Recently, investors' worries about the AI bubble have been escalating. On November 26, during the 2026 Annual Investment Strategy Conference hosted by China Galaxy Securities, Zhang Jun, the Chief Economist and Director of the Research Institute at China Galaxy Securities, highlighted that although the AI bubble is indeed present, it's premature to conclude whether it will escalate into a full-blown crisis. Zhang noted that the IMF has drawn parallels between the current scenario and the era of the internet bubble. Judging by metrics like price-to-earnings ratios and the fervor of investment, the overall landscape still appears to be relatively manageable. The Federal Reserve's interest rate hikes played a pivotal role in bursting the internet bubble. However, at present, we find ourselves in a phase where the Federal Reserve, along with other central banks worldwide, is cutting interest rates, and policy-related risks are under control. Nevertheless, Zhang also underscored that the global economy's resilience is significantly weaker compared to the past. Thus, the comparability of these indicators still harbors a degree of uncertainty.