The market rhythm over the past week has been quite interesting. The US stock market has given enough face to the Christmas rally, with the S&P 500 and Dow Jones Industrial Average hitting new all-time highs for two consecutive trading days, and funds clearly piling into leading stocks. But there's a problem with this approach—liquidity risk. Industry insiders are already sounding the alarm; despite the impressive index performance, the structure is actually a bit fragile.

The macroeconomic outlook is indeed good. US Q3 GDP growth was 4.3%, the fastest in over two years, surpassing market expectations. Moody's chief economist even hinted that the Federal Reserve might cut interest rates multiple times next year, which opens up considerable room for risk assets.

There is also big news in the tech sector. NVIDIA has partnered with AI startup Groq, obtaining licensing for inference chip technology. Meanwhile, US restrictions on Chinese AI chips have eased somewhat, and major domestic cloud service providers are beginning to expand their procurement. This is a key point.

However, the cryptocurrency scene has been somewhat subdued. Bitcoin's performance this quarter is the worst in nearly three years, and the Christmas rally hasn't delivered the expected level of heat. Additionally, it’s worth noting that major global mining operations have experienced outages, copper prices have broken through $12,000 per ton for the first time, and supply chains are tightening.

Bank of Japan Governor Ueda Haruhiko sent a hawkish signal on Christmas, indicating that if inflation approaches the 2% target, they are likely to raise interest rates. The pace of global central banks is indeed changing.