Arthur Hayes: The current US stock market value accounts for 230% of GDP, much higher than 175% during the Internet bubble and 130% before the Great Recession.

Arthur Hayes expressed his views on social media, questioning the innovative model of the AI project DeepSeek. In addition, Hayes used this to raise concerns about the high valuation of the US stock market. He mentioned that the current share of US stock market capitalization in GDP is 230%, far higher than 175% during the Internet bubble in 2000 and 130% before the Great Depression in 1929. He pointed out that if investors withdraw money from US stocks, it will lead to a reduction in capital gains tax revenue, and the US fiscal deficit may further widen to 7% -10%, far exceeding the previously expected 3%.