins will become the two main beneficiaries of intelligent agent business transformation.
