Arthur Hayes: The skepticism towards DeepSeek's innovative model reflects that the U.S. stock market is relatively overvalued

ChainCatcher message, Arthur Hayes stated on his personal social platform that many people are now questioning the innovative model of the Chinese AI project DeepSeek. However, the more they question, the less they want to invest in the U.S. market, as the total market capitalization of U.S. stocks has reached 230% of GDP, the highest level in history, surpassing the 175% during the 2000 tech bubble and 130% in 1929. He pointed out that if investors withdraw from U.S. stocks, it will lead to a decrease in capital gains tax revenue, and the U.S. fiscal deficit may further expand to 7%-10%, far exceeding the previously expected 3%.