Nike has fallen 77% from its all-time high, and the new high in the US stock market is becoming increasingly difficult to represent the lives of Americans I have expressed a long time ago that I enjoy using NKE, also known as Nike, as my observation of the US economy. Recently, Nike has been falling from its historical peak in 2021 to the present, with a maximum drawdown of 77%, marking the most severe decline since its listing, and the stock price has returned to around 2014. Nike certainly has its own issues with products, channels, and the Chinese market, but a company that once almost represented American consumer power, globalization, and brand premium has been able to fall like this for five consecutive years, which is also closely related to the current structure of the US economy. When Nike reached its all-time high in 2021, the United States was still close to zero interest rates, large-scale fiscal stimulus had just ended, stocks and real estate were rising, and residents had a lot of cash in their hands. Although the Federal Reserve has started to cut interest rates, the federal funds rate remains at 3.5% to 3.75%, and inflation in the past few years has permanently pushed up prices of rent, food, insurance, cars, and various services. American residents now carry nearly $18.8 trillion in household debt, including $1.26 trillion in credit card balances, $1.71 trillion in car loans, and a personal savings rate of only 2.7% in June. For ordinary families, a large part of their income is consumed by housing, car loans, credit card interest, and daily living costs, and Nike, an optional consumption of one or two hundred dollars, is naturally the most likely to be postponed. But the US stock market can continue to rise because another group of companies are currently supporting the index. Microsoft, Amazon, Google, and Meta invest billions of dollars annually in building data centers, while Nvidia turns these capital expenditures into chip revenue. The AI industry chain continues to concentrate revenue and profits on a few large technology companies. So in the past few years, if investors bought AI, semiconductor, and large technology companies, the returns were very good, but if they bought a large number of traditional consumer and ordinary industries, the investment experience was completely different. The S&P 500 has reached a new high, largely relying on these increasingly powerful technology companies. This is also a relatively dangerous part of the US economy now. The consumption of ordinary residents has not returned to its previous state, and many traditional companies have not enjoyed the growth brought by AI. However, AI capital expenditures and the rise in technology stocks have temporarily supported the index, corporate profits, and asset prices. If AI continues to grow rapidly, this structure can still be maintained. If future AI revenue cannot support the huge investments in data centers and chips, technology companies will begin to cut capital expenditures, and valuations will sharply decline. The impact will spread from technology stocks to chips, power, servers, data centers, construction, credit, and residents' wealth. Nike has fallen 77%, while the S&P 500 is still near historical highs. These two numbers combined represent that the United States is not as prosperous as the index currently shows. AI has temporarily supported the US stock market, but it has also made the entire market increasingly dependent on AI. @Gate Crypto、 US stocks, Hong Kong stocks, South Korean stocks, gold CFD、 Predicting one-stop trading in the market