$NVIDIA(NVDA.US) is essentially the story of GPU's dominant high growth being brainwashed into a consensus by repeated scary stories. Now it has entered the OE valuation model. Remember, when NVIDIA was around 4 trillion in 2025, its PE reached 70. In the current stagnant market, 160-220 is basically it. Slowly clearing out short-term trading capital, both trading funds and divergences will be fitted away by leveraged quant models, making speculation unprofitable. If risk-averse funds exit and sentiment turns bearish, the US stock market will lose the driving force of AI. The economic consequences of tariffs, monetary fundamentals, and anti-intellectualism will start to be exposed. So, step by step, looking pessimistically, this might really be the beginning of a bear market. Trump's term has only been one year... The more I write, the more I feel I should consider switching to a 60% position in the S&P for defense...