Conclusion of yesterday's live broadcast:

The impact of DeepSeek and Trump's tariff war on the U.S. stock market and Bitcoin mainly stems from the following factors:

1. Market shock from DeepSeek: China's AI model DeepSeek achieves high performance at an extremely low cost, raising concerns in the market about the demand for traditional chips. DeepSeek claims that its training cost is only 10% of ChatGPT's, yet it can achieve 80% of the performance, which has raised doubts about the future revenue of chip manufacturers like Nvidia and TSMC, leading to a significant drop in their stock prices and adversely affecting the overall performance of tech stocks.

2. Impact of the tariff war: The Trump administration announced a 25% tariff on Mexico and Canada, and a 10% tariff increase on China. This policy may have a direct impact on export companies in Taiwan and other countries, especially in the semiconductor industry. Experts point out that if higher tariffs are imposed on Taiwan's chip products, it will directly affect the performance of related companies and further exacerbate market anxiety.

3. Market panic: The emergence of DeepSeek has left investors worried that future AI technology development may no longer rely on expensive chips. Coupled with the economic uncertainty brought about by the tariff war, this has led to panic in the market. This sentiment has affected not only the U.S. stock market but also the cryptocurrency market, causing significant declines in digital currencies like Bitcoin.

In summary, the combined effects of DeepSeek and Trump's tariff policies have led to a pessimistic market outlook for tech stocks and related industries, resulting in a substantial drop in the U.S. stock market and Bitcoin.