Warning signal of a bubble! As the US stocks hit a new high, an indicator of "irrational exuberance" has broken through the warning line.

According to the Smart Finance APP, the stock speculation frenzy has once again swept the entire US stock market, with a crucial "irrational prosperity" indicator breaking through the bubble warning line. After experiencing the impact of April tariff sales, the US stock market quickly regained lost ground, and as of the time of writing, the three major indexes continue to consolidate near historic highs. The issuance volume of Special Purpose Acquisition Companies (SPAC) has significantly rebounded, and the flagship fund ARK Innovation ETF (ARKK) managed by the "Tech Stock Queen" Cathy Wood has achieved historic gains.