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格隆汇 May 27｜Legendary investor Jeremy Grantham was interviewed by renowned investment research and training institution Behind the Balance Sheet on May 25. The “bubble prophet,” who has experienced the 1973 stock crash and accurately predicted the dot-com bubble in 2000 and the 2008 subprime crisis, frankly stated that the emergence of AI has not only changed the game but also completely reversed the market's downward trend. Driven by the AI narrative, the stock prices of the “Magnificent Seven” tech giants have doubled, ultimately pushing the entire market to new highs. However, beneath the celebration lies extreme valuation risk. Grantham warns: Historically, after such a great market top, what follows is always the worst period—so don’t delude yourself.On Wall Street, institutions rarely issue warnings about such bubbles. All major asset management companies, such as Goldman Sachs, JPMorgan, will never tell you to exit the market. If you make a wrong prediction, clients’ patience is often shorter than the uncertainty of the cycle, and you will be fired before you have a chance to prove yourself right. This is why individual investors are always led to believe that everything is fine no matter how high the market goes.Regarding when the bubble will burst, Grantham uses a vivid metaphor to describe the difficulty and inevitability of prediction: It's like scattering a bag of feathers from a high-rise in Florida during a hurricane. Some feathers land a block away within half a minute, others are swept off to Maine. In the short term, you know nothing, but you know the long-term result—sooner or later, every feather will touch the ground.Grantham believes that over the next ten-year cycle, the US market is likely to underperform emerging markets and developed markets outside the US: “The US may be facing a decade-long decline (relative underperformance).” Grantham reveals: Of course, US stocks will rebound, but I think they may be facing a decade-long recession. When asked where the S&P 500 would fall if it eventually bursts, Grantham said bluntly: The trend will at least be cut in half. All great bubbles see a decline of more than 50%.

BlockBeats news, on May 27, the cryptocurrency market was at a critical point on Wednesday. Bitcoin failed to break above $78,000 on Tuesday, and its price has fallen below the $76,000 "bear market boundary" outlined by Tom Lee, now approaching the $75,000 support level. Ethereum also retreated after hitting $2,150 on Tuesday, dropping toward the $2,000 support, before rebounding near $2,050. AI-themed tokens RENDER, FET, and NEAR gave back most of their Tuesday gains. The market's performance is clearly diverging from U.S. stocks. S&P 500 and Nasdaq 100 index futures both hit record highs, up about 0.3%. In the derivatives market, crypto futures trading volume surged 54% within 24 hours to $201 billion, and liquidation volume soared 87%, but this mainly reflects the market reboot after the U.S. holiday. Bitcoin open interest climbed to 740,000 coins, with the 24-hour cumulative trading volume difference in the negative, showing traders aggressively shorting through market orders. Ethereum open interest hit a record high of 15.57 million coins, but the trading volume difference was also negative, indicating traders are shorting contracts to bet on a deeper decline after the critical technical support trendline was breached. Bitcoin's 30-day implied volatility index rebounded from this year's low, rising nearly 3% to 37.35%, showing the market is starting to seek protection against potential downside.

Glonghui, May 27 — While Americans are facing the dilemma of soaring gas prices at the pump, another wave of inflation is hitting supermarkets. A combination of factors—severe weather, tariff barriers, and a decrease in cattle inventory—has led to grocery prices rising at a rate above the average. In April this year, food prices saw their largest increase in nearly four years; economists point out that the impact of the Iran war, along with the potential "El Niño" climate pattern, will cause this upward pressure on prices to persist until 2027. The impact of higher grocery bills on American families' finances is expected to intensify ahead of the midterm elections in November, making "affordability" a key issue in the race. "This is going to be a challenging year," said Ricky Volpe, professor of agricultural economics at California Polytechnic State University, who previously worked at the USDA Economic Research Service. "Food prices are going to become increasingly unaffordable, and consumers should be mentally prepared for this." The latest food price outlook report released by the USDA on Friday predicts that grocery prices will rise by 3.2% this year, while Professor Volpe expects that the actual inflation rate may be around 4% to 4.5%.