Arthur Hayes Questions AI Project DeepSeek's Innovation

According to PANews, Arthur Hayes recently expressed skepticism about the innovation model of the AI project DeepSeek on social media. Additionally, Hayes raised concerns about the overvaluation of the U.S. stock market. He highlighted that the current market capitalization of U.S. stocks is 230% of GDP, significantly higher than the 175% during the 2000 internet bubble and the 130% before the 1929 Great Depression. Hayes warned that if investors withdraw from the U.S. stock market, it could lead to a reduction in capital gains tax revenue, potentially expanding the U.S. fiscal deficit to 7%-10%, far exceeding the previously expected 3%.